Actual Value, Assessment Rate, and Mill Levy
Assessment Rate
The Current Assessment Rate below reflects rates for the 2023 tax year that will impact tax bills paid in 2024.
| Type of Property | 2022 Assessment Rate | 2023 Assessment Rate | 2023 Value Adjustment |
|---|---|---|---|
Residential |
|||
| Multi-Family housing Duplex/Triplex, 4-8 unit Apartments, 9+Unit Apartments |
6.8% | 6.7% | -$55,000 |
| All other residential property Single family, Condominiums, Townhomes |
6.95% | 6.7% | -$55,000 |
Non-Residential |
|||
| Hotel, motels and B&B | 29% | 27.9% | -$30,000 |
| Renewable Energy | 26.4% | 26.4% | -$30,000 |
| Agricultural | 26.4% | 26.4% | |
| Vacant Land | 29% | 27.9% | |
| Commercial | 29% | 27.9% | -$30,000 |
| Industrial | 29% | 27.9% | |
| Oil & Gas production | 87.5% | 87.5% | |
Property Tax Calculation
Property taxes are calculated using the actual property value, the assessment rate, and the mill levy using the formula: Actual Value x Assessment Rate = Assessed Value x Mill Levy = Taxes Due.
For tax year 2023 (taxes paid in 2024), there is an additional component for some properties. In 2022, the Colorado Legislature passed SB22-238 which reduces assessment rates and also provides a one time value adjustment to residential ($15,000 adjustment) and commercial ($30,000 adjustment) for tax year 2023.
In November 2023, the Colorado Legislature held a special session and passed SB23B-001. This bill increased the residential reduction from $15,000 to $55,000 and lowered the residential assessment rate from 6.765% to 6.7%. The original reductions for commercial properties from SB22-238 remain. Properties that fall into these categories will have the value adjustment applied to their Actual Value before multiplying by the assessment rate. For example:
Value – Value
Adjustment ) X Assessment
Rate = Assessed
Value
Value X Mill
Levy = Taxes
Due
For a residential property with an Actual Value of $450,000 with a Value Adjustment of $55,000, an Assessment Rate of 6.7%, and a Mill Levy of 92, there will be $2,435 in taxes due.
$450,000
–
$55,000
)
X
6.7%
(or 0.067)
=
$26,465
X
92
(or 92 Mills
or 0.092)
=
$2,435
Additional details on the Assessment Rate and Mill Levy are below. Seniors and disabled veterans may qualify for certain property tax exemptions.
Much more information on property taxes, including Property Tax Search, due dates, and paying taxes online, is available on the Boulder County Treasurer page.
Tax Rate or Mill Levy
The Tax Rate and Mill Levy are two different ways of expressing the same information. The Tax Rate is expressed as a percentage, while the Mill Levy is expressed in mills (1 mill = $1 of property tax for every $1,000 of assessed value)
Generally, properties are affected by several taxing entities. Each taxing entity determines what revenues will be required to operate during the coming fiscal year. The required revenues are then divided by the total assessed value to determine the tax rate/mill levy for each entity. To determine the total tax rate for a property, add the tax rates for each entity that impacts a property.
Mill Levy Example:
- The assessor determines the total assessed value for properties within a school district’s boundaries as $100,000,000.
- The school board of that school district determines the budgeted property tax revenues needed are $1,398,000.
- $1,398,000 (tax revenue) divided by $100,000,000 (assessed value) = 1.3980% Tax Rate, or 13.98 Mills (Mill Levy), for that district’s portion of the total Mill Levy.
- The school district’s tax rate is $13.98 in revenue needed for each $1,000 of assessed value.
