In Colorado, property taxes are based on which of the following values?
Correct Answer
D) The property's actual value as determined by the county assessor, multiplied by the applicable assessment rate
In Colorado, property taxes are calculated based on the assessed value, which is the actual (market) value of the property as determined by the county assessor, multiplied by the applicable assessment rate (e.g., 6.95% for residential property as of recent legislation). This assessed value is then multiplied by the mill levy to determine the tax owed. This process is governed by Colorado's property tax statutes, C.R.S. § 39-1-101 et seq.
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