Finding ways to manage rising costs just got easier for Denver residents. Let's explore the city's Property Tax Relief Program and see how you can benefit!
Understanding the Property Tax Relief Program in Denver
The city of Denver, through its Department of Housing Stability, has rolled out a crucial Denver property tax refund initiative designed to aid eligible homeowners and renters. This program is particularly pivotal in times of economic uncertainty, providing financial assistance through partial property tax refunds. On average, eligible residents can expect a refund of $1,000, helping to alleviate some of the financial burdens that come with property ownership or renting.
Eligibility Criteria for Homeowners
To qualify for the tax relief program Denver homeowners must meet specific conditions:
1. Be 65 years or older for the entire year of 2024,
2. Have a disability for the entire year of 2024, or
3. Have a dependent child living with them for the entirety of 2024.
In addition to these criteria, homeowners must also satisfy several other requirements:
- Have owned and occupied their residence for the entire year,
- Have paid the full 2024 property taxes, and
- Earned income below 60% of the area median income, which is roughly $59,345 for an individual and $70,440 for a family of three.
Meeting these criteria can significantly help seniors and families navigate their expenses through the property tax assistance for seniors initiative.
Renters Can Also Benefit
What many residents may not be aware of is that the program also extends to Denver renters tax benefits. Renters who meet similar age and financial requirements can apply for relief as well. The qualifications include:
1. Being 65 years or older, having a disability, or having a dependent child for the full duration of 2024,
2. Residing in a rental unit where property taxes were paid in 2024, and
3. Capable of demonstrating an income at or below 25% of the area median income for individuals, which is approximately $22,820, or 30% for two adult applicants living together, around $31,300.
An impressive number of over 3,000 Denverites benefited from this program last year, showcasing its importance for low-income families and individuals.
Application Process
Interested residents can apply for these benefits until April 2026. The process kicks off by visiting the Department of Housing Stability's Property Tax Relief Program website. Furthermore, assistance is readily available through Colorado Housing Connects by calling or texting 1-844-926-6632 during weekday hours from 8 a.m. to 4:30 p.m. Residents can also reach out to the CARE Center at 303-838-1200 on weekdays from 8:30 a.m. to 5:30 p.m.
As financial pressures mount, awareness of such initiatives like Colorado Housing Connects becomes increasingly essential. Engaging with these programs isn't just about immediate savings; it represents a critical financial planning step for many families in Denver.
Other Affordable Housing Initiatives in Denver
Denver’s commitment to affordable housing doesn’t stop with tax relief. In addition to the Property Tax Relief Program, several other initiatives support residents in making housing more affordable. Local resources include:
- Mentoring Programs for financial literacy,
- Workshops focused on budgeting and financial planning, and
- Collaborations with various non-profits to provide housing assistance.
Engaging with these programs can further enhance residents' financial wellness, especially those contemplating long-term housing stability.
Conclusion: Empowering Residents with Financial Relief
The Property Tax Relief Program and other initiatives signify Denver's dedication to enhancing housing stability for its residents. By understanding and utilizing these benefits, older adults, individuals with disabilities, and families can significantly improve their financial situations. Residents are encouraged to explore these options, ensuring they take full advantage of the available support to ease their burden. It's time residents in Denver recognize the assistance at their fingertips and take action. Don't hesitate to check out the resources available today!