In August of each year, the Assessor certifies the total assessed value of all properties located within the boundaries of each taxing authority. Assessed values are calculated by multiplying the actual value by 29% for all property except residential. The residential assessment percentage is subject to change by the Colorado Legislature each odd numbered year. By Constitutional mandate, the change in percentage maintains the present balance of the tax burden between residential and all other taxpayers. The assessment rate is currently 7.20% on residential property.
These figures are used by the taxing authorities to determine their mill levies. If there is any change in the assessed value due to Board of Assessment Appeal decisions, abatements or any other reason, these values are re-certified to the affected taxing authorities in early December to give them the most current figures for their calculations.