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The assessment rate is the percentage paid by a taxpayer based on property classification.
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Property tax is calculated by multiplying the assessor’s appraised (actual) value of the property by the assessment rate to get the assessed value. The assessed value is then multiplied by the mill levy.
Mill levies are the rates of taxation set by each taxing authority, not the Assessor’s Office. Each tax authority has a district boundary. A taxpayer’s total mill levy is calculated based upon where their property is located. The county, towns, schools, and special districts each have a separate mill levy, which is indicated on the annual tax bill you receive from the county treasurer.
The assessor is required to send you a Notice of Valuation for real property on or before May 1 of each year.
For intervening years, a notice of valuation included with the tax bill shall fulfill the requirements of C.R.S. 39-5-121(1.2).
The assessor is required to equitably value all property in the county according to Colorado statutes. Real property is reappraised by the Assessor’s Office every odd numbered year. The value determined by the assessor for the year of reappraisal is generally used for the intervening year also. The real property is valued as it existed on January 1 of the current year. The appraisal data used to establish real property value, in a reappraisal year, is from the prior 24 month period ending June 30. Residential property can only be valued based on market sales, per Amendment 1 of the Colorado State Constitution. For all other property classifications, the Assessor’s Office must consider the cost, market, and income approach.
39-1-104 (10.2) (a) (d) CRS Establishes the reappraisal cycle/data gathering period/appraisal date and concludes "said level of value shall be adjusted to the final day of the data gathering period."
Time Adjustment Methodology When price levels are changing significantly, sales prices must be adjusted for time. Separate time adjustment factors, by type of property and geographic area, may be necessary as rates of change in real estate prices often vary with these factors. Most appraisal organizations, such as the Appraisal Institute (Institute) and the International Association of Assessing Officers (IAAO), recognize the need for time adjustment (trending) of sales prices to the date of appraisal.
Determination of market adjustments for time involves the consideration of the four basic techniques of time trend analysis: