TAXES

would be reduced to 6.7% from 6.765% in 2023, for taxes owed in 2024, and to 6.7% from 6.976% for taxes owed in 2025. e 6.7% rate would remain unchanged through the 2032 tax year, for taxes owed in 2033.

• In addition to the assessment rate cuts, residential property owners would get to exempt the rst $50,000 of their home’s value from taxation for the 2023 tax year, a $10,000 increase made through an amendment adopted Monday. Residential property owners would then get to exempt $40,000 of their homes’ values from taxation for the 2024 tax year. e break would persist until the 2032 tax year, except for people’s second or subsequent single-family homes, like rental or vacation properties, which would stop being subject to that bene t in the 2025 tax year.

Here’s how it work for commercial property:

• For commercial properties, the assessment rate would be reduced to 27.85% through 2026, down from 29%. e state would be required to evaluate economic conditions to determine if the rate reduction should continue. If the rate reductions persist, the commercial assessment rate would be reduced to 27.65% in 2027, 26.9% in 2029 and 25.9% starting in 2031.

• For agricultural properties and properties used for renewable energy, the assessment rate would be reduced to 26.4% from 29% through the 2032 tax year. For properties that fall under both classi cations, such as those used for agrivoltaics, the rate would be cut to 21.9%.

Property taxes in Colorado are calculated by multiplying the statewide assessment rate by the value of a property — sometimes referred to as a market value — as determined by a county assessor. at number is then multiplied by the local mill levy rate.

(A mill is a $1 payment on every $1,000 of assessed value. So in order to gure out what your tax bill is you should multiply your mill levy rate by 0.001 and then multiply that number by the product of multiplying your property’s value by the statewide assessment rate. at’s how much you owe.)