Property Taxes:
Property taxes fund services provides by schools, county government, fire districts, city government, and other special districts. These entities are referred to as taxing authorities.
The revenue generated by property taxes stays locally within the county and does not fund any state services.
The Assessor’s office is responsible for discovering, listing, classifying and valuing all property located Teller County.
Our goal is to establish accurate values to ensure that the tax burden is distributed fairly and equally to all property owners.
Real property is revalued in every odd numbered year and is revalued at a market value that existed on June 30th of the previous even-numbered year.
For example: in 2023 Real property will be valued based on the market that existed on June 30, 2022. Market and sales data from the 24 months prior to
June 30, 2022 will be utilized and adjusted to the conditions that existed on this date.
The property tax calculation consists of the following components:
• Property classification
• Actual value of the property
• Assessment rate
• Assessed value
• Mill levy
The Assessor’s office is responsible for the first two components. The Colorado law and the legislature is responsible for the next two and local taxing authorities (School Districts,
County, Cities, and Special districts) are responsible for the mill levy or tax rate.
Classification:
Property is classified by the Assessor’s office according to its actual use on January 1st of every year. The classification of a property determines the assessment rate.
The assessment rate is utilized to calculate the property’s assessed or taxable value. The current residential assessment rate is 6.95% and the rate for most non-residential property is 29%.
See the example calculations below:
Residential property: actual value $500,000
Assessed value= $500,000*.0695=$34,750
Non-residential property: actual value $500,000*.29=$145,000
Actual Value:
Residential property is valued solely by the market approach to value. This approach is usually referred to as the sales comparison approach. The Assessor’s Office values the subject property
based on an analysis of comparable sales. For the tax years 2021 and 2022, the comparable sales must have sold between July 1, 2016 and June 30, 2020. For tax years, 2023 and 2024 the
comparable sales must have sold between July 1, 2018 and June 30, 2022. The assessor’s office has the ability to go back in six-month increments up to a period of five years to collect
enough data to analyze and produce accurate estimates of actual value.
Colorado law requires Assessor’s offices to adjust all sales and market data to the market conditions on June 30, 2022 for the tax years 2023 and 2024.
Most other non-residential property is valued based on consideration of the market approach, the cost approach, and the income approach to value.
Assessment Rates:
The current residential assessment rate is 6.95% and the rate for most non-residential property is 29%. Multiplying the actual value by the appropriate assessment rate results in the
properties assessed or taxable value.
See the example calculations below:
Residential property: actual value $500,000
assessed value= $500,000*.0695=$34,750
Non-residential property: actual value $500,000
assessed value $500,000*.29=$145,000
*Assessment rates for tax year 2023 will change based on legislation
Mill Levy or Tax Rate:
Every year governing boards of all local taxing authorities determine the revenue needed and allowed by law to provide services for the following year.
Every taxing authority determines the revenue needed through budget processes. The budget process involves public meetings which allow the public to ask questions and provide input.
Each authority calculates a mill levy or tax rate based on the revenue needed from property tax and the total certified assessed values within their respective boundaries.
A mill is equal to 1/1000 of a dollar. The tax rate is expressed as a mill levy. Using the County’s mill levy as an example, the tax rate is calculated as follows:
The revenue from property tax for the County as an example in 2022 is:
14.64= 14.64/1000 or .01464 which is 1.464 percent.
Assessed value=$696,032,501
Mill Levy=14.64
Revenue=$696,032,501*(14.64/1000)
Revenue=$696,032,501*.01464=$10,189,915.81
Revenue=$10,189,915.81
The combined mill levies or tax rates of all taxing authorities that serve an area in the county are referred to as a tax area or a tax district. Added up they will calculate the total
area tax rate. An example calculation for a property in the city of Woodland Park is shown below:
| County mill levy or tax rate: | 14.640 |
| Re-2 School District mill levy or tax rate: | 27.924 |
| City of Woodland Park mill levy or tax rate: | 15.750 |
| North East Teller County Fire mill levy or tax rate: | 14.718 |
| Rampart Library mill levy or tax rate: | 4.119 |
| Ute Pass Ambulance mill levy or tax rate: | 3.990 |
| Total mill levy or tax rate | 81.141 |
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