How Property Taxes are Determined

• Individual taxes are determined by mill levies or tax rates.
• Assessed value is a percentage of home value used for taxation
• Taxing authorities (school boards, county commissioners, city councils, etc.), divide portion of the budget that must come from property taxes by total assessed value of the propertied in the district to arrive at tax rate. For example:
  
  • Budget = $14,600,000, total assessed value = $365,000,000
  • Tax rate = $14,600,000/$365,000,000 = $0.04 per dollar of assessed value (or 40 mills or $40 per $1000)
• Individual property tax is calculated by multiplying the mill levy and the assessed value. For 2003 & 2004, taxes are assessed based on property values as of June 2002. For example:
  

  • Your property value = $200,000
  • Assessment rate = 7.96 % for residential (29% for all other properties, vacant land)
  • Assessed value = $200,000 * 7.96% = $15,920
  • Your tax = $15,920 * $0.04 = $636
    
• Property values are updated every 2 years in Colorado.
  
• Please refer to http://www.co.boulder.co.us/ for valuable information
  

 

 

 

 

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