The short answer is YES in Colorado! However, there are always exceptions to this rule. In order to maintain your senior property tax exemption for your home in Colorado, certain steps must be followed.
If you want to make sure your tax benefits can be kept and your property taxes lowered, it is important to speak with a Colorado estate planning lawyer. At Althaus Law, our attorneys can help you create the right kind of trust and save you taxes. Call our Northglenn office at (720) 513-2299 to learn more
The state of Colorado allows individuals over the age of 65 who have lived in their house for 10 years or more to pay dramatically less property taxes than their neighbors. Some of the requirements are below:
Married couples are not able to claim multiple properties for this benefit, so you can only pick your primary residence to claim this exemption. There are also other special rules for when one spouse passes away.
If you qualify, then 50% of the first 200,000 of the value of your house is exempted from property tax. This is no small amount! That is why it is so critical to speak with a great estate planning attorney in your area to make sure your house is property transferred and the correct form of trust is created. Doing this incorrectly can lose this amazing benefit instantly!
Our Northglenn-based lawyers serve the Denver metro area, including Broomfield, Westminster, Thornton, and the surrounding areas. Call us at (720) 513-2299 to learn more about your property taxes and how a trust can help.