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Real Estate Taxes

Real estate taxes in Colorado are based upon the county assessor's estimate of market value, which is then multiplied by an assessment ratio and a mill levy. State tax laws favor residential properties (including apartments) over commercial properties by using a lower assessment ratio. While the commercial ratio is fixed at 29% of actual value, the residential ratio is adjusted every 2 years to prevent the statewide residential assessed value total from exceeding approximately 45% of total statewide assessed values. The declining trend of the residential ratio is shown in the following table. For example purposes, the historical Denver mill levy is presented to show the effective tax rate. Amendment 1, passed in November 1992, essentially prevents mill levies from increasing without voter approval. In 2012, Denver voters approved ballot initiatives which increased the mill levy by 12 mills.

Year

Assessment Ratio

Denver Mill Levy

Effective Tax Rate

1986

21.00%

96.019

2.02%

1987

18.00%

49.745

0.90%

1988

16.00%

58.947

0.94%

1989

15.00%

67.375

1.01%

1990

15.00%

67.576

1.01%

1991

14.34%

76.370

1.10%

1992

14.34%

80.741

1.16%

1993

12.86%

80.741

1.04%

1994

12.86%

80.741

1.04%

1995

10.36%

81.161

0.84%

1996

10.36%

80.826

0.84%

1997

9.74%

75.430

0.73%

1998

9.74%

80.814

0.79%

1999

9.74%

67.299

0.66%

2000

9.74%

67.321

0.66%

2001

9.15%

58.745

0.54%

2002

9.15%

59.855

0.55%

2003

7.96%

64.162

0.51%

2004

7.96%

64.402

0.51%

2005

7.96%

66.202

0.53%

2006

7.96%

66.948

0.53%

2007

7.96%

66.897

0.53%

2008

7.96%

66.783

0.53%

2009

7.96%

65.139

0.52%

2010

7.96%

66.591

0.53%

2011

7.96%

71.307

0.57%

2012

7.96%

84.071

0.67%

2013

7.96%

83.090

0.66%

2014

7.96%

83.054

0.66%

2015

7.96%

78.127

0.62%

2016

7.96%

81.547

0.63%

2017

6.56%

-

-

Denver County Treasurer's Office, 4/2017.

The tax assessment ratio for residential properties has declined in stages from 21% to the current level of 6.56% over the last 31 years.

Properties in Colorado are reassessed every 2 years. Sales from 2013 and the first half of 2014 were used to estimate the value as of January 1, 2015 and January 1, 2016 for taxes payable during 2016 and 2017. The assessor will use sales from 2015 and the first half of 2016 to estimate property value as of January 1, 2017 and January 1, 2018, for taxes payable during 2018 and 2019.

 

 

 


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