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2
Property Taxes in Colorado Actual Values Local Mill Levy Assessment Rate Assessed Values
× =
Taxes Owed
× =
7.96% Residential* 29% Nonresidential
Assessed Values
*2016 Residential Assessment Rate
Property Taxes and Gallagher Amendment Property Taxes in Colorado - - PowerPoint PPT Presentation
Property Taxes and Gallagher Amendment Property Taxes in Colorado - - PowerPoint PPT Presentation
Property Taxes and Gallagher Amendment Property Taxes in Colorado Actual Values Assessment Assessed = Rate Values 7.96% Residential* 29% Nonresidential Assessed Taxes Local = Values Owed Mill Levy *2016 Residential Assessment
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SLIDE 3
3
Gallagher Amendment
Target Share
Residential 45%
Nonresidential 55%
Existing Homes + New Construction
Existing Nonresidential Property + New Construction + Productivity Changes
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Residential 75%
Nonresidential
25%
Market Value Target Share
Nonresidential 55%
Residential 45%
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Residential Market Value Residential Assessment Rate
%
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$0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000
2014 2015 2016p 2017f 2018f 2019f
Actual (Market) Values
The Colorado Property Tax Base
Source: Division of Property Taxation and Legislative Council Staff forecast. *Calculated as assessed values divided by an assumed 29 percent assessment rate.
Residential
Billions
Non-Residential
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$0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000
2014 2015 2016p 2017f 2018f 2019f
Actual (Market) Values
The Colorado Property Tax Base
Source: Division of Property Taxation and Legislative Council Staff forecast. *Calculated as assessed values divided by an assumed 29 percent assessment rate.
Residential
Billions
Non-Residential
Annual Non-Residential Growth = 2.0% Annual Residential Growth = 8.6%
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Assessed Values
Actual Values × Assessment Rate = Assessed Values
$0 $20 $40 $60 $80 $100 $120
2014 2015 2016p 2017f 2018f 2019f
Billions
Source: Division of Property Taxation and Legislative Council Staff forecast.
Residential Non-Residential 29% assessment rate 7.96% assessment rate
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Assessed Values
Actual Values × Assessment Rate = Assessed Values
$0 $20 $40 $60 $80 $100 $120
2014 2015 2016p 2017f 2018f 2019f
Billions
Source: Division of Property Taxation and Legislative Council Staff forecast.
Residential Non-Residential 29% assessment rate 7.96% assessment rate
Target Percentage
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$0 $20 $40 $60 $80 $100 $120
2014 2015 2016p 2017f 2018f 2019f
Assessed Values
with Required Residential Rate Reductions Billions
Source: Division of Property Taxation and Legislative Council Staff forecast.
Residential Non-Residential 29% assessment rate 6.85% 7.96% assessment rate 6.10%
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$0 $20 $40 $60 $80 $100 $120
2014 2015 2016p 2017f 2018f 2019f
Target Percentage
Assessed Values
with Required Residential Rate Reductions Billions
Source: Division of Property Taxation and Legislative Council Staff forecast.
Residential Non-Residential 29% assessment rate 6.85% 7.96% assessment rate 6.10%
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$0 $20 $40 $60 $80 $100 $120
2014 2015 2016p 2017f 2018f 2019f
Assessed Values
with Required Residential Rate Reductions Billions
Source: Division of Property Taxation and Legislative Council Staff forecast.
Residential Non-Residential 29% assessment rate 6.85% 7.96% assessment rate
- $7.42B
- $7.56B
- $13.77B
6.10%
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Change in Assessed Values by Region
Source: Legislative Council Staff forecast.
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Larson Silbaugh Senior Economist, Legislative Council Staff (303) 866-4720 Larson.silbaugh@state.co.us
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Residential Assessment Rates
Statutory vs. Calculated Years Rate in Law Calculated Rate
1983-86 21.00% 1987 18.00% 1988 16.00% 1989-90 15.00% 1991-92 14.34% 1993-94 12.86% 1995-96 10.36% 1997-98 9.74% 1999-00 9.74% 9.83% 2001-02 9.15% 2003-04 7.96% 2005-06 7.96% 8.71% 2007-08 7.96% 8.19% 2009-10 7.96% 8.85% 2011-12 7.96% 8.77% 2013-14 7.96% 9.13% 2015-16 7.96% 8.24%