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Notices of Value (NOV)
Commercial, Industrial, and Business Personal Property are valued based on the actual value of the property based on the cost approach, industrial market approach, and the income approach, § 39-1-103(5)(a), C.R.S.
Commercial property is assessed at 29% of its actual value. If your commercial real estate is valued at $100,000, your assessed value is $29,000. To calculate your taxes, multiply the assessed value by the mill levy. Remember that the mill levy is expressed in mills, which is 1/1000, so multiply by the mills, but move the decimal three places to the left.
Example: $100,000 x .29% x 83 mills = $100,000 x .29 x .083 = $2,407.00
Real property includes land, buildings, and fixtures. Fixtures are items that are attached to the real estate, such as heating and air conditioning units, plumbing, lighting, etc.
Real property also includes Possessory Interests.
Personal Property includes equipment, machinery, and other items and, more information can be accessed here.
The valuation of commercial real and personal property is determined by using the market, income, and cost approaches.
• Market Approach is based on an analysis of arm’s-length sales of similar properties.
• Cost approach is based on an estimate of the cost to replace the property with a substitute that is equivalent in function and utility less accumulated depreciation.
• Income approach is net income capitalized to account for a typical investor’s financial return on the investment.
Notices of Value are mailed on or before May 1. For more information, please click here.
For more information on business and industry valuation, please download a brochure here.
Note: Income information for income producing properties such as hotels, motels, storage units, offices and other properties that are rented or leased to others, is very important for the development of market income information. Questionnaires are mailed to all business owners after the first of the year. Please complete this information and return it to this office as soon as possible. Remember, we do not want your business enterprise income. This is confidential information and not available for public inspection.
For a questionnaire, click here.