FAQs • Pitkin County, CO • CivicEngage

What is the Senior Property Tax Exemption in Colorado and how does this affect my taxes?

Title 39 Article 3 Part 2 CRS
In 2000, Colorado voters amended the State Constitution with the adoption of Section 3.5 of Article X. The amendment and subsequent legislation created a property tax exemption for 2 groups of people:

Qualifying seniors
Surviving spouses of senior who previously qualified

For those who qualify, 50% of the first $200,000 in actual value of their primary residence is exempted. The state will pay the County back the exempted property tax. Qualified individuals must file a completed application by July 15th of the year for which the exemption is requested. Applications are available in the Assessor's Office.

The senior citizen exemption in Colorado is also called the homestead exemption.

Qualifications

Seniors must be at least 65 years old on January 1 of the year the application is filed
They must have owned and lived in their homes for at least 10 consecutive years and the property must be their primary residence.
A surviving spouse of a senior who qualified for the exemption may also apply

The application deadline is July 15 of every year. For information, or to obtain an application, please contact the assessor at 970-920-5160. Note: Seniors who have previously applied and been granted the exemption do not need to apply again.

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Assessor

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1. How do I contact the Assessor's Office?: Phone: 970-920-5160 Email: assessormail@pitkincounty.com Location: Pitkin County Administration & Sheriff's Office Building 530 E. Main St Ste 204, Aspen CO 81611

2. What does the County Assessor do?: Colorado law requires the Assessor's office to appraise property within the county at true and fair market value for a property's highest and best use. The office maintains public records for property ownership, physical addresses, property data, and legal descriptions. The Assessor has no jurisdiction or responsibility for area budgets, tax rates, or amounts of taxes paid. These matters are handled by the various agencies performing the services supported by property taxes, such as the county government, city government, school districts, and other tax districts.

3. How is my property value determined?: The actual value assigned to residential properties is based on sales that occurred in the 18-month period from January, 20xx (odd year) to June 30, 20xx (even year). For example, the 2023 and 2024 valuation years will use sales data from the time frame of January 1, 2021 to June 30, 2022.

4. When are properties revalued?: All properties are reassessed every odd-numbered year. The Assessor sends a Notice of Valuation to all property owners to inform them of their new value for that tax year, which will remain the same for the intervening year as long as the property does not physically change. Notices of Valuation for real property are mailed on May 1st in odd years. Notices of Valuation for personal property are mailed on June 15th each year.

5. What time frame does the Assessor use for sales data when revaluing properties?: The Pitkin County Assessor uses sales data from a 18-month period ending June 30 of even-numbered years to establish real property value. If data is insufficient during this time period, assessors may go back in 6-month increments, up to 5 years, to find sales data.

6. What will my taxes be?

The exact amount of taxes is an estimate until the tax rate or mill levies have been certified and approved by the Board of County Commissioners (BOCC). According to Colorado law, each taxing authority must provide their mill levy to the BOCC by December 15th. The Board then certifies the mill levies by December 22nd. In the following January, official tax notices are mailed by the County Treasurer based upon these approved mill levies. Therefore, after January 1 of each year, you can contact the County Treasurer for the exact amount of property tax. The Assessor does not levy or collect taxes, they value your property.

Calculating taxes for Residential Properties:

Actual Value x Assessment Rate = Assessed Value, then Assessed Value x Mill Levy = Tax Amount

Calculating taxes for Non-Residential Properties:

Actual Value x Assessment Rate = Assessed Value, then Assessed Value x Mill Levy = Tax Amount

Example ~ If you have $1,000,000 actual value of real property and the mill levy is 45, what will the taxes be? $1,000,000 x 0.0695 = 69,500. 69,500 x 0.045 = $3,127.50 tax amount

7. Who sets the assessment rate?: The Colorado Constitution requires that a specific relationship be maintained, on a statewide basis, between the assessed value of residential property and the assessed value of non-residential property. The state legislature sets the residential assessment rate once every 2 years to maintain that relationship.

8. What is a mill levy?: A mill levy is a tax rate that is applied to the assessed value of a property. This rate is used to generate revenue to cover annual expenses for local area services including public schools, fire departments, open space, road and bridge, social services, libraries, water and sanitation, hospital, ambulance, general funds, and so forth.

One mill = 0.001
If your mill levy is 45, then divide by 1,000 for tax rate.

9. What is the difference between the assessment date and the appraisal date?

The assessment date is January 1st of every year.
The appraisal date is June 30, xx of even numbered years.

The Assessor researches each individual property's legal and physical condition on January 1 to determine their status for that tax year. Status is . The tax notice received next January will be based on this status.

The appraisal date is the date of valuation and all comparable sales must be trended to this date.

10. What will happen to my value if I improve my property?

Improvements or changes to a structure generally increase the value of property.
Examples of typical changes that can increase the value of your property:

Added rooms or garage
Additions to the square footage of your home
Substantial modernization of kitchens and/or baths
Extensive remodeling

Examples of changes that do not affect your value:

Painting
New or repair of your roof
New furniture
New carpet
General repair and maintenance of your property

11. Will I be penalized if I don't let the Appraiser in when an inspection is requested?: No. When an interior inspection is not allowed, the appraiser will attempt to update the records by looking at the property from the outside and using other available information. To ensure an accurate assessment of value, it is to your advantage to allow the appraiser inside your property when an inspection is requested.

12. What is the Senior Property Tax Exemption in Colorado and how does this affect my taxes?

Qualifying seniors
Surviving spouses of senior who previously qualified

Seniors must be at least 65 years old on January 1 of the year the application is filed
They must have owned and lived in their homes for at least 10 consecutive years and the property must be their primary residence.
A surviving spouse of a senior who qualified for the exemption may also apply

13. What is the difference between the Assessor and Treasurer?: The Assessor’s Office is responsible for the valuation and assessment of all taxable real and personal property in the county, according to the Colorado Revised Statutes.
Tax bills are sent by the Treasurer who also collects taxes that are due.

14. How do I do a title search?: Visit the Clerk & Recorder's site.
http://pitkincounty.com/548/Recording

15. How can I find historic values on properties?: Call the Assessor's office at 970-920-5160. We do not provide historic values on our webpage, only the current value.