Understanding Your Property Taxes

Understanding Your Property Taxes

Understanding your Colorado Springs property taxes

Will property taxes go up in 2017? Better yet, just how are property taxes calculated? Here, in Colorado Springs, the El Paso County Assessor re-evaluates the value of homes every two years. He starts with the current market value of the home. Market Value is based on the most recent comparable sales in the area.

Once market value is determined, he multiplies the current market value by 7.96%, which is the current assessment rate for all residential properties.   MARKET VALUE times 7.96% = ASSESSED VALUE.

Once the assessed value is determined, he multiplies that by the current mill levy for the area. And that result is your annual property tax.

The mill levy for your area is dependent on many factors including but not limited to the school district, fire district, water district, library district, your county, and city. These various taxing entities comprise the total mill levy for an area. Taxing entities in one area may be higher than another. For example, the taxes for School District 20 are higher than those of School District 11. Although, the school district is not the only taxing entity in an area, the example gives you some information regarding the various mill levies for El Paso County

You can appeal the assessed value of your Colorado Springs home, thereby possibly lowering your property taxes. If you choose to do so, remember the El Paso County Assessor will only consider comparable sales for a specific period. That period must fall within the Assessor’s specific collection dates. For this task, I recommend calling your Realtor. As a part of our ongoing service and commitment to you, we can easily provide those comps to help you through the process, just give me a call.

 

Archives

Homes for Sale in Colorado Springs, Colorado Springs Real Estate

Phone Number:

719.388.4000

Address:

Springs Homes
703 N. Tejon St. Suite E
Colorado Springs, CO 80903

Meet Springs Homes

There is nothing average about Springs Homes. Everything we do crackles with intention and intensity, because we believe that strategy always wins when employed by confident, knowledgeable and trustworthy agents.

We list and sell homes across the entire Pikes Peak region. Additionally, Springs Homes offers property management services. We work with a select few home builders in order to provide our clients with new construction options as well as resale opportunities.

Subscribe to our Quarterly Market Reports

Contact Us

We’ll get back to you as soon as possible