You need to answer No because you did not already get a Homestead Property Exemption. You qualify for the Senior Housing Credit if you are over 65 and your AGI is less than or equal to $75,000. You are showing a refund because you should! This credit does not represent the Property Tax Rebate.
Per the Colorado General Assembly:
The act creates a refundable income tax credit (credit) that is available for the income tax year commencing on January 1, 2022, for a qualifying senior, which means a resident individual who:
- Is 65 years of age or older at the end of 2022;
- Has federal adjusted gross income (AGI) that is less than or equal to $75,000; and
- Has not claimed a homestead property tax exemption for the 2022 property tax year.
The amount of the credit is $1,000 for a qualifying senior with federal AGI that is $25,000 or less. For every $500 of AGI above $25,000, the amount of the credit is reduced by $10. In the case of 2 taxpayers who share the same primary residence and who may legally file a joint return but actually file separate returns, both taxpayers may claim the credit, but the maximum credit for each taxpayer is $500 and, for every $500 of adjusted gross income above $25,000, the amount of the credit is reduced by $5. Notwithstanding the income-based reductions in the allowable credit amount, a taxpayer who also qualifies for a property tax and rent assistance grant or heat assistance grant during calendar year 2022 is eligible to receive the full credit.
@ffemt161
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