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A Tax authority is a quasi-government entity that provides services to property owners and has a distinct boundary. A taxpayer’s total mill levy is calculated based upon where their property is located and the taxing authorities serving that location. The county, towns, schools and special districts each have a separate mill levy, which is indicated on the annual tax bill you receive from the County Treasurer.
In August of each year, the Assessor certifies the total assessed value of all properties located within the boundaries of each taxing authority. For tax year 2023, assessed values are calculated by multiplying the actual value by 27.9% for all property except residential. The residential assessment percentage is subject to change by the Colorado Legislature each odd-numbered year. By constitutional mandate, the change in percentage maintains the present balance of the tax burden between residential and all other taxpayers. For tax year 2023 the assessment rate is 6.7% for multi-family and residential properties.
The certified values are used by the taxing authorities to determine their mill levies. If there is any change in the assessed value due to Board of Assessment Appeal decisions, abatements or any other reason, these values are recertified to the affected taxing authorities in early December to give them the most current figures for their calculations. Tax authorities submit their mill levies to the County Commissioners by Dec. 15. The County Commissioners review the mill levies and certify the levies to the Assessor no later than Dec. 22. The Assessor then enters the approved mill levies into the assessment records and calculates the taxes due for each account before sending the tax warrant to the Treasurer for collection no later than Jan. 10 of the following year.