- Home Page
- Your County
- Departments
- Assessor
- Understanding Property Taxes in Colorado
Understanding Property Taxes in Colorado
Introduction
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 Classification
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 2025 and 2026, the comparable properties must have sold between July 1, 2022 and June 30, 2024. 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, 2024) may be utilized.
Most non-residential property, including personal property, is valued by consideration of the market approach, the cost approach, and the income approach to value.
Assessment Rates
Please refer to the 2025 Assessment Rates Link for a detailed listing of current assessment rates.
Assessed Value
Multiplying the actual value by the appropriate assessment rates for local governments and the school district results in what is known as the property’s “assessed value.” An example of how to calculate the assessed value for residential property is shown below.
| Description | Local Government | School District | |
|---|---|---|---|
| Residential Actual Value | $275,000 | Residential Actual Value | $275,000 |
| Single Family Res. Assessment Rate- Local Govt. | x 0.0625 | Single Family Res. Assessment Rate - School | 0.0705 |
| Assessed Value for Local Governments | $17,188 | Assessed Value for Schools | $19,388 |
Tax 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.
| Description | Amount |
|---|---|
| Revenue Needed from Property Tax | $1,398,000 |
| Total Assessed Value | $100,000,000 |
| Mill Levy Calculation | $1,398,000/$100,000,000 = .01398 or 13.980 mills |
All of the tax rates of the various taxing authorities, except for the school district, that provide services in your tax area are added together to form the total local government tax rate. The School District mill levy is separated from the others in the property tax calculation. For example:
| Local Governments | Amount | School District | |
|---|---|---|---|
| County Tax Rate | .0155140 | Delta County School Dist. 50 | .030643 |
| City Rate | .0083220 | ||
| Fire District | .0030550 | ||
| Ambulance District | .0058030 | ||
| Water Conservancy District | .0005000 | ||
| Total Local Government Tax Rate | .033194 | Total School Tax Rate | .030643 |
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
| Local Government Calculation | Amount | School District Calculation | Amount | |
|---|---|---|---|---|
| Actual Value | $275,000 | Actual Value | $275,000 | |
| Single Family Residential Assessment Rate- LG's | x 0.0625 | Single Family Residential Assessment Rate- School | x 0.0705 | |
| Assessed Value- LG | $17,188 | Assessed Value- School | 19,388 | |
| Tax Rate- LG | x 0.033194 | Tax Rate- School | x 0.030643 | |
Local Govt. Taxes Due | $570.52 | School Taxes Due | $594.09 | Total Taxes Due: $1,164.61 |
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.
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 10th 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 15.
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. 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.
Tax Relief
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
- Disabled Veteran Property Tax Exemption
You can obtain more information about these programs in the Tax Relief Brochure provided by the Colorado Division of Property Taxation.
- Who sets the tax rate or mill levy?
-
Tax rates (mill levies) are determined by each taxing authority (County, Cities and Towns, School Districts, Fire Departments, Water and Sanitation Districts, and others) in the fall of each year. These authorities provide services to you and are listed on your annual tax notice.
Amendment I, the Tabor Amendment, was approved by the voters in 1992 and restricts the ability of taxing authorities to raise tax rates or revenue without voter approval. Some tax authorities have chosen to provide temporary tax credits, which allow the tax districts to maintain its official mill levy and not exceed revenue limits.
Additional revenue limitations for certain taxing authorities and school districts were enacted in 2025 through SB24-233 and HB24B-1001.
- I thought the “Taxpayer Bill of Rights (TABOR) Amendment” said that taxes could not go up, yet my valuation has increased. How can that be?
-
The TABOR Amendment restricts the total amount of revenue growth an individual taxing entity (a cemetery district, for example) is allowed each year. This is computed by each entity utilizing a formula that takes into account inflation, new construction in the taxing entity’s boundaries, and other factors. The Amendment does not restrict the amount that an individual’s taxes may change, nor does it place a specific percentage limitation on any individual’s tax change. The Amendment does state that mill levies cannot be raised by a taxing entity without an election, except for very special circumstances. It also specifies that improved residential property must be valued using the market approach to value only.
- Why do Assessment Rates Vary so Much Based on How a Property is Classified?
-
The differences in assessment rates between residential homes and other types of property began as a result of an amendment to the Colorado Constitution (known as the Gallagher Amendment) approved by the voters in 1982, which limited the residential share of the property taxes. Historically, the State Legislature adjusted the residential assessment rate each year to meet Gallagher statutory requirements. However, In 2020, Amendment B to the Colorado Constitution repealed the part of Gallagher that dictated how assessment rates were set. The rates continue to be set by the legislature annually, but under different rules. Rates cannot be increased without a vote of the people, but they can be decreased.
Senate Bill 24-233 made a significant change to the residential assessment rate beginning in 2025. In prior years, there was only one residential assessment rate used to determine the "taxable value" of a residential property. Now, two different assessment rates are applied; one for the school district and one for all other taxing entities. Under this bill, the school assessment rate will be maintained at a higher percentage than the all other local government rate.