On a national basis, the amount of state and local taxes ranked in the bottom thirty nationally. State taxes collected per $1,000 of personal income ranked well below the national average, 45th out of 50 states. Locally the tax bite is considerably higher with Colorado ranking seventh nationwide in the amount of taxes collected per $1,000 of personal income. When the state and local tax bite is combined, Colorado ranks 22nd in the nation.

Residential Property Taxes
Based on 1992 value assessed at 15% improved residential. The total average mill levy in 1990 was approximately 70 mills for El Paso County, City of Colorado Springs, school and bond redemption, and special taxes (water, parks, & library). For example, a home valued at $100,000 would have a property tax of approximately $1,050.

For more detailed information on taxes visit: The Colorado Department of Revenue or the El Paso County Government.

* Information compiled from Internet and local sources, 2002

El Paso County Colorado Real Estate Valuation

A guide from the El Paso County Assessor's Office, to provide greater understanding of the Real Estate Valuation

What is the Assessor's Office required to do?

Pursuant to Colorado State General Property Tax law, the Assessor's office is required to appraise all real property and to determine prescribed equalization in assessments.

How does the Assessor establish value?

Assessment date is January 1 of each year, for taxes payable the following year.  For residential properties, the Assessor must determine actual market value.  This is based on size, amenities, location, etc., and then compared to like properties that have sold during an eighteen-month period would be the most representative.  Keep in mind that residential properties can only be valued by the market approach.  For most nonresidential property, the Assessor considers comparable cost, depreciation, and the income approach to value.

How do I know the actual value the Assessor has on a property I own?

In May, a Notice of Valuation is mailed to all property owners (This is not a tax bill!).  The purpose of the notice is to inform you of any change in your property valuation and advise you of your right to appeal the new value.

What if I Disagree with the total actual value of my property?

You would fill out the real property protest form on your Notice of Valuation or you may contact the Assessor's Office in writing.  Keep in mind that residential properties can only be valued by the market approach.  You should inform the Assessor what you believe the value of your property to be along with three comparables or like properties supporting that value.

Where do I find my comparables?

All sales of properties should be recorded with the Clerk & Recorders Office.  This information is then given to the Assessor's Office.  This data is public information and your Assessor's Office will gladly show you how to obtain the required information.  A real estate office is another good source for information on sold properties.

My notice of valuation is divided into land value and improvement value, though I didn't make any improvements.  Why is this?

Improvements is the terminology used by the Division of Property Taxation, to identify everything added to or put on the land, such as buildings.  If you have made no changes to an existing structure but you still have an increase, this would reflect the market showing an increase in value.  Please remember, you must appeal the total actual value, rather than the individual value of land or improvements.

I agree with the total actual value, but I'm afraid my taxes will go up accordingly.  Should I appeal my value because I feel my taxes will increase?

NO!  The assessment rate is set by the State Legislature.  Mill levies are set each year by taxing authorities.  The mill levy determines amounts of each tax bill that goes to schools, fire districts, water and sanitation districts, government agencies and other special districts.  Each tax district differs.  The following example of computing taxes is based on a hypothetical assessment rate and mill levy.

Residential:

$150,000 x .974 = $14,610 x .065199 = $952.56

Non-residential:

$150,000 x .290 = $43,500 x .065199 = $2,836.16

Market Value x Assessment Rate = Assessed Value

Assessed Value x Mill Levy = Property Taxes

When should I appeal my total value?

Notices of Valuation are mailed May 1.  Please read the notice carefully.  There are specific dates for mailing your appeal or for hand delivery of your appeal.  This will allow for any adjustments, if needed, that can be made before the tax bill is sent to you.  Contact your County Assessor at this time.  Don't wait until you receive your tax bill the following January!

What happens after I appeal?

The Assessor will review your appeal and respond to you in writing by the end of June, with a Notice of Determination.  If you are not satisfied with the Assessor's determination, you may make a written appeal on or before July 15, to the El Paso County Board of Equalization, which is the Board of County Commissioners.  They are located at 27 East Vermijo Avenue, Colorado Springs, CO 80903.

Is the month of May the only time I can appeal a valuation?

Certainly not.  The Assessor's Office is open Monday through Friday, 8:30 am to 4:30 pm to answer you questions and to ensure that all valuations are fair.  However, to preserve your legal right to appeal a decision of the Assessor to the County Board of Equalization (County Commissioners), you must make a formal appeal, in person or in writing, to the Assessor in May.  Remember, the Assessor wants the correct value for your property.

Taxpayers responsibility

If the Notice of Valuation reflects a value you disagree with, or if you questions about the valuation, contact your County Assessor!

Don't Wait Until You Receive Your Tax Bill The Following January.

If you are dissatisfied with the County Board of Equalization's decision:

You may appeal to the Board of Assessment Appeals, to the County Commissioners for Binding Arbitration, or the District Court of the County in which the property is located.  You must appeal within 30 days of the County Board of Equalization's decision.

If you are dissatisfied with the decision of the board of Assessment appeals or district court:

You can appeal to the Court of Appeals within 30 days of the Board of Assessment Appeals decision or 45 days of a District Court decision.

Decisions reached through the arbitration procedure are final and not subject to review.

The total valuation of all property, as determined by the County Assessor, is certified to the state and county and approved by the Colorado Division of Property Taxation.  Valuation of the various school districts and of towns and incorporated districts are certified to their respective Boards.

After the levies are certified to the Assessor, it is then his duty to extend the tax on all property assessed, and command the Treasurer to collect them.

For more detailed information on taxes visit: The Colorado Department of Revenue
or the El Paso County Government.

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