There is one day remaining for eligible Colorado residents to apply for a property tax rebate that could deliver as much as $1,000 in relief.
The Property Tax/Rent/Heat Rebate, as it is known, helps eligible older adults and residents with disabilities pay for expenses related to heating residences. The annual rebate can be as much as $1,044 per year for an eligible applicant, but those who apply this year may receive a refundable tax credit of up to $1,000, according to Colorado’s Department of Revenue.
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In order to be eligible for the rebate, an applicant must have lived in Colorado for all of 2022, may not have been claimed as a dependent by someone on a tax form, and must be 65 years old or older, have a surviving spouse who is at least 58, or be disabled.
The only other requirement is that applicants cannot make more than $16,925 for single filers and $22,858 for joint filers.
Anyone who has an application received, approved, and processed by Friday will receive a direct deposit by April 5 or a paper check by April 15, while those whose applications are received, approved, and processed after that time will receive their payments by a later date.
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This rebate will be paid out to recipients in a series of payments, with the first one being issued to recipients in April. An additional three payments will be issued to recipients later every three months, with the final payment being issued in January 2024.
Additional information regarding the rebate can be found on the state’s website.
