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TheStreet Open House

75 Percent Of Colorado Homeowners Unaware Of Colorado Wildfire Tax Credit

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ENGLEWOOD, Colo., April 4, 2013 /PRNewswire/ -- With less than two weeks before tax day, Coloradoans are eagerly searching for ways to add up their deductions. In a recent survey of Colorado homeowners, Allstate Insurance Company found that 75 percent were unaware of a wildfire mitigation tax subtraction* that could add up to a $2500 credit come April 15. Additionally, of the 17 percent who were aware of the credit, only 14 percent of that group has taken advantage of the credit, meaning there's money left on the table for work necessary to protect Colorado homes from wildfire.

The Colorado Wildfire Tax Credit incentivizes residents to do wildfire mitigation work. As seen during the destructive 2012 wildfire season, many Colorado residents reside in fire danger areas. In fact, of the same group of homeowners surveyed, nearly 20 percent believe they live in a high fire danger area, and 45 percent of those surveyed are concerned about the threat of wildfires near their homes. Of those residents who responded they are concerned about the risk of wildfire near their home, 66 percent had done work to reduce risks around their home. For those residents who have done mitigation, it's important to make sure the credit is applied to taxes.

Not surprisingly, more people who consider themselves as living in a high fire danger area are aware of the tax credit (20 percent) than those who don't think they have high fire danger (71 percent), but the number of people who have taken advantage of this credit remains low, even if mitigation work took place.  

Of those surveyed, residents who live in Pikes Peak area ( El Paso, Fremont and Teller counties) seem to be the most concerned about the threat of wildfires with 75 percent responding they were concerned about the threat of wildfires in their area. However, although they had the highest concerned levels, they had the lowest awareness of the wildfire mitigation tax subtraction credit with only 13 percent awareness.

While there are some stipulations to the tax subtraction, many homeowners who have completed wildfire mitigation work are eligible for this incentive.  In fact, of those who were previously unaware of the tax subtraction, 62 percent said learning about the tax subtraction did incentivize them to take action, and they indicated they were more likely to do mitigation.

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