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If you're moving to Colorado or buying a home in the Centennial State, understanding property taxes is an important part of the process. While Colorado is known for its breathtaking landscapes and outdoor lifestyle, it also boasts some of the lowest property tax rates in the country. But how does Colorado property tax work?
In this guide, we’ll break down everything you need to know about property taxes in Colorado, including how they’re calculated, when bills are due, and what to expect in different counties. Whether you're a first-time homebuyer or relocating from another state, this will help you make informed decisions about your home purchase.
How Much Is Property Tax in Colorado?
The average property tax in Colorado is among the lowest in the U.S. for homeowners. Colorado’s statewide effective property tax rate is approximately 0.5%, compared to the national average of 1.1% for the median owner-occupied home.
In 2020, the Colorado property tax was $1,956 per capita, and the U.S. average was $1,810. The median bill for Colorado property taxes for owner-occupied homes was $1,868 compared to the U.S. average of $2,551.
This means that for a home valued at $558,000, the state median list price, the Colorado property tax would be around $2,790 per year. The U.S. average for a home of the same value would be $6,138.
In 2020, the Lincoln Institute of Land Policy ranked Colorado 15th in per capita property taxes. Residential property was assessed at 6.765% in 2022, and most non-residential property was assessed at 27.9%. Among each state's largest cities, the effective Denver property tax rate was the 4th lowest at 0.52%.
How Colorado Property Taxes Work
Colorado property tax is determined at the county level and collected by the county treasurer. The key agencies involved include:
County Assessor – Determines the value of the property based on market conditions.
Colorado Legislature - Sets the assessment rate
County Treasurer – Sends tax bills and collects property tax revenue.
Local Taxing Authorities – Counties, cities, school districts, fire protection districts, and special districts levy property taxes within their area.
Every year, taxing entities determine the revenue needed for the following year. The necessary revenues are divided by the total assessed value to determine a mill levy or tax rate for each entity.
In Colorado, special districts receive 18% of the state's total property tax revenue. That's about 5x the U.S. average. A large share goes to Metro Districts set up by developers. They are used to issue bonds that finance infrastructure in new master-planned communities and subdivisions.
Colorado Property Taxes: Actual Value vs Assessed Value
Unlike some states that tax the home’s market value, Colorado property tax is based on the property's assessed value, which is a percentage of the home's market value.
A home's market value is determined based on comparable sales. This is multiplied by the assessment rate to determine the assessed value. The county then applies the mill levy to determine the total assessed value and tax bill.
Because Colorado reassesses properties every odd-numbered year, values fluctuate based on comparable sales, which can impact your tax burden.
In 2020, Colorado repealed a property tax law from 1983 that placed a disproportionate amount of the total property tax burden on non-residential properties. The non-residential assessment rate was 29% of market value versus the 7.15% residential assessment rate. With the repeal of the Gallagher Amendment, Colorado froze assessment rates at 2020 levels but authorized the CO legislature to lower the assessment rate. Increases must be approved by voters.
New Changes to Colorado Property Tax Assessment Rates in 2025
Beginning in 2025, there will be two assessment rates for residential properties:
Local Government Assessment Rate: This will be used to calculate assessed value for local government mill levies, including county and city mill levies.
School District Assessment Rate: This rate will be used to calculate assessed value for school district mill levies.
2025 Assessment Rates - (*projected as of January 1, 2025)
*Final rates will be based on the growth rate of actual values statewide from 2024 to 2025. If statewide actual value growth is higher than 5%, these rates will be lower.
Classification
Assessment Rate
Residential: Local Government
6.25%
Residential: Schools
7.05%
Vacant Land
27%
Commercial
27%
Commercial: Lodging
27%
Industrial
27%
Agricultural
27%
State Assessed Renewable Energy
27%
What Is a Mill Levy?
A mill levy is the rate at which properties are taxed. One mill = $1 per $1,000 of assessed value.
If a total mill levy is 80 mills, it's equal to $80 per $1,000 of assessed value. You would multiply 0.080 (80 mills) by your assessed value to determine your tax rate.
Tax rate is a way of expressing this as a percentage.
What Is the Colorado Property Tax Rate?
Colorado property tax is calculated using this formula:
Actual Value x Assessment Rate = Assessed Value x Mill Levy = Colorado property taxes due
For Colorado property tax year 2024 (paid in 2025), the Colorado Legislature approved a one-time $55,000 value adjustment for residential properties.
(Actual Value - Value Adjustment) x Assessment Rate = Assessed Value x Mill Levy = Colorado property taxes due
Here's an example for a home with a market value of $450,000, an assessment rate of 6.7%, and a 92 mill levy.
$26,465 x 0.092 (92 mills) = $2,435 property tax bill
Generally, your Colorado property tax rate is affected by multiple taxing authorities. The total Colorado property tax rate, or total mill levy, for a property is determined by adding the tax rates for each relevant tax entity.
Here are recent Colorado property tax rates by location or tax entity. Note that your total tax rate will depend on which tax entity boundaries apply to your location.
City and County of Denver Property Taxes
Denver Public Schools: 50.32 mills (2022)
Denver property tax: 77.486 mills (2023) - combined general mill levy including Denver Public Schools and the Urban Drainage District
Average Denver property tax bill in 2023: $2,994.49 (based on the typical single-family home value of $631,800)
Douglas County Colorado Property Tax
Douglas County Property Tax: 18.726 (2024)
Douglas County School District: 45.528 mills (2024)
In 2023/2024, school districts in Colorado had tax rates ranging from 2.216 mills to the state cap of 27 mills. Districts at or near the cap included most in the Denver and Pueblo metropolitan areas, a cluster in the San Luis Valley, and a rural area in the northern Eastern Plains area. Districts with the lowest taxes are in wealthy areas with high property values, including near resort towns like Aspen and Telluride or gas and oil producing areas in the San Juan Basin, Piceance Basin, and Weld County.
How to Pay Your Colorado Property Tax Bill
Your Colorado property tax bill reflects the taxes owed for the previous year. This means the 2024 property tax year is paid in 2025. Tax bills are mailed soon after January 1.
You may make a single payment by April 30 or pay your tax bill in two equal installments.
You can pay your Colorado property tax through your county treasurer. You typically have multiple ways to make a property tax payment:
Online payments via the county treasurer’s website
Pay by check mailed to the county treasurer
In-person payments at the county treasurer’s office
Drop box payments
If you have a mortgage, your lender may collect property taxes through escrow as part of your monthly mortgage payment. The property tax bill should then be paid on your behalf. If you pay taxes through escrow, you will pay 1/12 of your estimated tax bill each month.
Late payments may result in interest charges and possible tax liens.
When Are Property Taxes in Colorado Due?
Colorado property tax bills are due in one payment or in two equal payments by the following dates:
First half due February 28
Second half due June 15
Full payment (if paid in one installment) due April 30
Colorado Property Tax Relief & Exemptions
Some property owners qualify for property tax exemptions or relief programs:
Senior Property Tax Exemption: Available to a property owner 65+ years old who has lived in the home for at least 10 years. 50% of the first $200,000 of actual value of their personal residence is exempted.
Disabled Veterans Exemption: Available to veterans with a 100% permanent disability rating, their surviving spouses, and Gold Star Surviving Spouses. 50% of the first $200,000 of actual valuation of the primary residence is exempted.
Property Tax/Rent/Heat Rebate: This rebate of up to $1,154 is offered to low income people who are 65 or older, disabled at any age, or a surviving spouse 58 or older.
Property Tax Deferral Program: Allows seniors and military veterans to live in their homes and defer Colorado property tax payments and property tax growth.
Property Tax Work-Off Program: Allows taxing entities to create a tax work-off program for seniors 60 and older, first responders with occupation-related disabilities, and other people with disabilities.
All homeowners in Colorado receive a homestead exemption for their share of property taxes. The exemption is 10% of the home's value up to $700,000.
Buying a House in Colorado? Get Started With a Free Moving Estimate!
Understanding Colorado property tax is just one part of your home-buying journey. If you're moving to Colorado, let Move 4 Less make your transition easy! Call our Denver movers today at (702) 381-1200 for a free moving estimate and expert moving services!
Moti Perez
As a cofounder and business owner of Move 4 Less, my passion is to deliver the highest quality of moving services in the industry. My varied background has thought me the value of seeking new challenges, working hard, keeping customers happy and focus on success.
In 2002, I got my first taste in the moving industry, working for Nationwide Moving&Storage. For a little over two years I worked in a number of frontline and management positions, learning the ins and outs of the moving industry.
The business is now one of the largest moving companies in the Las Vegas metropolitan area.
I also had some time in between to open, manage and sell few restaurants and retail business. I continue to invest in Realestate and any other interesting business opportunity.
