What are Property Taxes?

Property tax revenue serves as a vital source of funding for essential local services such as public schools, county & municipal governments, junior colleges. It’s important to note that all revenue generated from property taxes remains within the county & does not contribute to state services. The county assessor is tasked with evaluating the value of all properties within the county accurately. This evaluation ensures that the tax burden is distributed fairly and equitably among all property owners, fostering a system of financial responsibility & community support.

Property Tax Calculations

Property tax calculations involve several key components, each playing a crucial role: property classification, actual property value, assessment rate, assessment value, & tax rate. The actual value of the property is determined using the market approach, which involves analyzing comparable sales data. For the year 2024, assessment rates are set at 6.98% for single-family homes, 6.8% for multi-family homes, & 29% for commercial properties. The assessed value is calculated by multiplying the actual value by the assessment rate. The tax rate, established by local taxing authorities such as county commissioners, city councils, & school boards, is determined based on the revenue requirements. These authorities hold public budget hearings, welcoming local taxpayers to participate. The final property tax amount is computed by multiplying the assessed value by the tax rate.

Deadlines

Valuation notices will be sent out by May 1st for real property owners and June 15th for personal property owners. You have until June 8th for real property and June 30th for personal property to submit objections, either orally or in writing, to the county assessor. It’s crucial to note that property taxes for the previous year must be fully paid by April 30th, or arrangements for a payment plan must be made.

Additional Information

Senior citizens, individuals with disabilities, and members of the National Guard/Reserves called into military service may qualify for a range of tax relief programs. For further details, please reach out to the Colorado Division of Property Taxation at (303)-864-7777. To contact the El Paso County assessor’s office, dial (719)-520-6600. Additionally, you can visit https://dbt.colorado.gov for more information.