Wife & I are in the process of buying a house, so I looked up the property tax exemption. Apparently, it reduces the actual value (up to $200k) of your home by 50%. This would mean approx 20% off our prop taxes for this house. I'm not even sure if one could find a house in Colorado worth $200k or less anymore (at least nothing that would pass a VA appraisal). Does this legislation just need to be updated or does it actually mean assessed value and not actual?
Not likey we will see legislation updates in the states with exemptions based upon monetary amounts. CA has an exemption on the first $100K, here where I live Hawaii, we pay the minimum property tax allowed by law.
Idaho exempts up to 1350 in property taxes for 100% disabled vets. You can also qualify for other property tax reductions such as due to low income (called the circuit breaker) and an agricultural exemption. I use the two of the programs and basically won’t pay anything. My property tax was around 2k per year on a 400k property.
Back on topic of Colorado. From what I’m reading it doesn’t require your home to be valued at less than 200k. It simply exempts the first 200k. Any value above that won’t get exempted.
