If you:
1) are a senior (over the age of 65) living in El Paso County
2) have lived in the same house for 10 years or more...
you could save significant money on your taxes!
No, I'm not trying to sell you anything. It's an exemption you can claim on your taxes which was just reinstated in 2006. The program was suspended in 2003 because of a shortage in state funding but it is available again.
Here's how it breaks down: Tax bills are cut in half for the first $200,000 on your residential property. So, if your home is worth $180,000 your tax bill would be calculated based on $90,000 instead.
You have to act quickly though. In fact, you've already missed claiming it for the 2006 tax year. However, you still have until JULY 15th to apply for the exemption for the current tax year, payable in 2008.
The best part is, once you're approved, you'll automatically receive the exemption in subsequent tax years unless the Legislature pulls the funding.
Check out the full article that appeared in The Gazette on June 19, 2007 or call the El Paso County Assessor’s Office, (719) 520-6600 for more information.
You should always seek legal advice regarding how your homeownership can affect you financially. Call your personal tax professional.
*This information was taken from The Gazette newspaper in Colorado Springs, written by Perry Swanson.
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