Property Tax Relief for Home Owners and Assistance for Renters

By Eileen Doherty, MS ~

Denver, Colo. – The Colorado Legislature passed several bills in November that benefit Coloradoans, including older adults.

Two initiatives will benefit homeowners by changing the residential assessment rate for the 2023 tax year from 6.75% to 6.765%.  This small assessment change will not make a big difference.  However, homeowners will be able to exempt $55,000 of the home’s value.  For older adults, this will be in addition to the $200,000 exemption, if homeowners receive the Senior Homestead Exemption.

Similar to the Tabor refunds received previously, all taxpayers 18 and over will receive $800, thus low-income individuals will receive more, while higher-income earners will receive less. The schedule for applying for Tabor refund has not been announced. 

The third bill increases emergency rental assistance to $95 million between now and June 30, 2024. Individuals who make less than 80% of the area median income and are at risk of eviction are eligible. Assistance is available for rent, utility bills, late fees, court costs, reasonable attorney fees, and any other costs associated with eviction prevention.

The next bill will increase the state’s earned income tax credit from 25% to 50%.  Many grandparents who are raising grandchildren, even if they don’t have custody may be eligible for this tax credit to help with the costs of raising grandchildren.

Lastly, the legislature created a task force to develop a long-term property tax plan.  Senator Chris Hansen, who spoke at the Colorado Gerontological Society Annual Meeting, requested older adults consider participating in the task force.  The Society will be working with policymakers and invites everyone to participate.

For information, call 303-333-3482 or 1-855-293-6911 (toll free) or 1-866-880-4777 (Spanish).  

Eileen Doherty, MS is the Executive Director of the Colorado Gerontological Society.

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