Tax rates in Colorado do not apply to market value but to assessed value. Assessed value is equal to a fraction of the market value. That fraction, called the residential assessment rate is recalculated regularly by the state. For tax years 2015 and 2016, it is 8.24% (for tax year 2014 the rate was 7.96%).
Assessment percentage is subject to change by the Colorado Legislature, as prescribed by the Gallagher amendment
and that figure is 7.2%. The reason for the cuts is complicated, stemming from the little-understood interplay of two constitutional amendments — the Taxpayer’s Bill of Rights and the Gallagher Amendment.
The county assessor is responsible for discovering, listing, classifying, and valuing all property in the county in accordance with state laws. The assessor’s goal is to establish accurate values of all property located within the county, which in turn ensures that the tax burden is distributed fairly and equitably among all property owners.
– Real property is revalued every odd-numbered year.
– Personal Property is revalued every year.
Property tax calculations consist of several components:
– property classification
– actual value of the property
– assessment rate
– assessed value
– tax rate
All of the revenue generated by property taxes stays within your county. Property taxes do not fund any state services.
Key dates for challenging your Tax Notice:
– June 1, 2017 is the deadline to appeal the property evaluation to the Assessor
– July 1, 2014 to June 30, 2016 are the date range for a property to be compared to similar homes sold in this 24 month period.
Detailed link to the appeal process
how property taxes are calculated
Link to: Boulder County Assessor site