The assessor determines the actual (market) value for all real and personal property. Then a percentage (assessment rate) is multiplied by the actual value to determine the assessed value. In Colorado the residential assessment rate is currently 7.15%. For all other properties including commercial, personal property, vacant land and agricultural land, the assessment rate is 29%.
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Values are most often determined by comparing your property with properties that are similar in location, design, size, age and amenities. The value placed on your property for the year 2020 was based on sales between July 1, 2018 and June 30, 2020, utilizing the Sales Comparison Approach. A copy of this method for your residential property is available from our office and will be included in your Notice of Value.
The actual value is multiplied by the assessment rate which is then multiplied by the mill levy. The residential rate in Colorado currently is 7.15%. The assessment rate for all other property, including vacant land, is 29%. Example: $150,000 (actual value) x 7.15% (residential assessment rate) x .081265 (mill levy) = $ 871.56 (annual tax dollars). Please note this is only an example. Your value and mill levy maybe different.
Each property is revalued to a June 30, 2020 value regardless of the percentage change. Some people think the previous (2019/2020) values are simply multiplied by an inflation factor, but in a reappraisal year, new data from relevant time frame is used, along with the latest mass appraisal techniques.
You can get all the information you need in any of the following ways: Search Property information online, use our in office customer service kiosks to research property information. Or, use the copy of your residential comp sheet appraisal (backside of Notice of Valuation) that is mailed with your Notice of Valuation May 1 every odd-numbered year.
In the November 2000 election, Colorado voters passed a Property Tax Exemption for Seniors, known as Referendum A. Qualifying Seniors will see 50 percent of the first $ 200,000 of actual value of their primary residence exempted from property tax. To qualify, at least one owner of a home must be 65 years or older as of January 1, and must have occupied the home as a primary residence for at least 10 consecutive years prior to January 1 of the year he/she applies. The Colorado Assembly reviews annually and has approved funding for the senior citizen property exemption for tax year 2020, payable in 2021.