Property taxes for the state of Colorado.
Property value in The Centennial State is determined by a county assessor through one of three approaches: 1) market 2) cost or 3) income. Property taxes on real estate are assessed at 7.96% of the property’s actual value. If you want, you can actually figure out your property tax bill simply by multiplying the assessed value by the local tax rate.
Residents are responsible for two mill levies—county and school districts—as well as others that vary according to county such as city, recreation, fire protection, soil conservation, pest control, cemetery, or any other such operation.
Real property is categorized into 10 denominations:
- Agricultural – if the land produces agricultural products for profit
- Residential – if the land has a house, mobile home, or apartment building
- Vacant – must be considered either platted or unplatted
- Commercial – property used mainly for commercial endeavors
- Industrial – land used to add value to a particular product through manufacturing or processing, for example
The other five deal with natural resources and include mines that produce copper, gold, or silver grossing at least $5,000 the previous year. Oil and gas lands, public utilities, railroad companies, electric companies, and pipeline companies are a few more of the types of real properties.
You’ll receive a declaration schedule for property taxes from your county assessor after January 1, but the county treasurer is responsible for sending and collecting the tax bill. A list of all county assessors can be found by clicking here.
For qualifying elderly, disabled, and lower-income residents, Colorado offers a rebate for property taxes and heating costs if the proper form (Form 104 PTC) is filled out. Qualified taxpayers can receive a rebate of up to $600 of the property tax and $192 of their heating expenses. Read more here.