Summit County Assessor's Office
The Assessor’s Office is charged with discovering, listing, classifying and assessing all property within Summit County, and must follow state laws when meeting these responsibilities. The Assessor’s goal is equalization of property values, which causes the burden of taxes to be distributed fairly and equitably between property owners. Every odd-numbered year, all properties in Colorado, including Summit County, are reappraised.
Every reappraisal, the state contracts a 3rd party Audit service to inspect the quality of our valuations and ensure compliance with state standards on statistical compliance. The preliminary analysis report confirming there is no compliance issue indicated for Summit County is provided in an effort to be transparent. Click here for the full report.
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House Bill 22-238
Since the Gallagher Amendment was repealed in November 2020, the State Legislature has been setting the assessment rates that determine what percent of Actual Value your property tax will be based on. The current bill in place, HB22-238, provides for:
2023 Value Reductions to Actual Value
- $15,000 for residential properties (includes residential vacant land), and
- $30,000 for commercial improved properties.
Statewide Assessment Rates Decreased for Property Tax Year 2023
- Residential assessment rate changed to 6.765% from 6.95%.
- Commercial and vacant land assessment rate changed to 27.9% from 29%.
Senate Bill 23-303 and Proposition HH
2023 Property Taxes are Calculated and Payable in 2024
The County Treasurer is responsible for mailing tax bills and collection of taxes. You will receive a tax bill from the Treasurer each year in January for the taxes due for the previous year. Property Taxes are sent to the owner of record, as of January 1st of the year in which they become due. The example below shows how property taxes are calculated for a residential property, in which the residential assessment rate is 6.765% in 2023.
Actual Value X State Assessment Rate (6.765%) = Assessed Value
Example: A property worth $1,000,000 will have an assessed of value of $67,650.
Assessed Value X Mill Levy rate = Tax Amount (paid in arrears)
Example (Cont.): The property is located in Smith's Ranch, which in 2022 had a Mills/Tax levy rate of 57.138 (Mathematically 0.057138). The Assessed Value of $67,650 x 0.057128 = ~$3,865.38 tax amount.
Did You Know?
Colorado is the only state that utilizes an assessment rate in addition to mill levy rates in the calculation of property taxes.