Property tax revenues supports public schools, county governments, special districts, municipal governments, libraries and other taxing entities. All of the revenue generated by property taxes stays within Pueblo county.
The Pueblo County Assessor is responsible for classifying and valuing all property in the county in accordance with state laws. The assessor will establish a properties value. The first step is to examine the county as a whole, and then down to the neighborhood in which your home is, and then they will find similar properties in that neighborhood to compare. Ranchers with basements are compared to ranchers with basements, bi-level homes are compared to bi-level homes and so on.
NOTICE OF VALUATION
Real Property Notices of Valuation are mailed by May 1st of each year. Personal Property Notices of Valuation are mailed by June 15th of each year. The notices list the location, classification, the characteristics germane to value, and the actual value of the property for both the prior and current years. House Bill 22-1416 also requires an estimate of taxes or a range of estimated taxes.
Property tax bills, reflecting the taxes due for the preceding year, are mailed as soon after January 1 as possible. The first half of the payment is due by February 28, the second half is due by June 15.
ACTUAL VALUE OF YOUR HOME
Residential property is valued using only the market approach to value. In this approach, the value of the your home is based on an analysis of comparable sales. For tax years 2022, the comparable properties must have sold between January 1, 2020 and June 30, 2021. However, if insufficient data existed during that timeframe, data from each preceding six-month period (up to a period of five years preceding June 30, 2021) may be utilized. Taxes are paid in arrears, which means the taxes you pay in 2023 are for the valuation figure determined in 2022. In 2020, Pueblo county’s median sale price rose 13.2% and in 2021 the median sale price rose 20.8%. Your tax assessment is likely to rise.
Property taxes are reassessed every 2 years (usually in odd years). Personal property is revalued every year.
For property that is classified as single family residential, the current assessment rate for Colorado is 6.95%. SB21-93 Property Tax Classification and Assessment rates passed in 2021 allowed for a reduction in the rate from 7.15% for taxes in 2022 and 2023. Somewhat a little reprieve from past years assessment figures.
Unless you own your Pueblo home outright, more than likely your property taxes are paid for by your lender. Of course part of your monthly mortgage payment includes the tax portion you owe and is paid for by your lender.
ASSESSED VALUE AND ACTUAL VALUE
On the notice (pictured above), note your Actual Value. This is the value that the Assessor says your home is worth. This figure does not mean your home would sell for that price if you went to sell it today. The actual value of your home could be more or less. Remember this value is determined by sales over the past 18 months.
The assessed value on your tax notice is then reduced by a percentage from the actual value. This is accomplished by factoring in the mill levy.
WHAT IS A MILL LEVY
The mill levy is a property tax. It is applied to a property based on it’s assessed value. The rate is expressed in mills and is equal to one dollar per $1,000 of assessed value.
Here is a simplified explanation of how the mill levy is reached. There are several taxing authorities within each district, schools, local governments, water districts, etc. Let’s say for example, the entire property value in a given area is $500 million dollars and the school district needs $50 million in revenue to operate, the county needs $10 million dollars and the city needs $50 million dollars. The tax levy for the school district would be $50 million divided by $500 million or 0.10. The tax levy for the county would be $10 million divided by $500 million or 0.05 and the city levy would be $50 million divided by $500 million or 0.10. Add up all the levies and the mill levy would be 0.25.
HOW TO CALCULATE YOUR PUEBLO PROPERTY TAX
To calculate your property tax, the actual value is multiplied by the assessment rate (currently 6.95%) to determine your assessed value.
In the picture illustrated above.
Actual Value is $387,255 x 6.95% equals $26,916. This is then your assessed value.
The assessed value is then multiplied by the mill levy (99.018 or .09018 in the example above ).
Assessed Value $26,916 x .09018 (mill levy) equals $2,665.18
As shown above the tax calculation has three parts. The Actual Value comes from the Assessor. The Assessment Rate is set annually by the State Legislature. Tax rates are set each year by taxing authorities as reflected in the mill levy.
Senior citizens, persons with disabilities, and members of the National Guard and Reserves who are called into active military service may be eligible for the following tax relief programs:
▪ Property Tax/Rent/Heat Rebate
▪ Property Tax Deferral
▪ Property Tax Work-Off Program
▪ Senior Citizen Property Tax Exemption
▪ Disabled Veteran Property Tax Exemptio
CAN I PROTEST MY TAXES
2023 is a reappraisal year in the State of Colorado.
The protest period for 2023 valuations will begin May 1st of this year and will continue for the entire month of May and first week of June. You can protest your valuation at that time. A protest is not a complaint about higher taxes. It is an attempt to prove that the estimated market value placed on your property is either inaccurate or unfair.
In Person, Phone or Fax: May 1, 2023 – June 8, 2023
By Mail: Must be postmarked by June 8, 2023
For more information contact the Pueblo County Assessor’s office at Assessor