If approved, the county treasurer will issue a Certificate of Deferral, record it and send the certificate to the state treasurer. The state treasurer will charge you interest on the amount deferred beginning May 1 of the year in which the deferral is claimed. The interest is compounded annually. The deferred taxes may be paid at any time without affecting your deferral eligibility. If your property taxes are normally paid as part of your mortgage payment, you should present your deferral certificate to the mortgagor for a refund of the property tax monies held in escrow.
When deferring your property taxes, the state makes the payments to local governments. Your county treasurer submits your claim form to the state treasurer, who pays the county; therefore, you are borrowing the payments from Colorado until you can repay the state. Call us for more information at 303-271-8330.