The following information was compiled to help answer general questions about the tax valuation process.
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Actual Value of the Property
The State mandates that property is re-valued every two years (odd numbered years). Residential property is valued using the market approach to value. In this approach, the value of the subject property is based on an analysis of comparable sales. This is an estimate (mass valuation) without a home visit so occasionally is not accurate. For this valuation, the comparable properties must have sold between January 1, 2021 and June 30, 2022. Actual value is given to you in your notice of valuation by mail from the County Assessor.
For property that is classified residential, the current assessment rate is 6.765% of the actual value. The assessment rate for most other types of property, including commercial and commercial business personal property is 27.90% of the actual value.
Multiplying the actual value by the appropriate assessment rate gives you the assessed value.
Each year county commissioners, city councils, school boards, governing boards of special districts and the other taxing authorities determine the revenue needed and allowed under the law to provide for the following year.
Each taxing authority calculates a tax rate based on the revenue needed from property tax and the total assessed value of real and personal property located within the boundaries. The tax rate is often expressed as a mill levy. The mill levy is different in each area (varies by city, school district, water provider etc. etc.)
All of the tax rates of the various taxing entities providing services in your tax area are added together to form the total tax rate.
- City Tax Rate
- School District Tax Rate
- Health District Tax Rate
- Water and Sanitation Tax Rate
- Pest Control District
- Total Tax Rate
The assessor classifies and values property. The various taxing entities determine tax rates.
In 2022, state lawmakers passed SB22-238 which set the residential assessment rate at 6.765% and provided a $15,000 Actual Value exemption for residential properties.
Example: Residential Property Tax calculation for 2023 (as of May 1, 2023)
Property Value – Exemption x Assessment Rate x Total Mill Levy = Property Tax
$500,000 – $15,000 x 6.765% x 95 (mills) = $3,117
Notice of Valuation
Real Property Notices of Valuation are mailed by May 1st of each year.
Protest and Appeal Rights
If you disagree with the actual value or classification placed on your property, you may present oral or written objection to the assessor. Protests for real property must be in by June 8th.
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