How Property Taxes are Calculated

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.