Property Tax Assessment

Understand how property taxes may impact your homeownership costs.

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

Several factors can influence your property taxes.

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.

  • 01

    Market conditions may affect assessed value
  • 02

    Property improvements can influence taxes
  • 03

    Tax rates vary depending on location
  • 04

    Assessments may change over time
  • 05

    Planning ahead helps avoid surprises
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Assessment Timeline and Market Impact

Home value history

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

Home values peaked around $515,000 at the January 2024 assessment date and have since declined approximately 5-10% to around $465,000.

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:

Property tax calculator

How your property tax is calculated: formula cards and example savings scenarios bar chart.

Formula

Actual Value × Assessment Rate (6.765%) × Mill Levy ÷ 1000 = Annual Tax

1

Actual Value

Market value determined by Assessor

$500,000

2

Assessment Rate

Residential rate set by state

6.765% = $33,835

3

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

Annual tax savings: $25k reduction = ~$135; $50k = ~$270; $75k = ~$405; $100k = ~$541.

Note: Actual savings depend on your property's mill levy rate, which varies by location and taxing district.

Property Tax Questions

Frequently Asked 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.