What is the formula for calculating taxes?
Current Actual Value x Assessment Rate* = Assessed Value
Assessed Value x Tax Rate (Mill Levy) = Estimated Property Tax
*Current Assessment Rate is projected to be 7.96% for residential property and 29% for all other property. The Colorado State Legislature adjusts the residential assessment rate in reappraisal (odd- numbered) years.
ACTUAL VALUE X ASSESSMENT RATE X MILL LEVY = ESTIMATED PROPERTY TAXES.