The Senior Property Tax Exemption (also known as the Senior Homestead Exemption) was established in 2002 and it’s a great way for El Paso County home owners to save hundreds of dollars per year on their property taxes. You have to meet the requirements and funding for the program is reviewed annually, but once you’re registered there’s no need to reapply. If you qualify, you could have your property taxes reduced by 50% for the first $200,000 of market value!
To qualify, you’ll need to acknowledge the following criteria:
Residential Real Estate: The exemption is only applies to residential real estate (single family homes, condos, lofts, townhomes, patio homes) which is your primary residence (meaning you are living there the majority of the year).
Senior 65+: You’re a senior (age 65 or older) in El Paso County, Colorado (please note, you must be age 65 starting January 1st of the year you apply. So once you turn 65 years old, you’ll be able to apply the following calendar year).
10 Years Residency: The applicant must be the owner of record for the previous 10 years AND lived in the home (primary residence). So, you’ll have to wait until you have consecutively lived in the residence for 10 years, prior to January 1st in the year you apply. Sorry, rentals and investment homes don’t apply if you’re not living in the property.
Also, there’s an exception to this property tax exemption: If you’re recently widowed and don’t meet the criteria yourself, but your deceased spouse did, you may be eligible to apply. Your widower must have met all the criteria above (including 65 years or older, consecutively lived in the residence for at least the past 10 years) and you (the surviving spouse) plan to occupy the property as your primary residence and have not remarried.
Although our property taxes in El Paso County are already surprisingly low, this program can literally cut your annual property tax fees in half. There is no fee to apply and information can be access on the El Paso County Assessors website, or get in touch with your favorite real estate agent.