Get 056-2012 Personal Property Final - Teller County

If real property is defined as anything attached to land as well as the land itself, than personal property is everything else. What we're talking about here are bank accounts (shared or individual), insurance policies, furniture, fixtures in the home, and stocks.

To apply for the senior tax freeze, you must submit your application to your county appraisal district (CAD) by April 30th of the current tax year. If your application is approved, your property taxes will be fixed at the same amount for any forthcoming tax years. You would not have to pay this amount immediately.

Under the Colorado exemption system, homeowners can exempt up to $250,000 of their home or other property covered by the homestead exemption. The homestead exemption is $350,000 if the homeowner, spouse, or dependent is disabled or 60 or older. In Colorado, spouses cannot double the homestead exemption.

Pursuant to § 39-3-119.5, the personal property minimum filing exemption (“threshold” exemption) amount for tax years 2023 and 2024 is $52,000 or less in total actual value.

Personal property includes anything other than land that can be the subject of ownership. This is divided into two subcategories: tangible and intangible property. Animals, merchandise, jewelry, and other physical items are considered tangible property.

Often referred to as the Senior Homestead Exemption, qualifying individuals receive a 50% discount on the first $200,000 of value of the home, if they have lived in the home for 10 years. Must have lived in the home for 10 years as the primary residence.

Pursuant to § 39-3-119.5, the personal property minimum filing exemption (“threshold” exemption) amount for tax years 2023 and 2024 is $52,000 or less in total actual value.

The right to exempt property abates as necessary to permit payment of the family allowance. These rights are in addition to any benefit or share passing to the surviving spouse or dependent children by the decedent's will, unless otherwise provided, by intestate succession or by way of elective-share.