Colorado Property Tax

Colorado property tax is based on a number of factors, including home values, local mill levy rates and state assessment rates. The process to arrive at the final collected amount of property taxes is similar in all states.

Although the value of Colorado homes is rising rapidly, homeowners are seeing their Colorado property taxes increase significantly less than they expected. This is due to a law that puts limits on how fast residential property tax rates can rise. This is known as the Gallagher Amendment, named after the late Denver lawmaker who wrote it.

Under the law, residential properties are reassessed in two-year cycles and are valued based on comparable sales. The actual market value of a property is then multiplied by the assessment rate to calculate the taxes due. This formula is used by all local governments to determine the amount of property taxes to collect.

However, homeowners can appeal their property valuation if they believe that it is too high. They can also apply for a tax exemption, which may lower their assessed value and reduce their property taxes. Exemptions are available for a variety of reasons, including senior citizens and disabled individuals. They are available through the county assessor’s office or board of equalization. Those who choose to appeal their property valuation should ensure they have all the necessary documents and information before submitting an application.

How to Calculate Colorado Property Taxes?

Property tax is a form of local tax that helps fund local services and projects. It is collected by county governments and paid by property owners based on the value of their homes. It is important to understand how property taxes are calculated so that you can plan and budget for this expense. The first step is to determine the assessed value of your home. Then, multiply it by the mill levy, which is the tax rate set by your county. Finally, take into account any exemptions or deductions that may apply.

Colorado Property Tax Exemption

Colorado Property Tax Exemption

If you’re a senior citizen, disabled veteran, or the surviving spouse of one who previously qualified for the exemption, you can defer some of your property taxes. To qualify, you must meet certain requirements, including being a resident of Colorado and owning your home. You must also have lived in your home for at least five of the previous seven years. The county assessor will send you a notice of valuation in January, and you must apply by July 15 of the year in which you want the exemption to begin.

The state reimburses the county for the amount that is exempted. However, the legislature has the power to change or end the program at any time. You must reapply each year to keep the exemption. If your circumstances change, you must also reapply.

The State Treasurer and the county assessor may release statistical compilations or informational summaries of exemption applications, but they cannot divulge any personal identifying information (such as social security numbers). Applicants must submit their application form to the county assessor’s office by July 15. An individual or married couple may only claim one exemption, either senior or disabled veterans, and it can only be claimed on a single property.

Colorado Property Tax Due Dates

Colorado Property Tax Due Dates

As of late, homeowners throughout the state have been receiving eye-popping property tax bills reflecting new home valuations based on the recent housing market. These valuations are one of three factors that determine property taxes in Colorado. The others are statewide assessment rates set by the state legislature, and local mill levy rates set by school districts, fire districts and other local governments.

  • First installment: Due on the last day of February. Since 2024 is a leap year, this falls on February 29th.
  • Second installment: Due on June 15th. If this date falls on a weekend or holiday, the due date is extended to the next business day.
  • Full payment: If you choose to pay the entire amount at once, it’s due by April 30th.

The Treasurer’s Office accepts payments online, via phone or in person. If a payment is mailed, it must be postmarked by the USPS on or before the due date.

If you disagree with your property’s assessed value, you can protest by filing a declaration schedule. The assessor must make a decision on your protest and mail you a Notice of Determination by the last regular working day in June for real property or July 10* for personal property. If you are dissatisfied with the Assessor’s decision, you can appeal to a county board of equalization.

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