How Property Taxes are Determined

Property taxes are determined by multiplying the assessed value of your property by the tax rate. The tax rate and mill levy are two different methods of expressing the same information. A tax rate is expressed as a percentage, whereas a mill levy is expressed in mills (1 mill = $1 of property tax for every $1,000 of assessed value)

Assessed values are derived by multiplying the actual value of the property by 7.96% for residential property and by 29% for other property. The residential assessment percentage is subject to change by the Colorado Legislature, as required by the Gallagher amendment, each odd-numbered year. By constitutional mandate, the change in percentage maintains the present balance of the tax burden between residential and all other taxpayers.

Calculating Property Taxes
Actual Value x Assessment Rate = Assessed Value

Assessed Value x Mill Levy = Taxes Dues

For example, take a residential home with an actual value of $100,000. To derive the assessed value, multiply the actual value by the assessment rate: $100,000 x 7.96% = $7,960.

Then, multiple the assessed value by the mill levy (for this example, we’ll use .050 as the mill levy) to determine the property tax: $7,960 x .050 = $398.

Paying Property Taxes
The county treasurer is responsible for mailing and collecting the property taxes. Each year, the treasurer sends the property tax bills to taxpayers after January 1.  To pay your property taxes online, click here.

For more information on your tax bill or paying your taxes contact the Treasurer’s Office at 970-641-2231.