(COLORADO) — On Tuesday, Jan. 9 the Colorado Department of the Treasury said the Property Tax Deferral Program is open for enrollment until April 1, 2024.

The Colorado Property Tax Deferral Program has usually helped seniors and active military personnel continue to afford to live in their homes, and it was expanded last year to provide relief to homeowners affected by increased property taxes.

The expanded program, which was previously managed by counties, will allow homeowners to defer all or a portion of property taxes depending on the category. For eligible seniors and active military, it defers the total property tax owed. For eligible tax growth cap applicants, a portion is deferred up to $10,000.

The expanded deferral program does not exempt taxes, rather, it is a loan to assist Coloradans with the payment of property taxes if an applicant is eligible. The deferral loan is recorded as a junior lien against a participant’s property and does not have to be repaid until a later date.

Applicants need to know the following information:

The property claiming the deferral must be owner-occupied.

All property taxes for years before 2024 must be paid.

These are deferrals and not exemptions.

For Growth Cap deferrals, the property must not be income-producing. 

“New this year, seniors who rent a room or a portion of their home and active duty military renting while they are out of the country or stationed elsewhere are able to participate,” Vanda Howell, Property Tax Deferral Program Administrator, stated. “New eligibility requirements have changed for active military with VA-backed loans. These changes allow more homeowners more opportunities to participate.”

Applications are open from Jan. 1, 2024, to April 1, 2024.

Claims must be filed after January and on or before April 1, and applicants must reapply each year for eligibility to continue using the program.