Residents Warned They’re Running Out of Time to Get $1,112 Rebate

Coloradans are running out of time to claim a $1,112 rebate, but there’s an easy way to collect the cash.

Colorado has an annual Property Tax, Rent, Heat (PTC) rebate available to specific residents. It applies to low-income property owners as well as seniors and those with disabilities. The income requirements are $18,026 for individuals or $24,345 for married couples.

“It’s important to support all Coloradans, especially those in underserved and underrepresented communities,” Brendon Reese, Department of Revenue Division of Taxation director, told KJCT in Grand Junction.

“We want Coloradans experiencing hardship to know that there are resources out there to help and PTC rebates are one of them. With the flattened TABOR refund, you can receive a refund even if you didn’t file a state income tax return for 2023. You just need to submit a PTC Rebate application.”

Typically, you can get the rebate by filing a state income tax return, but those who do not need to file taxes can still secure the money. The deadline to apply for the PTC Rebate is April 15.

For the tax year 2023, the amount was set to $1,112. For those who qualify and apply, they can also automatically get a TABOR refund, as well. That refund is $800 for single filers and $1,600 for married couples.

Altogether, the rebate has provided relief to roughly $15,000 Coloradans since it took effect in 2019.

“This rebate is a brilliant way of providing financial relief to older adults and those with disabilities that tend to need help the most on property tax, rent, and other items covered,” Alex Beene, financial literacy instructor for the state of Tennessee, told Newsweek.

“The reality for many in Colorado and other states is rising expenses have made the cost of living unmanageable, especially if they are living with conditions that make having or maintaining a job difficult.”

For many seniors and disabled people, property taxes and heating bills have pushed them to the brink of poverty, so the extra $1,000 could go a long way, said finance expert Michael Ryan, who founded michaelryanmoney.com.

“I’ve had retiree clients in tears when getting assistance meant keeping a roof over their head,” Ryan told Newsweek. “Housing affordability isn’t just a buzzword. It’s holding onto your dignity and independence as you age.

“The PTC rebate allows graying Coloradans to divert funds from a black hole of housing costs towards essentials like health care and groceries. It’s the difference between struggling and thriving in your golden years.”

More Government Aid

Other cities and states have introduced their own relief payments to help certain residents make ends meet amid elevated inflation.

The city of Boulder, Colorado, is offering a $300 food rebate, and applications are open until June 30.

You can get the payment if you have a disability, are 62 or older, or had a child under 18 during 2023. Beyond that, you also must meet certain financial criteria and confirm that you lived in Boulder for entire year.

For 2023, residents had to make less than $46,500, or $53,150 for a family of two. Those with families of four could make up to $66,400.

Alabama sent out a $300 check to joint filers last year. The state spent $393 million on the refunds, with the checks coming fully from a $2.8 billion surplus in the Education Trust Fund. The payments were intended to help residents offset grocery taxes paid throughout the year.

In Minnesota, residents earned a $260 rebate courtesy of the Minnesota Department of Revenue as part of a $1 billion program.