What might a potential property tax increase mean for you?
You can either calculate it for yourself using the steps below or use our calculator by inputting the actual value of your residential property. Also find information below about the senior property tax exemption.
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How Property Taxes are Calculated
In Colorado, property taxes are calculated using three basic factors:
The actual value of the property
The assessment rate, which is set by the State • 6.95% for residential property • 27.9% for commercial property
The local mill levy, which is determined by totalling up each local government that levies a property tax where the property is located, such as counties, schools, and special districts like recreation, libraries, water and others
Calculate Your Property Taxes
Actual Value x Assessment Rate = Assessed (aka Taxable) Value
Assessed Value x Mill Levy = Annual Property Taxes
Example using a $500,000 residence and 10 mills (1 mill = $1 per $1,000 of property value)
$500,000 X 6.95% = $34,750 assessed (aka taxable) value
$34,750 X 0.010 = $347.50 annual taxes ($28.96 monthly*)
*Keep in mind that most people pay their annual property tax bill through their monthly mortgage (escrow) payments.