State program helps Colorado homeowners defer property taxes

COLORADO SPRINGS, Colo. (KRDO) - A program to help Colorado homeowners impacted by skyrocketing property taxes opens today, Jan. 9.

Colorado’s Property Tax Deferral Program strives to help people continue to afford to live in their homes.

The treasury department describes it as a “safety valve program” for people who may be experiencing financial hardships.

“We don't want anybody to experience financial hardship like losing their home or not buying groceries or prescriptions or making other devastating financial decisions when they have this financial option in front of them as well,” Dave Young, Colorado State Treasurer said.

In 2023, the state treasury paid over $3.6m in deferred tax payments. 

They say they anticipated even higher participation this year, as the potential for large increases in property taxes loom.

Any homeowner who receives a 4% increase in their upcoming property tax bill is eligible to defer.

Seniors and active military have the option of deferring all of their property taxes.

Anyone not in those categories can defer a portion; up to 10 thousand dollars total. 

The treasury department says they only charge simple interest and will work with homeowners on a payment plan.

Applications for 2024 are open Jan. 9 until April 1st, 2024.

Homeowners can click here to learn more about Colorado’s expanded Property Tax Deferral Program. 

For further questions about enrolling or eligibility, call (833) 634-2513 or email  cotreasproptax@state.co.us.