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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Related Topics & Key Terms
Key Terms:
Related Concepts
Reconciliation is the final step in the appraisal process where the appraiser analyzes the value indications from all applicable approaches and arrives at a single final opinion of value. It is not a simple average of the three values.
The comparable sales approach estimates a property's value by comparing it to similar properties that have recently sold in the same market area. It is the most widely used and reliable approach for appraising residential properties.
The cost approach estimates a property's value by calculating the current cost to rebuild the improvements, subtracting accumulated depreciation, and adding the land value. It is most reliable for new construction and special-purpose properties.
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- → The income approach to appraisal is most commonly used for which type of property?
- → External obsolescence in Oklahoma:
- → Which of the following correctly lists the three types of depreciation recognized in real estate appraisal?
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- → A Comparative Market Analysis (CMA) is best described as which of the following?
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