Overview of Colorado Taxes
Colorado has some of the lowest residential property taxes in the country, with an average effective rate of just 0.48%. That ties the state for the third-lowest rate in the U.S. It's also well below the national average of 0.99%.
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- About This Answer
To calculate the exact amount of property tax you will owe requires your property's assessed value and the property tax rates based on your property's address. Please note that we can only estimate your property tax based on median property taxes in your area. There are typically multiple rates in a given area, because your state, county, local schools and emergency responders each receive funding partly through these taxes. In our calculator, we take your home value and multiply that by your county's effective property tax rate. This is equal to the median property tax paid as a percentage of the median home value in your county.
Colorado Property Taxes
In Colorado, property taxes are used to support local services. In fact, 100% of property tax revenue stays within the county in which it is collected, meaning none of it goes to the state. That may be part of the reason that Colorado has some of the lowest residential property taxes in the country, with an average effective rate of just 0.48%.
Low property taxes can be a draw to live in Colorado or own a vacation home there. If you're thinking about purchasing property in Colorado or are looking to refinance, check out SmartAsset’s Colorado mortgage guide for details about mortgages in the Centennial State.
A financial advisor can help you understand how homeownership fits into your overall financial goals. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
How Property Taxes in Colorado Work
Residential property taxes in Colorado depend on two things: the market value of the property and the total tax rates local taxing authorities levy. Taxing authorities include counties, cities, school districts and some special taxing districts set up for specific purposes. For example, this could be to fund a water or sanitation system.
Property is valued in two-year cycles, with values being based entirely on comparable sales. In other words, the price of similar homes sold in your area determine the value of your home. Notices of valuation are mailed to homeowners by May 1 every year, and homeowners who disagree with their home’s valuation have until June 1 to protest.
Tax rates in Colorado do not apply to market value, but rather to assessed value, which is equal to a fraction of the market value. That fraction, which is called the residential assessment rate, is recalculated regularly by the state. As of now, the state estimates it to be 7.15%.
So if your home has a market value of $300,000 (based on comparable sales), the assessed value is roughly $21,450 ($300,000 x .0715 = $21,450). Therefore, your tax rate only applies to that $21,450.
Colorado Property Tax Rates
Taxing authorities in Colorado calculate tax rates based on how much revenue they need. That means rates change frequently as their revenue needs shift. Rates are expressed in mills, which are equal to $1 for every $1,000 of property value. A tax of 10 mills on a property with an assessed value of $10,000 is equal to $100 ($10,000 x 0.1).
An effective tax rate is the amount you actually pay annually divided by the value of your property. So if you pay $1,500 in taxes annually and your home’s market value is $100,000, your effective tax rate is 1.5%. The table below shows effective tax rates for every county in Colorado. It also displays median property tax payments and median home values for all counties.
Want to learn more about your mortgage payments? Check out our mortgage calculator.
Denver County
The median annual property tax bill for a homeowner in Denver County, which is coterminous with the city of Denver, is $780. This compares favorably to the national average, which is $2,795. The total millage rate in Denver is roughly 72.116 mills, which includes taxes that go to schools and the city of Denver.
El Paso County
El Paso County encompasses the city of Colorado Springs and surrounding areas. It is among the most populous counties in Colorado. The average effective property tax rate in El Paso County is 0.31%, less than half the national average of 0.99%.
If you have questions about how property taxes can affect your overall financial plans, a financial advisor in Colorado Springs can help you out.
Arapahoe County
Arapahoe County has some of the highest property taxes in the state of Colorado, with a rate of 0.68%. The median property tax payment that county homeowners make is $2,630.
Jefferson County
Jefferson County (frequently referred to as Jeffco) sits along the Rocky Mountain Front Range, to the west of Denver. Property tax rates are just above the state average, but are still much lower than the national rate. The average effective tax rate in Jefferson County is 0.61%.
Adams County
One of the most populous counties in Colorado, Adams County has some of the highest property tax rates in the state. The average effective property tax rate in Adams County is 0.78%. That translates to a median tax bill of about $2,621 for county homeowners.
Larimer County
The typical homeowner in Larimer County can expect to pay about $2,552 in property taxes annually. That’s one of the highest median payments of any of the state’s 64 counties.
Boulder County
Boulder County’s average effective property tax rate is 0.63%. It is, however, well below the national average, which currently stands at 0.99%. More than half of property taxes collected in Boulder go to schools.
Douglas County
Located between Denver and Colorado Springs, Douglas County has the highest median property tax payment in the state of Colorado. More specifically, the median annual property tax payment there is $3,427. This comes in as almost $200 more expensive than the national median, which is $2,795.
Weld County
There are more than 300 different tax authorities in Weld County, including ones for conservation districts, libraries, municipalities and school districts. The median annual property tax bill for a resident in Weld County is $2,103, while the average effective property tax rate is 0.64%.
Pueblo County
Pueblo County’s property tax rates are, on average, generally higher than the statewide mark. Pueblo's average property tax rate is 0.72%, which works out to a median annual property tax bill of $1,248.
