Senior property tax exemption available

Published on May 23, 2023

As property owners are reviewing the impact of property valuations on future tax bills, the Weld County Assessor’s Office would like to remind property owners of the Senior Property Tax Exemption program. This program provides a reduction of up to $100,000 in actual value if the property owner is 65 years of age and has lived in the home for 10 years or more. Both criteria must exist on January 1 of that year to be eligible for the tax exemption the following year. 

“Currently, more than 12,000 older adults in Weld County are taking advantage of this program, and we want to make sure every eligible property owner has applied because the typical tax savings are around $500 per year,” said Weld County Assessor Brenda Dones. 

If a property is eligible, here is an example of how it works: If a residential property has an actual value of $500,000 in 2023, then a reduction is made when the taxes are calculated. The reduction is 50% of the first $200,000 in value. In this example, the reduction is $100,000 and the taxes payable in 2024 will be calculated on $400,000 instead of $500,000. Using a typical mill levy of 95 mills, the tax savings for this property is about $640.

If the property value is below $200,000 in actual value, then the reduction is limited to 50% of the value of the property.

Property owners must apply for the exemption by submitting a form to the Assessor’s Office by July 15, 2023. There are two forms available on the Assessor’s website — the property owner can select the correct form based on the type of ownership on the property. Once the exemption is approved, it is unnecessary to apply again unless the ownership of the property changes. 

Dones shared, “With the red-hot housing market impacting this round of property values, a property tax break is needed now more than ever, and this program provides a significant savings for our seniors.”

To find more information about this program, visit https://www.weld.gov/Government/Departments/Assessor/Exemptions/Senior-Tax-Exemptions.