State Tax in Colorado

Different states often levy different taxes depending upon the needs of the government, the economy of the area, and the standard of living common among their residents.  In many states property taxes are assessed on homes and other property such as vehicles, computers, and more.  The property state tax in Colorado is often determined by an assessor who uses the market value to determine what represents an appropriate tax rate.  With a bit of research and patience it is often possible to get the tax figure reduced to help you and your family save money.

Understanding Colorado Property Tax Laws

Before you can make a move to reduce your property taxes in Colorado you must first understand how they are assessed.  While some states determine property tax by checking the actual cash value of the home in question, in Colorado a county assessor decides the appropriate tax amount based on either the market value or cost of the home.  In recent years the taxes have even been determined by deciding the actual value of the property and assessing the tax at a rate of 7.96 per cent of the value. 

Exemptions and Tax Reductions

Some full year residents of Colorado are able to qualify for a rebate on their property taxes or even a property tax referral.  In order to be eligible for these benefits an individual must be either disable, a spouse of a deceased senior citizen of at least 58, or a senior citizen who is at least 65 years old.  The person must also be able to prove that they have lived in the home for at least 10 years. 

A homestead exemption is also available that allows a reduction of up to $100,000 (or 50 per cent) of a primary residence.  This combined with a property tax referral and rebate can make the life of a senior citizen much easier.  Especially if the senior citizen is one that is living from check to check on disability or retirement income.

Other Property Tax Reduction Methods

Those individuals who are not senior citizens but are still living from check to check are often attempting to find a way to reduce property taxes.  In some cases the county assessor has placed an incorrect value on your home based on conflicting records that were used to determine a value.  Individuals living in Colorado have the option of visiting the county assessment office and requesting a copy of the information used to assess the home. 

Take some time and verify all of the information used to value your home.  If you notice anything is incorrect such as the size of your home, value of surrounding properties, your sales price contact the assessment office with your own findings.  Provide documents proving your statements and often the value, and the taxes, of your home will be reduced.

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