Colorado Property Taxes 101
Updated: Feb 20
If have a house loan you likely put money into escrow each month for your property taxes. The monthly payment you make towards your mortgage goes towards your interest and principal, your property taxes, and insurance. The money that's collected for insurance and taxes goes into your escrow account where the funds are held there until it's time to pay the bills. Your home insurance is paid once a year (usually the same month you bought the house) by your lender on your behalf. Similarly, taxes are paid to the county in two payments - one in February and one in May. Property taxes are paid in arrears, meaning you pay the previous year's taxes in the present year.
Property Taxes FAQs:
1. How are property taxes calculated?
Actual Value x Assessment Rate x Mill Levy/1000 = Property Tax Example:
$500,000 x 6.765% = $33,825 (Assessed Value)
$33,825 x 79.570/1000 = $2,691.46
Mill Levy varies by Tax District
(A Mill Levy is a tax rate that is applied to the assessed value of a property)
2. How is property value (Actual Value) determined? All real property in Colorado is reappraised on a two-year cycle, in odd-numbered years. The actual value assigned to residential properties in 2023 and 2024 is based on market values as of June 30, 2022, as defined by sales of residential property in the 24-month period from July 1, 2020, to June 30, 2022. All sales are trended to the end of the data collection period.
3. Assessment Rates: Assessment rates can change year to year and they can vary depending on type of real estate (residential vs. commercial, multi-family). They are determined at the state level. Tax Year 2022 assessment rates: Residential 6.95%; Multi-Family 6.8%
Tax Year 2023 : Single Family & Multi-Family Residential 6.765%
Tax Year 2024: TBD
Tax Year 2025: Residential 7.15%
4. Where can I find information specifically about my property taxes?
If your house is in Larimer County, use this link.
If your house is in Weld County, use this link.
Search for your home by your name or address. This will bring you to your main page which houses a TON of information! Watch this Property Records 101 video for a short tutorial.
4. Can I protest my property value?
Yes, you can. Notices of Valuation (NOV) are sent to homeowners. You can find resources for protesting your value on your county's website.
5. How do I know what my taxes go towards?
Where you're located within the county will dictate your tax district. Each tax district has a Mill Levy. A mill levy is a tax rate that is applied to the assessed value of a property. One mill is one dollar per. $1,000 dollars of assessed value.
Your taxes can include mill levies for schools, fire departments, water, libraries, etc. If you live in a metro district, you'll see a mill levy for that as well.