This educational tool is powered by Public Alignment Communication, who works with local governments to help their citizens engage with potential capital projects, budget questions and fiscal scenarios. To make it easier for citizens to weigh their options we created a calculator where all you need to know is the actual value of your residential property to determine how much more you would pay each year for a potential property tax increase.
Keep in mind that most people pay their annual property tax bill through their monthly mortgage (escrow) payments.
HOW PROPERTY TAXES ARE CALCULATED
In Colorado, property taxes are calculated using three basic factors:
The actual value of the property
The assessment rate, which is set by the State for residential property and for non-residential property
• 6.765% for residential property
The local mill levy, which is determined by totalling up each local government that levies a property tax where the property is located, such as counties, schools, and special districts like recreation, libraries, water and others
CALCULATE YOUR PROPERTY TAXES MANUALLY
Example using a $300,000 residence and 1 mill (1 mill = $1 per $1,000 of property value)
$300,000 X 6.765% = $20,295 assessed (aka taxable) value
$20,295 X 0.001 = $20.30 annual taxes