Colorado was recently ranked #2 by Bankrate.com as one of the best places to retire. This is based on numerous factors including weather, cost of living, health care quality, crime rate and overall “senior well-being”. There are also some nice financial benefits to living in Colorado when retired.
The Senior Property Tax Exemption is available for Colorado citizens who are 65 or older, and who have lived in their home for at least 10 years prior. The application must be filed by July 15 of the year for which exemption is requested. Fifty percent of the first $200,000 of actual value of the applicant’s primary residence is exempted. For example if your home was valued at $500,000, the exemption would reduce the taxable value to $400,000.
Contact your county assessor office to apply for this exemption. You only need to apply once and it remains in effect for subsequent years, as long as the property ownership and occupancy do not change.
Back to that list…. surprisingly enough, the retirement hot spot Florida ranked around the middle of the list, in 28th place.