Property taxes are a major part of housing costs in Colorado. For seniors, the state offers two programs that can lower your bill: the Senior Property Tax Exemption (homestead exemption) and the Senior Primary Residence Classification. Understanding how they work can help you plan when buying, selling, or staying in your current home.
Senior Property Tax Exemption (Homestead Exemption)
The senior homestead exemption reduces the taxable value of your home. The state exempts 50% of the first $200,000 of actual value from property tax. In practice, the state reimburses local governments for the lost revenue so the break does not shift the burden onto other taxpayers in your county—however, the Colorado General Assembly must fund this reimbursement each year, and in budget years when funding is not allocated, reimbursement can be reduced or suspended. For planning purposes, it’s worth keeping that in mind.
Who Qualifies
You must meet all of the following:
- Age: At least 65 years old on January 1 of the year you apply.
- Ownership: You have owned the property for at least 10 consecutive years as of January 1.
- Occupancy: You have used the property as your primary residence for at least 10 consecutive years as of January 1.
Primary residence is generally the address where you are registered to vote. Only one exemption is allowed per household (you cannot claim it on a second home or investment property). Residential properties qualify; commercial or rental properties do not.
Surviving Spouses
A surviving spouse may keep the exemption if they were married to the senior who qualified, have not remarried, and still live in the same home.
Application Deadline
You must apply with your county assessor. The deadline is July 15. Applications received after July 15 may be processed but typically do not have the same appeal rights if denied. You only need to apply once unless your situation changes.
Senior Primary Residence Classification (2025–2026)
If you used to receive the senior homestead exemption (in 2020 or later) but no longer qualify—for example, because you moved to a new primary residence and haven’t owned and occupied it for 10 years—you may qualify for the Qualified Senior Primary Residence Classification for tax years 2025 and 2026.
Who Qualifies
You must:
- Own and occupy the home as your primary residence as of January 1.
- Have received the Senior Property Tax Exemption in 2020 or later.
- No longer be eligible for that exemption (often due to a move).
There are no income limits. Surviving spouses may qualify under certain conditions.
Benefit
The benefit is the same as the homestead exemption: 50% of the first $200,000 of actual value is not taxed (or the amount that keeps the assessed value at $1,000 or more). It applies to owner-occupied homes, including single-family, condos, townhomes, and duplexes.
Application Deadline
Apply with your county assessor by March 15 to keep full appeal rights if your application is denied. Applications are accepted through July 15, but later filings may not have appeal rights. You generally apply once unless your eligibility changes. The reduction shows up on the tax bill for the year after approval.
How This Affects Buying or Selling
If You’re Selling Your Current Home
- If you have the homestead exemption, the exemption stays with the property until the next owner. The new owner must apply on their own if they qualify.
- When you move, you will no longer qualify for the homestead exemption on the new home until you have owned and lived in it for 10 years. In the meantime, you may be able to use the Senior Primary Residence Classification if you had the exemption in 2020 or later.
If You’re Buying a New Home
- You cannot get the homestead exemption in the first year unless you already met the 10-year ownership and occupancy rule (e.g., you’ve been in the home 10 years and are now 65). Most buyers will not qualify immediately.
- If you previously had the homestead exemption and are moving, ask your county assessor about the Senior Primary Residence Classification and apply by March 15 if you qualify.
Planning Ahead
- If you’re considering a move, factor in that property taxes on the new home may be higher until you qualify for an exemption or classification.
- When comparing homes, look at the actual value and tax history; your assessor’s website or a real estate professional can help. An SRES® can help you think through how property taxes and senior programs fit into your long-term plan.
Where to Apply and Get Help
- Apply: Contact your county assessor’s office. You can find your county assessor through the Colorado Division of Property Taxation (dpt.colorado.gov).
- Senior homestead exemption: Property Tax Exemption for Senior Citizens.
- Senior Primary Residence Classification: Senior Primary Residence Classification.
Rules and deadlines can change. Always confirm eligibility and deadlines with your county assessor. If you’re buying or selling and want to factor property taxes and senior programs into your decision, an SRES® can help you connect the dots between your move and your financial picture.
