Colorado residents who want to take advantage of a property tax rebate worth up to $1,000 have until the end of Friday to apply.
Colorado residents who want to take advantage of a property tax rebate worth up to $1,000 have until the end of Friday to apply. (Photo: Head Topics)
The Property Tax, Rent, and Heat (PTC) Rebate is now available to Colorado residents, including people with disabilities and older adults, based on income, to help with their property tax, rent, and/or heat expenses this winter and beyond. For applicants, the rebate amount can be up to $1,044 per year, and if you apply in 2023, you could receive a $1,000 refundable tax credit. Compared to 2021, the Colorado Department of Revenue (DOR) outreach campaign increased the number of applications by more than 14% in 2022. This program has the potential to provide more than $7 million in relief to Coloradans by 2023, ensuring that seniors and Coloradans with disabilities can heat and remain in their homes.
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Those whose applications for property tax rebate have been received, approved, and processed by Friday will receive a direct deposit or a paper check by April 5. Those who have their applications received, approved, and processed after that time will receive their payments later.
This property tax rebate will be distributed to recipients in installments, with the first installment arriving in April. An additional three payments will be made to recipients every three months later, with the final payment made in January 2024.
To be eligible for the rebate, an applicant must have lived in Colorado for the entire year 2022, have never been claimed as a dependent on a tax form, be 65 or older, have a surviving spouse who is at least 58, or is disabled.
The only other stipulation for the property tax rebate application is that applicants’ income can be at most $16,925 for single filers and $22,858 for joint filers.
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