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Glossary of Terms - A 

  • A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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  •  Abatement

    An official reduction or elimination of one’s assessed valuation after completion of the original assessment. Also, defined as an official reduction or elimination of one’s tax liability after completion of the tax roll.

     Actual Value

    The value used pursuant to Colorado Revised Statutes for ad valorem or property tax purposes. Actual value is often synonymous with market value. Actual value is determined by considering the cost, market, or income approaches to value. Colorado Revised Statutes defines or determines the specific method or procedure used, depending on the type/class of property.

     Ad Valorem Taxation

    A tax levied in proportion to the value of the thing (s) being taxed. In Colorado, the property tax is an ad valorem tax.


    A legal process in which a property owner contests a value or assessment either formally or informally on taxable real or personal property. For each year, there are specific statutory dates when an appeal can be made.


    The act or process of developing an opinion of value; an opinion of value.

     Appraisal Date

    For assessment purposes in Colorado, property is valued based upon how it physically exists as of January 1 of each year. However, the value is based on a retrospective appraisal date ending June 30th of an even-numbered year for each reappraisal cycle.

     Appraisal Record (Property Record Card)

    A computer printout used by the assessor. This record contains a sketch, land and building characteristics, calculations affecting value, and other information.


    One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. Appraiser employees in Colorado assessor offices must be registered, licensed, or certified within one year of hire, per Colorado Statutes.

     Assessment Date

    The assessment date in Colorado is twelve noon January 1 of each year. This date is often referred to as the lien date. See "Lien Date."

     Assessment or Assessed Value

    The percentage of actual value (market value) that is subject to taxation. Assessed value equals the actual value multiplied by the statutory assessment rate. (Example: $129,000 actual value x 7.20% assessment rate = $9,290 assessed value.)

     Assessment Rate

    A statutory rate or percentage which when multiplied times the actual value of the property results in the assessed value used for property tax purposes. The assessment rate for residential property is 7.96% (single family homes, mobile homes, condominiums, townhomes, multi-family, etc.). Most other property classifications have an assessment rate of 29% (vacant land, commercial, industrial, agricultural, natural resource property, etc.). Actual Value X Assessment Rate = Assessed Value.


    The elected official responsible for discovering, listing, and valuing all real and taxable personal property within the county.

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