Colorado real estate tax is imposed on personal business property and real estates. The personal business property includes properties like equipments, furniture, computers, shelving and others, which are used to generate income in business. The assessors of the counties in Colorado are entrusted with the duty of determining and calculating the value of property in Colorado. They assess the value of real property every odd year. The various assessing methods include the following:
Income method
Cost Method
Market Method
The Colorado property tax is calculated as a percentage of the actual value of property. The amount of property tax in Colorado is arrived at by making a product of the assessed value of property and the local property tax rate. After the first day of January, the county assessor mails the declaration schedule of property taxes to the taxpayer. The property tax bill is mailed and collected by the county treasurer.
If the amount of property tax is less than $10, an administrative fee amounting to $5 is added to the tax bill. All payments of property tax bills of Colorado of amounts less than $25 must be made within the 30th of April. Tax bill of amounts in excess of $25 can be paid in installments. In this case, the first installment must be paid within the last day of February and the remaining amount is to be paid by the 15th of June.
There are provisions of Colorado property tax rebate. These rebates are allowed to the handicapped, elderly or low-income group people. Form 104 PTC is to be filed to avail of such rebate options. The Colorado real estate tax varies due to the following alterations made to the property.
- Recasting, reconstruction and modernization activities
- Building rooms in an attic or basement
- Destroying or building new structures like storage sheds and garages
- Making changes or constructions which increase the construction space
