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 improved residential assessment rate is currently 7.2%. For all other properties including vacant land and agricultural land, the assessment rate is 29%.

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1. How is the value determined on my property?
2. What is the difference between actual value and assessed value?
3. How often is property revalued?
4. How are property taxes calculated?
5. Who sets the tax rate or mill levy?
6. How do I qualify for the Senior Exemption?