Real Property Valuation
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How are property taxes calculated?
Actual Value X Assessment Rate X = Assessed Value
Assessed Value X Mill Levy = Property Taxes
The assessment rate on residential properties in 2021 is projected to be 7.15%. The assessment rate on nonresidential properties is fixed by law at 29%. Based on a hypothetical mill levy of 88, each $1,000 of actual value on a residence using 7.15% as the assessment rate equates to $6.29 in property tax. Each $1,000 of actual value on a nonresidential property equates to $25.52 in property tax.
How is my property value determined?
The actual value assigned to residential properties is based on sales that occurred in the eighteen-month period from January 1, 2019 to June 30, 2020. Those sales indicate the market conditions in various parts of Mesa County, and the market value of specific types of properties. Five years of sales activity are analyzed for those types of properties that are few in number or of an unusual nature.
For most nonresidential property, we consider comparable sales information, construction costs, depreciation, and the income approach to value.
Who sets the assessment rate on residential property?
The Colorado Constitution requires that a specific relationship be maintained, on a statewide basis, between the value of all residential property and all non-residential property. Initially, this resulted in a residential assessment of 21% with a non-residential assessment of 29%. Non-residential assessment remains at 29%, while the residential assessment is set by the legislature every two years to maintain this relationship and is currently 7.15%.
Who sets the Mill levy?
Mill levies are set each year by taxing authorities: school districts, the county, cities, fire, water and sanitation districts, and others. These entities provide tax-supported services and are listed on your tax notice.