DENVER (CBS4)– The competitive housing market across Colorado means it’s not only tough to find a home in your price range, rising home values and property taxes can put a pinch on families. Now, the City of Denver is helping out.
The Denver Property Tax Relief Program is expanding to help more people. Starting May 1, families who own a home and earn up to 40% of the area median income, or AMI, will be able to apply for a new relief program.
That AMI is how the city calculates affordable housing. In the city of Denver, 40% AMI is $25,000 for one person, $28,000 for two people, $32,000 for three, and $35,000 for four.
The program provides a partial refund of how much is paid in property taxes or the equivalent in rental prices.
The city has had a program in place since 1950 and last year, the city added more money to the program to help more people.
“We all need a little help sometimes, and this program allows us to give our seniors, people living with disabilities, and now families a little more help affording their home and remaining a valued part of our community,” said Denver Human Services Executive Director Don Mares in a statement. “We will begin accepting applications on May 1 and look forward to providing this support to more people.”
Randy Gallagher is already using the program, and will receive a $500 refund. He said the most important thing someone can do is simply ask for help, no matter how difficult it may be.
“This wasn’t a fail… straight ahead, (I can) use this to stay in place and it’s emotional for me,” Gallagher said through tears. “I just… I want to say thanks.”
Adults who are 65 years or older and those with a permanent disability can also continue to apply.
The average refund is between $400-$500.