Colorado § 39-3.5-103 - Property entitled to deferral.

§ 39-3.5-103. Property entitled to deferral.

(1) In order to qualify for real property tax deferral under this article 3.5, the property shall meet all of the following requirements at the time the claim is filed and so long thereafter as payment is deferred:

(a) The property must be the homestead of the taxpayer claiming the deferral.

(b) The taxpayer claiming the deferral must, by himself or jointly with another person residing in the homestead, own the fee simple estate or be purchasing the fee simple estate under a recorded instrument of sale or own the mobile home or be purchasing the mobile home under a recorded instrument of sale; except that nonresidence of the joint owner in the homestead because of ill health of the joint owner shall not prevent the taxpayer from meeting the requirement of this paragraph (b).

(c) The property for which the deferral is claimed must not be income-producing; except that, for property tax years commencing on or after January 1, 2023, this subsection (1)(c) does not apply if the taxpayer claiming the deferral is sixty-five years of age or older, is a person called into military service, or is the surviving spouse of a taxpayer who elects to continue the property tax deferral pursuant to section 39-3.5-112.

(d) Repealed.

(d.5) (I) Either of the following applies to the property:

(A) The owner of the property is a person who is sixty-five years of age or older, and the total value of all liens of mortgages and deeds of trust on the property, excluding any mortgage or deed of trust that the holder has agreed, on a form designated by the state treasurer, to subordinate to the lien of the state for deferred taxes, is less than or equal to seventy-five percent of the actual value of the property, as determined by the county assessor; or

(B) The owner of the property is a person called into military service and the total value of all liens of mortgages and deeds of trust on the property, excluding any mortgage or deed of trust that the holder has agreed, on a form designated by the state treasurer, to subordinate to the lien of the state for deferred taxes, is less than or equal to ninety percent of the actual value of the property, as determined by the county assessor; except that, for property tax years commencing on or after January 1, 2023, the limitation on the total value of all liens of mortgages and deeds of trust on the property set forth in this subsection (1)(d.5)(I)(B) does not apply if the owner of the property is a person called into military service who has a home loan guaranteed by the veterans administration of the United States.

(II) For purposes of this subsection (1)(d.5), the actual value of the property shall be the most recent appraisal by the county assessor as of the time the claim for deferral is submitted to the county treasurer.

(e) All real property taxes for years prior to the year for which the election is made must be paid.

(f) The cumulative value of the deferral provided in this section plus the interest accrued on the deferral provided in section 39-3.5-105 (5) shall not exceed the market value of the property less the value of all mortgages which constitute liens upon the property and any other liens upon the property filed prior to the date of recordation of the certificate for deferral.

Source: L. 78: Entire article added, p. 472, § 1, effective February 28, 1979. L. 79: Entire section R&RE, p. 1411, § 2, effective January 1, 1980. L. 88: (1)(b) amended and (1)(f) added, p. 1283, § 10, effective January 1, 1989. L. 2005: (1)(d) amended and (1)(d.5) added, p. 877, § 1, effective June 1. L. 2021: IP(1), IP(1)(d.5)(I), and (1)(d.5)(I)(B) amended, (SB 21-293), ch. 301, p. 1810, § 7, effective June 23. L. 2022: (1)(d.5)(II) amended, (SB 22-220), ch. 388, p. 2760, § 3, effective June 7. L. 2023: (1)(c) and (1)(d.5)(I)(B) amended, (HB 23-1284), ch. 294, p. 1769, § 1, effective August 7. L. 2025: (1)(d.5)(I)(B) and (1)(d.5)(II) amended, (SB 25-261), ch. 425, p. 2413, § 3, effective July 1.

Editor's note: Subsection (1)(d)(II) provided for the repeal of subsection (1)(d), effective January 1, 2006. (See L. 2005, p. 877.)