1. What is the Colorado Property Tax Formula?

The Colorado property tax is calculated by multiplying the assessed value of the property by the mill levy. The mill levy is the tax rate applied to the assessed value of the property.

2. How Does the Calculator Work?

The calculator uses the property tax formula:

Where:

• Assessed Value — The taxable value of the property in dollars
• Mill Levy — The tax rate per $1,000 of assessed value (1 mill = $0.001)

Explanation: The mill levy is divided by 1,000 to convert mills to a decimal tax rate before multiplying by the assessed value.

3. Importance of Property Tax Calculation

Details: Accurate property tax calculation helps homeowners budget for annual tax payments and understand their tax obligations.

4. Using the Calculator

Tips: Enter the assessed value in dollars and the mill levy rate. Both values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: How is assessed value determined in Colorado?
A: Assessed value is typically a percentage of the actual value of the property, with residential property assessed at 6.765% of actual value.

Q2: Where can I find my mill levy rate?
A: Mill levy rates are set by local taxing authorities and can be found on your county assessor's website or property tax statement.

Q3: When are property taxes due in Colorado?
A: Property taxes are due in two installments - February 28 and June 15 of each year.

Q4: Are there property tax exemptions in Colorado?
A: Yes, Colorado offers several exemptions including the senior homestead exemption and disabled veteran exemption.

Q5: How often are properties reassessed?
A: In Colorado, residential properties are reassessed every two years in odd-numbered years.