Every little bit helps. Colorado property tax assessment rates and taxable valuations for the 2023 tax year have been reduced.
- all residential property is reduced to 6.765% (from 6.95% for single family property and 6.80% for multifamily property); and
- nonresidential property (other than oil and gas, agricultural, and renewable energy producing property), is reduced to 27.9% (from 29%).
When determining the 2023 assessed values, assessors must apply assessment rates to the actual value of the residential property, less $15,000, and to the actual value of improved commercial property, less $30,000. However, these subtractions cannot cause the valuation for assessment of the property to fall below $1,000.