The assessed property value, or the taxable value of the property, is the fair market value multiplied by the assessment level. Maximum assessment level for residential property is 20%, while for commercial and industrial property is 50%. Some cities have different tax rates.
Why is it important to know the assessment of your property?
The assessment determines how much you pay in property taxes. Once you understand your real estate assessment, you’ll understand your property tax bill — and, more important, whether you’re paying the right amount.
How is the assessed value of a house determined?
For all residential property a new assessment percentage is determined each year by the state legislature. The current percentage for residential property is 7.15%. Thus, a house with an actual value of $100,000 would have an assessed value of $7,150 (100,000 x 0.0715).
When do I get my property assessment notice?
Assessment notices are mailed at the beginning of January each year to the current owner on record. They reflect the market value of a property on July 1 the previous year and the condition of the property as of the following December 31. I want to change my mailing address.
When does the Office of the assessor study a property?
The Assessment Division studies the prices of properties which sold during the 24-month period ending on June 30 of the year prior to the reappraisal. For example, 2019 values are based on properties which sold between July 1, 2016, and June 30, 2018.
How are property tax assessments determined in Colorado?
The Constitution and state laws of Colorado have established real and business personal property assessment procedures and requirements. The values determined by the Assessment Division for real and personal property are used in the calculation of property tax bills.
