Property taxes are paid twice a year and included in the mortgage payment for most homeowners in Colorado Springs. The amount of a homeowner’s property taxes varies depending on the location and market value of the property in Colorado Springs. In case you don’t already know, there are a few ways to save on your property taxes if you qualify:
1. Appealing your property taxes – If you feel the assessed value of your home is incorrect, you may elect to file an appeal. The typical time to appeal on your property taxes is from May 1st to May 31st of each year. The El Paso County Assessor does require that the sold comparables used in the appeal process are within a specific time frame. If the Assessor’s office honors your appeal, your property taxes will be adjusted for the following year. The next assessment will occur in May 2013 since the El Paso County Assessor re-evaluates the value of homes in Colorado Springs every two years (on the odd year).
2. Senior Property Tax Exemption Program – Homeowners that are 65 years or older and have lived in the property as their primary residence for at least 10 years may qualify for the tax exemption program offered by the El Paso County Assessor. Those who qualify can have their property taxes lowered up to 50% (of the first $200,00 in property value). Contact the El Paso County Assessor’s office for more information about this program at 719-520-6600.
3. Disabled Veteran Exemption Program – Homeowners who are honorably discharged veterans and occupy the property as their primary residence may qualify to have their property taxes lowered by 50% (of the first $200,000 in property value). To find out if you qualify, please contact the El Paso County Assessor’s office for more information at 719-520-6600.