Colorado laws and statutes
2025 Assessment Rates & Revenue Changes
In September of 2024, the Governor signed House Bill 24B-1001 into law. This legislation did a number of things. First, the assessment rates were changed for tax year 2025 forward. Residential property for most Local Governments will be assessed at a rate of 6.25% of its actual value. School District Residential property will be assessed at a rate of 7.05% of its actual value*. These are the current assessment rates for 2025**:
- Residential – Schools 7.05%, Local Governments 6.25%
- All other classifications including Vacant Land, Commercial, Industrial, Natural resources and Personal property – 27%
- Oil and Gas production – 87.5%
* These rates may be adjusted after October in 2025.
** The assessed values on our website do not yet have the new assessment rates. We are waiting for computer programing to be done to allow for separate assessment rates for local governments and school districts’ residential property. We are expecting the new assessed value information to be available by May 1, 2025 when our 2025 Re-Appraised actual values are released to the public.
This legislation also modified the property tax limit for local governments excluding school districts from 5.5% to 5.25% per year multiplied by the number of property years in a reassessment cycle. This legislation will have far reaching impacts for property tax year 2025 and beyond.
For an example as to how to calculate an estimated tax account, please see Account FAQ’s.
2025 Classification Changes
In May of 2024, the Governor signed Senate Bill 24-233 into law. This legislation creates a new classification of property for Seniors called the QUALIFIED SENIOR PRIMARY RESIDENCE. It is also known as the “portability” law. The legislation was approved for tax years 2025 & 2026 only. Here are the requirements for a senior citizen to apply for this classification:
- The owner-occupier who previously qualified for the property tax exemption for qualifying senior, is no longer eligible for the exemption. For example, the owner-occupier had a home in Rifle that had the senior exemption, and they sold their house and moved to New Castle.
- The owner-occupier must have applied, qualified, and received the senior exemption for a property tax year on or after January 1, 2020.
- The circumstances that qualify the property for the Qualified Senior Primary Residence classification have not changed.
- The property is owner occupied and is the primary residence of the applicant as of January 1, 2025.
Please read the Qualified Senior Primary Residence Classification Instructions before applying.
2025 Property Tax Exemption Changes
In November of 2024, the voters approved a modification to House Bill 23-1052; also known as Amendment G. This modification makes the Veteran’s exemption available to those Veterans who have individual unemployability status.
Please read the Veterans with a disability Instructions before applying.
2024 Assessment Rates and Property Value Adjustments
In May of 2024 the Governor signed Senate Bill 24-233 into law. The assessment rates of 2023 were extended through tax year 2024. Those assessment rates are:
- Residential: 6.7%
- MultiFamily: 6.7%
- Renewable Energy: 26.4%
- Agricultural: 26.4%
- Other Ag: 27.9%
- Vacant Land: 27.9%
- Commercial: 27.9%
- Personal Property: 27.9%
- Industrial: 27.9%
- Natural Resources: 27.9%
- Oil & Gas Production: 87.5%
The assessed values on our internet database reflect these assessment rates.
Senate Bill 24-233 also extended the value adjustments from tax year 2023 through tax year 2024. Those value adjustments will be reflected on our website by September 1, 2024. They are as follows:
- Residential property will be adjusted down by $55,000 actual value
- Commercially improvements will be adjusted down by $30,000 actual value
The formula to estimate property tax is:
(Market Value – Property adjustment if applicable) X assessment rate = Assessed Value
Assessed Value X 2023 mill levy = Estimated Property Tax
Please note that if any initiatives are passed by the voters in the November 2024 election; these rates and values will not apply. More information will be provided on this webpage once the November results have been certified.
2023 Final Property Tax Legislation
In November of 2023, the Governor signed Senate Bill 23B-001. This legislation was enacted in response to the failure of Proposition HH in the November elections. For tax year 2023 the following adjustments were made to property values:
- Values were adjusted down by $55,000 for Residential Property.
- Values were adjusted down by $30,000 for Commercial Property.
- Residential Assessment rate dropped from 6.75% to 6.7%
Important: These adjustments are for tax year 2023 only.
The value adjustments and residential assessment rate change will be reflected in the tax bill you receive in January of 2024. When the Assessor website is updated in February of 2024, your unadjusted market value will be reflected. Your value will be the same as the Notice of Value you received last May unless you had New Construction, Demolished Property, or property that changed classification as of January 1, 2024.
2023 Assessment Rates and Property Tax Adjustments
(Revised December 4, 2023)
In November of 2023, the Governor signed Senate Bill 23B-001, which amended the residential assessment rates for tax year 2023. They have been reduced from 6.765% to 6.7% . All other 2023 assessment rates will remain the same as adjusted in Senate Bill 22-238.
Senate Bill 23B-001 also increased the value reduction for residential property outlined in SB22-238. The residential property values have been adjusted from a $15,000 downward adjustment to a $55,000 downward adjustment. Commercial values will remain at a $30,000 downward adjustment as outlined in SB22-238. These are adjustments to actual value as long as the adjustment does not bring the value below $1000 assessed value.
Examples:
- A restaurant with an actual value of $150,000 will receive a -$30,000 Adjustment bringing the new value to $120,000 actual value or $33,480 Assessed. ($120,000 x .279 Assessment rate = $33,480)
- A residence with an actual value of $430,000 will receive a -$55,000 Adjustment bringing the new value to $375,000 or $25,130. ($375,000 X.067 Assessment rate =$25,130)
In May of 2022, the Governor signed Senate Bill 22-238 which amended assessment rates for Residential, Multi-Family, Commercial, Industrial, Vacant Land, and Personal Property for tax year 2023. New assessment rates for tax year 2023 are as follows:
- Vacant Land 27.9%
- Residential Property 6.765% (Revised to 6.7% due to Senate Bill 23B-001)
- Multi- Family property 6.765% (Revised to 6.7% due to Senate Bill 23B-001)
- Commercial property 27.9%
- Personal Property 27.9%
- Renewable energy 26.4%
- Agricultural property 26.4%
- Other Ag 27.9%
- Oil and Gas production 87.5%
- Oil and Gas personal property 27.9%
- All other property not mentioned above 27.9%
Senate Bill 22-238 also allows for property value adjustments in tax year 2023 as follows:
- Property classified as Commercial improvements will receive up to a -$30,000 adjustment to the actual value if the adjustment does not bring the value below $1,000 Assessed Value.
Examples:
-
- A restaurant with an actual value of $150,000 will receive a -$30,000 Adjustment bringing the new value to $120,000 actual value or $33,480 Assessed. ($120,000 x .279 Assessment rate = $33,480)
- An office valued at $33,000 will not receive the adjustment, as the adjusted actual value would be $3,000 with an assessed value of $837. ($3,000 X .279 Assessment rate = $837)
- Property classified as Residential will receive up to a -$55,000 Adjustment to the actual value if the adjustment does not bring the value below $1,000 Assessed Value.
Examples
-
- A residence with an actual value of $430,000 will receive a -$55,000 Adjustment bringing the new value to $375,000 or $25,130. ($375,000 X.067 Assessment rate =$25,130)
- A residence with an actual value of $60,000 would not receive an adjustment of -$55,000. $60,000 – $55,000 =$5,000 Actual Value. $5,000 x .067 Assessment Rate = $340 which is under the $1000 assessed value limit.
Finally, HB 22-1223 was signed by the Governor on June 2nd, 2022. This bill exempts property with all the following conditions; from property tax for tax year 2022:
- Manufactured housing as defined in C.R.S. 39-1-102 (7.8)
“Manufactured home” means any preconstructed building unit or combination of preconstructed building units that:
(a) Includes electrical, mechanical, or plumbing services that are fabricated, formed, or
assembled at a location other than the residential site of the completed home;
(b) Is designed and used for residential occupancy in either temporary or permanent
locations;
(c) Is constructed in compliance with the “National Manufactured Housing Construction
and Safety Standards Act of 1974”, 42 U.S.C. sec. 5401 et seq., as amended;
(d) Does not have motive power;
(e) Is not licensed as a vehicle; and
(f) Is eligible for a certificate of title pursuant to part 1 of article 29 of title 38, C.R.S.
- Or mobile home as defined in C.R.S. 39-1-102(8)
“Mobile home” means a manufactured home built prior to the adoption of the “National Manufactured Housing Construction and Safety Standards Act of 1974”, 42 U.S.C.
sec. 5401 et seq., as amended.
- Actual Value as determined by the Assessor is $28,000 or less
- Has not been purged to the land.