How does the Assessor establish value?
All property, real and personal, located in the State of Colorado on the assessment date, January 1, is taxable unless expressly exempted by the Constitution or state statutes. Article X, Section 3, Colorado Constitution, and 39-1-102 (16), C.R.S. Most property in Colorado is valued using the three approaches to value: the market approach, the cost approach, and the income approach. The exceptions to the three approaches include residential real property (market only), agricultural land, and natural resource land (special valuation procedures based on productivity and production). The market, cost, and income data that county assessors use to apply the appropriate approaches to value is collected during specific periods prescribed by statute and represent a certain ”level of value”. Property taxes are not calculated on the ”full actual value” as determined by the assessor. Instead, an assessment percentage is applied according to the classification of the property. 39-1-104(1) and
All property, real and personal, located in the State of Colorado, on the assessment date January 1st, is taxable unless expressly exempted by the Constitution or state statutes. Article X, Section 3, Colorado Constitution, and 39-1-102 (16), C.R.S. Most property in Colorado is valued using the three approaches to value: the market approach, the cost approach and the income approach. The exceptions to the three approaches include residential real property (market only), agricultural land and natural resource land (special valuation procedures based on productivity and production). The market, cost and income data that county assessors use to apply the appropriate approaches to value is collected during specific periods prescribed by statute and represent a certain ”level of value.” Property taxes are not calculated on the ”full actual value” as determined by the assessor. Instead, an assessment percentage is applied according to the classification of the property, per 39-1-104(1) a
