As Coloradans brace for higher property tax bills in the coming months, many homeowners are eligible to postpone paying under a state Treasury Department deferral program.

Residents 65 and older and those who are active members of the military can apply for a full deferment of their property tax bill this year. Under a recent expansion of eligibility rules, any other homeowner whose property tax bill will increase by more than 4% can apply to have up to $10,000 deferred.

Applications must be submitted by April 1. Residents must wait to receive their property tax bill before applying, according to the department. Those bills are expected to start hitting mailboxes later this month, a few weeks later than normal.

The deferred taxes won’t be waived forever. The money must be paid back via a low-interest loan, made against the taxpayer’s property, and the amount must be repaid before the home is sold or the taxpayer leaves the deferral program.

For this tax year, the interest rate is 4.1%, according to the Treasury Department.

In November, amid a broader effort to blunt property tax increases, Colorado legislators directed more money toward the deferral program, given expected interest this year.

More information, including how to apply and who is eligible, can be found on the Colorado Department of the Treasury’s website.

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