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Colorado has an effective property tax rate of 0.49%, producing an average annual bill of $2,017. The US national average is 1.07% — Colorado's rate is well below, placing it at rank #7 out of 50 states (rank 1 = lowest).
Colorado assesses residential property at 6.765% of actual value (as of 2024, lowered via TABOR rebates). Commercial property is assessed at 27.9%. The actual value is set by county assessors every two years.
The Senior Property Tax Exemption freezes 50% of a senior's property value for tax purposes for homeowners age 65+ who have lived in the property for 10+ years. The exemption is suspended when state revenues are insufficient.
Property values are reassessed every odd year. TABOR (Taxpayer's Bill of Rights) limits revenue growth and has periodically forced assessment ratio reductions.
Colorado's low assessment ratio masks the impact of skyrocketing home values. Even at 0.49%, a Denver home worth $700,000 generates a $3,430 annual tax bill.
The median home value in Colorado is $540,000. Denver metro and mountain communities saw extreme appreciation 2020-2022 (30-40%), followed by cooling in 2023. Colorado Springs remains relatively more affordable. At the 0.49% effective rate, a homeowner at the median value pays roughly $2,017/year in property taxes.
Data: Tax Foundation (2024), US Census Bureau ACS 2023, Zillow, ATTOM Data Solutions. Updated 2024–2025. Figures reflect state averages — consult a licensed professional for personalized advice.
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