September’s Highly Anticipated Tax Rebate Confirmed – $1,112 Payments Coming from This State

Colorado residents have an opportunity to receive significant tax rebates this year, thanks to the Property Tax, Rent, and Heat (PTC) Rebate program. This initiative is designed to support low-income elderly or disabled individuals, helping them manage rising property taxes, rent, and heating costs during the winter and into 2025. The rebates are based on 2023’s taxes and can offer essential relief to eligible residents.

PTC Program

The PTC Rebate program is targeted specifically at low-income individuals and households. To qualify, participants must meet several key criteria, primarily related to income and residency. For individual applicants, annual income must not exceed $18,026. Married couples who file jointly must have a combined income of less than $24,345. Additionally, applicants must be residents of Colorado.

Here’s a quick breakdown of the eligibility requirements:

• Individuals must be 65 or older as of December 2023.
• Surviving spouses must be at least 58 years old by the same date.
• Disabled individuals of any age can apply, provided they were eligible for full disability benefits for all of 2023.

Surviving spouses must have been married before the death of their partner to qualify, and for disabled individuals, the disability must restrict their ability to earn income.

Requirements

Beyond age and income, applicants need to meet specific conditions related to their property expenses. To be eligible, individuals must have paid property taxes, rent, or heating bills during 2023. Another critical condition is that applicants must not have been claimed as dependents on someone else’s federal tax return.

For those who have been part of the program for the past two years, applications can be filled electronically using Colorado’s Revenue Online service. First-time applicants must mail their forms to:

Colorado Department of Revenue
Denver, CO 80261-0005

Applicants can also hand-deliver forms to the Department of Revenue’s physical location. Application forms are available in both English and Spanish.

Payments

The rebate payments are issued based on when applications are submitted and processed. For instance, applications processed before September 10th will result in two payment installments, with the first payment being released on October 5th for those who opted for direct deposit. The program’s final processing deadline is December 31st, 2025, giving applicants ample time to claim their 2023 rebates.

The rebate amount can reach up to $1,112 per individual, but those who applied early, before April 2024, could receive up to $1,600. For individuals who still need to file for 2022, applications remain open. However, the deadlines for rebates for 2021 and prior years have passed. Importantly, individuals without a Social Security number can still qualify for the rebate.

Impact

Since its inception in 2019, the PTC Rebate program has assisted 15,000 Colorado residents. The program is vital, especially as Colorado’s cost of living is higher than the national average. While utility costs in the state are 9% lower than the national average, housing costs are 20% higher, with the average cost of living in the state totaling $53,374 per year.

The state’s flat income tax rate of 4.4% applies to all residents, regardless of income level. Given these financial burdens, the PTC Rebate program is a valuable asset for low-income Coloradoans, providing relief during the harsh winter months when heating costs soar.

For many, this program offers more than just financial assistance—it’s a lifeline that ensures vulnerable individuals and families can stay warm, secure, and housed. The success of this initiative demonstrates Colorado’s commitment to supporting its residents amid rising living costs.

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