Treasurer Young details Colorado's property tax deferral program for seniors

The Joint Technology Committee of the Colorado Legislature convened on February 19, 2025, to discuss significant advancements in state technology and financial assistance programs. The meeting highlighted the role of CoreLogic in enhancing government efficiency through automation and data management.

The session began with a presentation on CoreLogic's contributions, particularly in the realm of electronic document recording and data transfer to the state portal. It was noted that these technological improvements are estimated to save the state approximately $10 per document, streamlining processes that previously required extensive manual labor from county officials. The committee acknowledged the positive feedback from the Colorado Sun, which described the state’s application portal as the best-designed government application site visited.

Following this, Treasurer Young addressed inquiries regarding the mechanics of property tax deferral for seniors experiencing financial hardship. He explained that eligible individuals can defer their property taxes, which are then treated as a simple interest loan based on the 10-year treasury rate. This program serves as a financial safety net, allowing seniors to manage their expenses without the immediate burden of property taxes. Young emphasized that while this option is beneficial for some, it may not be suitable for everyone, and he encouraged individuals to seek advice from family or financial experts before making decisions.

The discussion also touched on the limitations of the deferral program, noting that seniors can only defer up to $10,000 in property taxes, while active military personnel are exempt from this cap. Young reiterated the importance of careful financial assessment for applicants to ensure they can manage their obligations effectively.

As the meeting concluded, committee members expressed gratitude for the insights shared and the potential impact of these technological advancements and financial programs on Colorado residents. The committee plans to continue exploring ways to enhance government services through technology while ensuring that financial assistance programs remain accessible to those in need.