Property tax revenue supports public schools, county governments, special districts, municipal governments, and junior colleges. All of the revenue generated by property taxes stays within your county. Property taxes do not fund any state services.
The county assessor is responsible for discovering, listing, classifying, and valuing all property in the county in accordance with state laws. The assessor’s goal is to establish accurate values of all property located within the county, which in turn ensures that the tax burden is distributed fairly and equitably among all property owners.
Real property is revalued every odd-numbered year. Personal Property is revalued every year. Property tax calculations consist of several components:
- property classification
- actual value of the property
- assessment rate
- assessed value
- tax rate
Property is classified by the assessor according to its actual use on January 1. The property’s classification determines the rate at which the property will be assessed.
Actual Value of the Property
Residential property is valued using only the market approach to value. In this approach, the value of the subject property is based on an analysis of comparable sales. For tax years 2023 and 2024, the comparable properties must have sold between January 1, 2021 and June 30, 2022. However, if insufficient data existed during that timeframe, data from each preceding six-month period (up to a period of five years preceding June 30, 2022) may be utilized. Colorado law requires that the level of value be adjusted to the final day of the data-gathering period, June 30th.
Most non-residential property, including personal property, is valued by consideration of the market approach, the cost approach, and the income approach to value. Please refer to the brochure entitled “Property Valuation and Taxation for Business and Industry in Colorado” for additional information regarding non-residential property.
For property classified as single family residential, other than multi-family, the assessment rate has not been determined for 2024. The multi-family residential assessment rate is 6.8% for 2024. The assessment rates for most other types of property are listed under the 2024 Assessment Rates chart.
Multiplying the actual value by the appropriate assessment rate results in what is known as the property’s “assessed value.”
|Single Family Res. Assess. Rate
Each year county commissioners, city councils, school boards, governing boards of special districts, and other taxing authorities determine the revenue needed and allowed under the law to provide services for the following year.
Each taxing authority calculates a tax rate based on the revenue needed from property tax and the total assessed value of real and personal property located within their boundaries. The tax rate is often expressed as a mill levy.
|Revenue from Property Tax
|= 0.013980 or 13.980 mills
|Total Assessed Value
All of the tax rates of the various taxing authorities providing services in your tax area are added together to form the total tax rate. For example:
|County Tax Rate
|City Tax Rate
|School District Tax Rate
|Water and Sanitation Tax Rate
|Total Tax Rate
Public notices of budget hearings are published in the local newspaper. The public hearings are usually scheduled in September or October. By attending budget hearings, taxpayers may participate in the budget process and become informed about the quality and cost of services provided in their area.
Calculation of Property Tax
|Single Family Res Assess Rate
Notice of Valuation
Real Property Notices of Valuation are mailed by May 1* of each year. Personal Property Notices of Valuation are mailed by June 15* of each year. The notices list the location, classification, the characteristics germane to value, and the actual value of the property for both the prior and current years. House Bill 22-1416 also requires an estimate of taxes or a range of estimated taxes.
Protest and Appeal Rights
If you disagree with the actual value or classification placed on your property, you may present oral or written objections to the assessor. Protests for real property must be postmarked or delivered to the assessor on or before June 8*. Personal property protests must be postmarked or delivered to the assessor by June 30*.
The assessor must make a decision on your protest and mail a Notice of Determination to you by the last regular working day in June for real property and by July 10* for personal property. Any county may elect to extend the Notice of Determination mailing date from the last regular working day in June to August 15th.
If you are dissatisfied with the assessor’s decision, you may appeal to the county board of equalization by July 15* for real property and by July 20* for personal property. The county board conducts hearings through August 5*. If the county has opted for the extended appeal period, you must appeal to the county board by September 15*. Under this option, the county board conducts hearings through November 1*. The county board must notify you in writing within five business days of the date of its decision.
If you are dissatisfied with the county board’s decision, you may appeal to an arbitrator, district court, or the Board of Assessment Appeals within 30 days of the date the decision was mailed.
Property Tax Bill
Property tax bills, reflecting the taxes due for the preceding year, are mailed as soon after January 1 as possible.
Tax amounts greater than $25 may be paid in one payment by April 30 or in two equal payments. The first half payment is due by the last day of February. The second half payment is due by June 15. If the tax amount is $25 or less, payment in full is due on April 30.
Senior citizens, persons with disabilities, and members of the National Guard and Reserves who are called into active military service may be eligible for the following tax relief programs:
- Property Tax/Rent/Heat Rebate
- Property Tax Deferral
- Property Tax Work-Off Program
- Senior Citizen Property Tax Exemption
- Veteran with a disability Property Tax Exemption
For further information on these programs, refer to the pages entitled “Rebates and Deferrals for Senior Citizens, Persons with Disabilities, and Active Members of the National Guard or Reserves;” “Property Tax Exemption for Senior Citizens;” and/or “Property Tax Exemption for Veterans with a disability."
For additional information regarding property taxation procedures in Colorado, contact the Colorado Division of Property Taxation at (303) 864-7777 or contact your county assessor.
* Due to weekends and holidays, statutory dates are not necessarily the dates to be used by taxpayers and counties. Please contact your county assessor for more information on adjusted dates.
2023 Actual Value Reductions
As part of SB22-238, there will be a reduction of the actual value for residential properties as well as commercial improved properties.
Residential properties will have their actual value reduced by $15,000, as long as the assessed value does not drop below $1000.
Commercial properties will have their actual value reduced by $30,000, as long as the assessed value does not drop below $1000.
2024 Assessment Rates
|Commercial Renewable Energy
|State Assessed Renewable Energy