Coloradans are seeing a big hike in property tax assessments, but a new state law can help taxpayers defer what they owe.
Taxpayers can challenge their property’s assessed value and possibly get a break on the tax bill. But if that doesn’t work, the state’s property tax deferral program just expanded this year to include more Coloradans.
The program originally helped older Coloradans and active military personnel. But as of Jan. 1, it was expanded to include anyone whose property taxes exceed a certain percent of the property tax-growth cap.
“The tax-growth cap is met when the current year’s property tax amount has increased 4% or more from the average of the two preceding tax years’ amounts on their owner-occupied parcel,” according to the Colorado Department of the Treasury.