Senior Property Tax Homestead exemption at risk for Colorado seniors
Aug. 14 Forum to Explore Potential Changes
For Life After 50
Coloradans age 65 and older and those who own a home need to attend a special August event to find out what changes may be considered for the senior homestead property tax program when the state legislature next convenes in January.
At stake is more than $150 million in state funds dedicated to senior property tax breaks in the state. Policy makers are looking to divert these funds from seniors to other programs. More than 240,000 Colorado seniors (and growing) currently qualify for tax breaks provided by those funds. The magnitude of the future of this tax break could have major implications for Colorado homeowners who use the tax break to continue to live in their own homes.
In this law’s 18 years of existence, there have been more than 30 pieces of legislation proposed to modify the law – including the 2006 addition of Colorado’s fully disabled veterans. In six of the 18 years, the legislature has chosen to zero out the exemption, eliminating any property tax credit in these years for seniors.
In recent years, there has been an interest in reducing and/or trimming these dollars dedicated to seniors to support various other, non-senior related, programs. Attendees will hear from a legislative staff expert on the Senior Property Tax Exemption, legislators with oversight of the state budget and a panel of individuals and organizations representing various perspectives about the senior property tax exemption and its future.
Attendees are being asked to provide input on keeping the benefit as it was originally designed, changing and reallocating a part of the benefit, or offering input on policy and/or laws that would improve their ability to stay in their home as they age. Questions will also be asked about if changes were proposed, what would have the most positive and beneficial impact on seniors who currently receive this tax credit.
Sponsored by Colorado Senior Lobby, legislatively created Strategic Action Planning Group on Aging, and Colorado Gerontological Society (CGS), the forum will lay out the issues at stake, gather feedback and input, and provide attendees with strategies on how to voice their opinions on the tax breaks.
The forum will take place Tuesday, Aug. 14 from 8:45 a.m. to 12:30 p.m. at the Police Protective Association Events Center (PPA), at 2105 Decatur Street in Denver.
For more information on the forum and to register for attending in person or the streaming event, go to https://tinyurl.com/senior-property-tax-8-14-18 or call the CGS at 1-855-880-4777. Admission and streaming is free. Space is limited so RSVP today!
It is a well known fact that retired and disabled seniors are on a limited income With high rising medical and cost of living it is difficult to keep up with expenses. With years of savings some were able to acquire their homes. The property tax exception program is extremely helpful. This would help extend ability to remain in their homes as we age.
So much for seniors downsizing to smaller homes, to help their retirement finances, and receive the property tax exemption since the requirement is to have lived in their home for 10-years, ABSOLUTELY CRAZY, and UNJUST!!!