Residential real property is assessed at 7.96% of its actual
value and includes residential land and improvements. This
does not include hotels or motels, but does include mobile
homes and modular homes, if used for residential dwelling
How your property is
classified depends on how you actually use your property as of January 1 of
the assessment year. If your
property was classified as residential on January 1 and you converted your
property to commercial use on January 20, your property will be classified
as residential for the entire year, but it will be reclassified to
commercial as of the next January 1 and your assessment value and tax
amounts will change.
If a structure is partially completed, certain rules apply to how it is
classified. Please contact the Assessor for more information.
Structures that were fully destroyed prior to January 1 of the
current year are removed from the current assessment roll, and if no other
structures exist on the parcel, the land is reclassified as vacant for the
current assessment year. If construction of a new structure was started
prior to January 1 of the current year, or if the old foundation was still
in place on January 1 and the owner intends to construct a new improvement
on the old foundation, the property is classified according to its intended
use as of January 1.
Structures fully destroyed after January 1 are classified according
to their use on January 1 of the current year, and the value is prorated
according to § 39-5-117, C.R.S.
Structures that were partially destroyed prior to January 1 of the
current year are classified for the current year according to their previous
use. If no effort is made to repair the partially-destroyed structure within
a year, the property is reclassified as vacant land. The assessor, after
physically inspecting the property and reviewing the facts,
may make the determination to
allow the improved classification to continue, but this is not guaranteed.