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 full report confirming there is no compliance issue indicated for Summit County is provided here.
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2023 Tax Notices (Payable in 2024)
The County Treasurer is responsible for mailing tax bills and collection of taxes. In Colorado, property taxes are paid in arrears and notices are sent to the owner on record as of January 1st of the year in which they become due.
Intervening year (2024)
2024 is an intervening year. The same data collection period that was used for the 2023 reappraisal year is used to set values in the 2024 intervening year. Most properties do not change value from a reappraisal year to an intervening year. However, properties with new construction, remodels or additions, change in the use of the land, installation of on-site improvements, or other changes to the property will receive a new value in the intervening year. Additionally, if errors or data corrections were discovered, the property will receive a new value, reflecting those corrections.
Colorado Statute requires anyone who owns a business or rents out their furnished residential property on a short- or long-term basis to declare their business equipment or residential rental furnishings/equipment.
The Assessor's Office will send a declaration to any newly purchased property, or business. The Declaration is either a pink, green, or yellow form that you will receive and must be filled out. These declarations are sent in February and are due by April 15th. The threshold for Personal property taxes is: $52,000 combined depreciated value of Taxable Property.
If you are below the threshold to be taxed for personal property, you will not receive a bill for your items. These items are separate from your Real Estate and will be considered individually.
Your declaration will have all items previously reported. If the list is accurate and up to date, there is a checkbox for 'No Changes' on the reverse side, above the signature box.
Declarations must be signed to be considered complete.
For information regarding what is, and is not personal property, please refer to this webpage: https://www.summitcountyco.gov/391/Personal-Property-Valuation
Senate Bill 23B-001
This bill, passed during the November 17th Special Session, makes adjustments to the already enacted House Bill 22-238. These changes are as follows:
- Residential assessment rate reduced to 6.7 percent.
- $55,000 reduction to actual value on residential properties for 2023 only.1
- All other changes enacted within HB 22-238 will remain the same.
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:
$15,000(altered by SB 23B-001) reduction to actual value on residential properties (includes residential vacant land)
- $30,000 reduction to actual value on commercial improved properties
- Residential assessment rate changed to
6.765%(altered by SB 23B-001) from 6.95%
- Commercial and vacant land assessment rate changed to 27.9% from 29%
1 "Or the amount that causes the valuation for assessment of the property to be to $1,000."
2023 Property Taxes become Due and Payable in 2024
The County Treasurer is responsible for mailing tax bills and collection of taxes. In Colorado, property taxes are paid in arrears and notices are sent to the owner of record as of January 1st of the year in which they become due. The example below shows the calculation of tax estimate for a residential property valued at $1,000,000, pursuant to SB 23B-001.
Actual Value Minus Reduction = Reduced Actual Value
$1,000,000 - $55,000 = $945,000 2023 Actual Value
Reduced Actual Value X Residential Assessment Rate = Assessed Value
$945,000 X 0.067 (6.7%) = $63,315 Assessed Value
Assessed Value X Mill Levy = Tax Amount (paid in arrears)
$63,315 x 0.057128 (for 2022 mill levy of 57.128) = $3,617.06 tax estimate
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.