What is the senior tax deferral program?
The senior tax deferral program is offered by the State of Colorado. It allows you to postpone tax payments on your primary residence until you sell your property, or your estate is settled after your death. Interest is applied to the amount you defer. Each year, you can defer either the whole amount of your taxes, or half your taxes.
In the past, this program was managed jointly between the County and State Treasurer’s Offices. Beginning in 2023, the State Treasurer will run all aspects of the program, including the deferral application process.
You can find information and sign up for the program at the Colorado property tax deferral program website.
- You must be 65 years old on or before January 1 of this year
- You cannot be earning income from the property (e.g., renting the property), but you can have a home office
- If your property is in a trust you must be named the trustee and the beneficiary of the trust
- If you have a reverse mortgage you likely cannot receive tax deferral (your lender must agree to subordinate)