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 2023 tax year assessment rates are as follows: Renewable Energy and Agricultural Property are 26.4%. Commerical, Industrial, Vacant Land, and Business Personal Property are 27.9%. Multi-Family and Residential property are 6.765%.