Assessor Frequently Asked Questions
Who sets the mill levy?
Mill levies are set each year by taxing authorities: school districts, the county, cities, fire, water and sanitation districts, and others. These entities provide tax-supported services and are listed on your tax notice.
Who sets the assessment rate?
The assessment rates are subject to change annually by the state legislature. It is also possible for the assessment rates to change via a statewide ballot initiative. As of December, 2023 here are the assessment rates:
|
|
Assessment Rate |
Assessment Rate |
Actual Value Exemption |
|---|---|---|---|
|
Tax Year |
2022 |
2023 |
2023 |
|
Hotels, Motels "Lodging" Properties |
29.0% |
27.9% |
($30,000) |
|
Renewable Energy Production |
26.4% |
26.4% |
|
|
Agricultural Property |
26.4% |
26.4% |
|
|
Commercial |
29% |
27.9% |
($30,000) |
|
Vacant |
29% |
27.9% |
|
|
Industrial |
29% |
27.9% |
|
|
Multi-Family Housing, I.E. Apartments |
6.80% |
6.7% |
($55,000) |
|
All other residential |
6.95% |
6.7% |
($55,000) |
The assessment rate on residential properties in 2023 is 6.7% for a single family home. The assessment rate most non-residential (commercial, industrial and vacant) properties is 27.9%. Based on a hypothetical mill levy of 68, each $1,000 of actual value on a residence using 6.7% as the assessment rate equates to $4.56 in property tax. Each $1,000 of actual value on a nonresidential property equates to $19.72 in property tax.
How are property taxes calculated?
The Assessor office determines your Actual Value during a mass appraisal of all properties every two years. Your legislature determines Actual Value exemptions and assessment rates for different classes of properties. Your local taxing districts determine the mill levies. Here is an example of the formula for a single family home:
Subtotal Actual Value Minus Exemption $345,000
What is the comparison of property tax for Residential Property vs. Commercial Property?
| Commercial | Comparison: Commercial vs. Residential |
Residential |
||
| Actual Value | $500,000 | From Reappraisal | Actual Value | $500,000 |
| Exemption | $(30,000) | Legislature Sets | Exemption | $(55,000) |
| Net Actual Value | $470,000 | Actual value minus exemption | Net Actual Value | $445,000 |
| Assessment Rate | 27.9% | Legislature Sets | Assessment Rate | 6.7% |
| Assessed Value | $131,130 | Net Actual Value x Assessment Rate | Assessed Value | $29,815 |
| Mill Levy | 65 |
Set by taxing districts, schools, city, county, etc. Varies by location |
Mill Levy | 65 |
| Mill Levy Decimal Equivalent | .065 | Divide mill levy by 1,000 to get the decimal equivalent | Mill Levy Decimal Equivalent | .065 |
| TAX | $8,523.45 | Mill Levy Decimal x Assessed Value | TAX | $1937.98 |
What does purging a manufactured home mean?
When an owner surrenders the home’s title to the Colorado Department of Revenue which then deletes the title from state records, i.e. a purge ad valorem. The home must be on a permanent foundation at its permanent site, with land and home owned by the same person(s).
To start any process for manufactured homes, where do I go?
Only titles are purged, not actual homes. Titles must be located for purging, sales, moving, or destruction.
To start the title purge process, or for sales, moves, or destruction of older homes, contact the Department of Motor Vehicle in the Clerk & Recorder’s Office located at 200 S. Spruce Street, Grand Junction, CO 81501.
The “combining” of land and homes was once common but not done since 2003. “Combining” was not purging, nor did it make home and land real property.
Classify to Real Property: A search for a title must precede this, but Contact the Assessor’s Office in the Old Courthouse Annex for help. For more information visit Division of Property Taxation - Manufactured Homes in Colorado.