Time is running out for Coloradans to claim a rebate of $1,112, but don’t worry, there’s a simple way to get your hands on the cash.
Colorado offers an annual rebate called the Property Tax, Rent, and Heat (PTC) rebate to eligible residents. This rebate is available to low-income property owners, seniors, and individuals with disabilities. To qualify for the rebate, individuals must have an income of $18,026 or less, while married couples must have an income of $24,345 or less.
Brendon Reese, the director of the Department of Revenue Division of Taxation, emphasized the significance of supporting all Coloradans, particularly those in underserved and underrepresented communities, during an interview with KJCT in Grand Junction.
“We want to assure Coloradans who are facing difficulties that there are available resources to provide assistance, and one of these resources is the PTC rebates. Thanks to the flattened TABOR refund, you can now receive a refund, even if you haven’t filed a state income tax return for 2023. All you need to do is submit a PTC Rebate application.”
To receive the PTC Rebate, individuals usually need to file a state income tax return. However, even if you aren’t required to file taxes, you can still claim the rebate. Remember, the deadline to apply for the PTC Rebate is April 15th.
In the tax year 2023, the predetermined amount is $1,112. If eligible individuals apply, they can also receive an automatic TABOR refund. Single filers are entitled to an $800 refund, while married couples can receive a refund of $1,600.
Since it was implemented in 2019, the rebate has brought relief to approximately 15,000 residents of Colorado.
“This rebate is an excellent method of offering financial assistance to older adults and individuals with disabilities who often require the most support when it comes to property tax, rent, and other covered expenses,” shared Alex Beene, a financial literacy instructor for the state of Tennessee, in an interview with Newsweek.
Many people in Colorado and other states are facing the harsh reality of an unmanageable cost of living. This is particularly challenging for those who are living with conditions that make it difficult to have or maintain a job. Rising expenses have only exacerbated these difficulties, leaving individuals struggling to make ends meet.
According to finance expert Michael Ryan, founder of michaelryanmoney.com, the additional $1,000 could greatly benefit many seniors and disabled individuals who are struggling due to high property taxes and heating bills.
Ryan, in an interview with Newsweek, shared a poignant insight about the emotional impact of housing affordability on retirees. He revealed that some of his clients were brought to tears when receiving assistance, as it meant the difference between having a home and losing it. This sheds light on the profound significance of housing affordability, which goes beyond being a mere buzzword. It represents the ability to maintain dignity and independence while navigating the challenges of aging.
The PTC rebate offers aging residents in Colorado the opportunity to redirect their money from overwhelming housing expenses to more important necessities like healthcare and groceries. It can make all the difference between simply getting by and truly thriving during your golden years.
More Government Aid
Cities and states across the country have implemented their own relief programs to assist specific residents in coping with the increased cost of living.
The city of Boulder, Colorado, has announced a $300 food rebate program, with open applications until June 30th.
To receive the payment, individuals must meet specific eligibility requirements. These include having a disability, being 62 years old or older, or having had a child under the age of 18 in 2023. Additionally, applicants must meet certain financial criteria and provide evidence of having resided in Boulder for a full year.
In 2023, individuals were required to have an annual income of less than $46,500, whereas a family of two had to earn less than $53,150. Meanwhile, families of four were eligible if their total income did not exceed $66,400.
Last year, joint filers in Alabama received a $300 check as part of a refund initiative. The state allocated a total of $393 million for these refunds, which were funded entirely from the Education Trust Fund’s surplus of $2.8 billion. The main objective of these payments was to assist residents in offsetting the grocery taxes they had paid throughout the year.
Residents in Minnesota received a $260 rebate from the Minnesota Department of Revenue through a $1 billion program.
