February 15, 2021 at 10:39am | Lisa Crumby
Did you know that as a homeowner your real property is re-assessed every other odd-numbered year? When it comes to tax calculations, there are a few important components to be aware of:

  • Property classification
  • Actual value of the property
  • Assessment rate
  • Assessed value
  • Tax rate
The assessor must always use an array of market-based information when appraising residential property. Typically for valuations of residential homes the Market Approach is used.  This means that sales of similar homes are used and are adjusted for market trends and home differences such as size location, and age. Colorado properties are classified by the assessor according to its actual use on Jan 1st, and the classification determines the rate at which the property will be assessed.

Below is an infographic that shows the steps to Colorado Property Tax Calculations:

Real Property Notices of Valuation are mailed by May 1st. These notices will list the location, classification, characteristics to value, and the actual value of the property for the prior and current years. If you notice a discrepancy, contact your county assessors office and ask them to re-assess. It's strongly recommended that if you request for a re-assessment that you do it within 2-4 weeks if at all possible.

And just a little FYI - all revenue generated by property taxes stays within each county to support schools, county government, special districts - they do not go towards any state services.

For additional information, visit the Colorado Division of Property Taxations' website: cdola.colorado.gov/property-taxation.

Source: Colorado Department of Local Affairs, Division of Property Taxation



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