If you live in Colorado and haven’t already received your tax bill in the mail you should see it shortly.  Here are some things you should know about property taxes and how they are paid.

  1. In Colorado property taxes are paid “in arrears” meaning the property taxes due in 2017 are for 2016.
  2. If you recently purchased a home, the sellers gave you a credit at closing for the taxes for the portion of 2016 that they owned the home. You, as the new owner are then responsible for paying the tax bill when it comes due. Contact me if you have a question about this.
  3. If you have a mortgage on your home it is highly likely that you don’t need to do anything with this bill except file it away. Typically homeowners, with a mortgage, pay a portion of the taxes and insurance each month right along with the mortgage payment.  The mortgage company puts that money into an escrow account and then pays your tax bill and your insurance bill when it is due. 
  4. Did you know? Senior Tax Exemptions are available. If you’re over 65, have lived in your home for 10 years or more as your principle residence you may be eligible for a 50% reduction in your payment.  The state picks up the other half.  Look at the information included with your tax bill for more information about submitting an application for the exemption.  This is also available to a surviving spouse.  Some links:
    Arapahoe County Senior Tax Exemption.
    Jefferson County Senior Tax Exemption
    Douglas County Senior Tax Exemption
    Adams County Senior Tax Exemption
    Broomfield County Senior Tax Exemption
    Denver County Senior Tax Exemption
  5. If you have any questions about the value of your taxes you should direct them to your county assessor’s office. Look at your tax notice for contact information.