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 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%.

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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?