Property Taxes

Colorado Springs, CO

The Constitution of Colorado states that all property must be equally assessed and levied.  Personal property that is for non-business use is exempt.

El Paso County is responsible for assessment and collection of all property taxes in El Paso County.

The components of property tax calculations are: 1) Market value of property; 2) assessment ratio; 3) mill levy

Market values:

The County Assessor, in accordance with state regulations, estimates actual market value of real property.

The company, subject to audit by the County Assessor, must declare the value of commercial and industrial personal property.

Assessment levels:

The assessment level for residential real property was 7.96% of market value in 2005, payable in 2006. This is subject to adjustment every other year.

Mill levies:

Mill levies are independently set by various taxing authorities; i.e., county, city, school districts, library district, special districts, etc. The average total mill levy in 2005, for application 2006, was approximately 67 mills.

Source:  El Paso County Assessor Office, January 2007

Tax calculation: 

Market Value x Assessment Level x Mill Levy = Approximate Taxes Due

            Example:

            A residential property tax with a market value of $200,000

            $200,000 x 0.0796 x 0.067

            Property tax = $1,067  

Source:  El Paso County Assessor Office, January 2007