DOLA Submits Final CO Residential Property Tax Assessment Rate Study to Governor, Legislators
Denver, CO – April 17, 2017 – Today the Department of Local Affairs’ (DOLA) Division of Property Taxation submitted the final findings of the Colorado Residential Assessment Rate Study to Governor John Hickenlooper, the Colorado General Assembly and the State Board of Equalization. This information is based on updated property valuation estimates for 2017 supplied to the Division of Property Taxation by the sixty-four county assessors of the state. This assessment rate is the percentage of market value against which a residential property’s taxes will be calculated for 2017 and 2018.
The final Residential Assessment Rate recommendation was calculated using a revised methodology to determine the Target Percentage. This revision was necessary due to unique circumstances regarding oil and gas valuation and volume that occurred in 2015-2016. The revision implemented a two-step process to determine adjustments to the Target Percentage due to either new construction or increased volume of minerals and oil and gas.
This study is required under Colorado Statute, § 39-1-104.2(6) C.R.S., and is produced biannually under the supervision of the State’s Property Tax Administrator, JoAnn Groff.
To read the complete document, visit: http://bit.ly/2oPJpCZ