UNDERSTANDING PROPERTY TAXES IN COLORADO - Real Estate Taxes in Colorado

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UNDERSTANDING PROPERTY TAXES IN COLORADO

Prepared by:

Colorado Division of Property Taxation
(Department of Local Affairs)

This brochure was created to provide general information onthe Colorado property tax system. For more specificinformation on any one of these topics, please visit ourwebsite at www.dola.state.co.us/propertytax.

GENERAL INFORMATION

INTRODUCTION

The assessment process is the basis for generating property tax revenues that pay for schools, roads, fire protection, police protection, and other local services. All of the revenue generated by property taxes stays within your county. Property taxes DO NOT support any state services.

THE ASSESSOR

The county assessor is responsible for valuing all property in the county as directed by state laws. The assessor’s goal is equalization of property values to ensure that the tax burden is distributed fairly and equitably among property owners.

THE TAXPAYER

As the property owner and taxpayer, you have specific rights and responsibilities in the assessment process. You have the right to examine the assessor’s property records and to participate in the budget hearings held by school boards, cities and towns, and special districts that levy taxes on your property. You also have the right to protest your property’s value if you disagree with the assessor’s valuation. Additionally, you have the responsibility to provide accurate information to the assessor about property you own.

NOTICE OF VALUATION

The assessor is required to send you a real property Notice of Valuation by May 1 of each year. The notice describes the property you own, gives the actual or market value for both the prior and current years, and describes the process to present your objections to the assessor. When you receive a Notice of Valuation, study it carefully! The value shown on the notice affects the amount of taxes you must pay next January. The deadlines for appeal are statutory. If you feel the value the assessor placed on your property is incorrect, you may want to discuss the value with the assessor.