Property taxes are one of those bills that homeowners can’t avoid — but many don’t fully understand how they’re calculated. Here’s a quick breakdown to clear things up:

1. Assessed Value vs. Market Value
In Colorado, you’re not taxed on your home’s full market value. Instead, the county assessor calculates an assessed value using a statewide formula (residential properties are currently assessed at a percentage of market value).

2. Mill Levies Add Up
Each taxing authority in your area — schools, fire districts, libraries, towns, and counties — sets a mill levy. These levies are combined to create your total tax rate. That’s why two homes with the same value, but in different parts of the Valley, can have very different property tax bills.

3. Bills and Payments
Property taxes are billed once a year but can be paid in two installments or in full by April 30. They’re collected by your county treasurer (Pitkin, Eagle, Garfield, etc.). If you have a mortgage, your lender likely collects taxes monthly through escrow and pays the county for you.

Why It Matters
Understanding property taxes helps buyers estimate their monthly costs more accurately — and helps homeowners plan ahead for yearly expenses.

📌 Tip: You can look up your property’s assessed value and tax bill on your county treasurer’s website.