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Residential Real Estate Team
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General Information

The residential real estate assessment date is January 1 of each year for taxes payable the following year. For residential properties, the Assessor must estimate actual market value. This is based on size, amenities, location, etc., then it is compared to like-properties that have sold during a 24-month time span.  This time span is titled the “data gathering period.” Those sales nearest to the end of the 24-month period would be the most representative.

Residential properties may only be valued by the Market approach pursuant to Colorado Revised Statute 39-1-103(5)(a), which reads in part, “…The actual value of residential real property shall be determined solely by consideration of the market approach to appraisal.”

Mountain Home in Colorado.
Mountain Home in Colorado.

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Calculating Your Assessed Value

& Estimated Taxes

$150,000 (Market Value)  x  .0720 (Current Residential Assessment Rate)  = 

$10,800 (Assessed Value)

then:

$10,800 (Assessed Value)  x  .054454 (Mill Rate)  =  $588.10 (Estimated Taxes Due)

Understanding Your Residential Value

In Colorado, Real Property is reassessed every-other year (odd-numbered years). The following intervening year (even-numbered) the value remains the same unless a change has been made affecting the value or use of the property.

In May of re-appraisal years, a Notice of Valuation (NOV) is mailed to ALL property owners. This is NOT a tax bill! The purpose of the NOV is to notify you of any change in your property valuation and inform you of your right to appeal the new value.

“Improvement” is the terminology used by the Department 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.

Single Family Residential Market Value Change Map

Open Map in PDF
Open Map in PDF

Questions?

Contact us for additional information at:

El Paso County Assessor’s Office
1675 West Garden of the Gods Road
Suite 2300
Colorado Springs, CO 80907
(719) 520-6600