Property Tax Assessment
Property taxes are an important part of owning a home in Colorado Springs. Understanding assessments, tax rates, and long-term ownership costs can help buyers and homeowners plan more confidently.
What Homeowners Should Know
Property tax assessments are typically based on market value, property characteristics, local tax rates, and neighborhood trends. Changes in home values or property improvements may affect future assessments and annual ownership costs.
Understanding how assessments work can help buyers better prepare for long-term budgeting and financial planning.
Assessment Timeline and Market Impact
A line chart showing home values from January 2023 through today, peaking at the January 2024 assessment date around $515k, then declining 5-10% to current values near $465k.
Assessment timeline & market impact
The assessment period captured values during the market peak, explaining higher valuations.
Current values are approximately 5–10% lower than assessed values.
How your property tax is calculated:
How your property tax is calculated: formula cards and example savings scenarios bar chart.
Actual Value × Assessment Rate (6.765%) × Mill Levy ÷ 1000 = Annual Tax
Actual Value
Market value determined by Assessor
$500,000
Assessment Rate
Residential rate set by state
6.765% = $33,835
Mill Levy
Set by local taxing entities
80 mills = $2,706 annual tax
Example savings scenarios
Based on 6.765% assessment rate and 80 mill levy
Note: Actual savings depend on your property's mill levy rate, which varies by location and taxing district.
Property Tax Questions
Property taxes are generally based on the assessed value of a property and the local tax rate established by county or municipal authorities.
Yes. Changes in market value, neighborhood growth, or property improvements may affect future tax assessments.
Yes. Tax rates and assessment structures can vary depending on the neighborhood, district, and local municipality.
In many cases, lenders include estimated property taxes as part of monthly mortgage escrow payments.
In some situations, homeowners may be able to review or appeal assessed values if they believe the assessment is inaccurate.
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