Your property taxes are determined by multiplying the tax rate (set by local government taxing entities) by the assessed or taxable value of your property. Note: tax rates are not finalized until December of each year.
Per Colorado SB2021-293, the assessment percentages for property tax year 2023 have been temporarily reduced to residential property - 6.765%; agricultural and renewable energy - 26.4%; oil & gas 87.5%; all other vacant land, commercial and industrial property types - 27.9%.
Additionally, for 2023 the first $15,000 of actual residential value is exempt and the first $30,000 of actual improved commercial value is exempt. The examples below do not reflect this exemption.
Calculate Your Property Taxes
Actual Value x Assessment Rate = Assessed Value
Assessed Value x Mill Levy = Taxes
Example Using a $300,000 Residence and 100 Mills Levy
$300,000 X 6.765% = $20,295
$20,295 X 0.100 = $2,029.50 total taxes
If the total mill levy is 100 mills and using the residential assessment rate of 6.765% and a non-residential assessment rate of 27.9%, annual taxes would be:
For residential property - $6.765 per $1,000 of value.
For non-residential property - $27.9 per $1,000 of value.
However, taxes for like-valued properties will vary based on the specific mill levy for the tax district where the property is located.