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Residential Information

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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 purposes.

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.

Destroyed Structures

FULLY DESTROYED:

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.

PARTIALLY DESTROYED:

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.