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Assessor

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1. How is the value determined on my property?

Values are most often determined by comparing your property with properties that are similar in location, design, size, age, and amenities. The Notice of Value you received in 2009 was based on sales that occurred between January 1, 2007 through June 30, 2008. This method is known as the Sales Comparison Approach.

2. How often is property revalued?

Colorado law requires all assessors to reappraise all real property, including land and improvements, every two years during odd-numbered years.

3. What is the difference between actual value and assessed value?

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 come up with the assessed value. In Colorado the residential assessment rate is 7.96%. For all other properties including vacant land and agricultural land, the assessment rate is 29%.

4. How are property taxes calculated?

The actual value is multiplied by the assessment rate which is then multiplied by the mill levy. Example: Actual value is $100,000 x 7.96% (residential assessment rate) x 63.603 = $506.28 taxes due.

5. Who sets the tax rate or mill levy?

Each individual taxing authority such as school, county, fire, water, sanitation, library, and recreation districts. These authorities provide services to you and are listed on your tax notice. If you feel you should not be paying to a specific authority, please contact that authority. The assessor’s office has no control over the districts.

6. How do I qualify for the Senior Exemption?

Taxpayers who are at least 65 years old on January 1, who have been the owner of record on their property for at least ten years prior to January 1, and who have occupied the property as their primary residence for at least ten consecutive years prior to January 1 may qualify for the Senior Exemption. The application deadline is July 15th. Once you have applied and been approved, you do not need to reapply each year.