Taxes
So where exactly do your tax dollars go?
Summit County Government represents about 1/3 of the property taxes collected.
When people pay their property taxes, on average, only 33 cents (1/3) of every property tax dollar collected by the County actually stays with the county. The other 67 cents (2/3rds) is distributed to the cities, schools and other special districts.
Of that 1/3, the County distributes about 2/3 of those funds to support the ballot initiatives approved by voters such as mental health, open space, wildfire, public facilities, childcare, housing, and more.
How are my property taxes calculated?
Property Value * Assessment Rate * Mill Levy = Property Taxes
Example Calculation before SB23B-001:
$1,000,000 * 6.765% * 77.547(.001) =
$5,246.05
Example Calculation after SB23B-001:
[$1,000,000 - $55,000] * 6.7% * 77.547(.001) = $4,909.89
Read about the changes from SB23B-001 on our Next Steps page.
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Value:
This is assigned by the Assessor's Office and is determined by analyzing market sales of properties similar to yours.
Assessment Rate:
This is set by the Colorado State Legislature and varies according to property type like commercial, residential, agricultural, vacant land, etc.
Mill Levy:
There are over 40 tax areas in Summit County, and each area includes multiple taxing entities. Each taxing entity sets their own mill, and the total mill levy for a property is the sum of all the taxing entities within a tax area.
Property Taxes:
The total amount of money that is paid directly to Summit County Government’s Treasurer who then distributes payments to other local governments and special districts to support the public programs and services they provide in Summit County.
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In the state of Colorado, all properties are assigned an assessment rate based on the type of use of the property - for example residential, commercial, agricultural, or oil and gas. The assessment rate is used to determine the "Assessed Value" of a property, and is the figure reported to taxing entities for their budgeting and mill levy certification.
In 2020, Colorado voters repealed the variable assessment rate requirement of the Gallagher amendment. Assessment rates for all classes of property are now established solely through statute by the State Legislature.
Since then, the legislature has adjusted the assessment rates for many types of property, in all cases lowering the rate:
Senate Bill 21-293 lowered the assessment rate for multiple property types and created a second assessment rate for residential property that is classified as multi-family.
Senate Bill 22-238 reduced the Residential Assessment Rate (RAR) in 2022 and 2023 by small amounts and provided for a temporary reduction in the actual values of residential and commercial properties.
6.95% in Tax Year 2022 (Payable 2023)
6.765% in Tax Year 2023 (Payable 2024)
Senate Bill 23-303 sends Proposition HH to the voters in November. This proposition did not pass. It included:
Reducing the RAR from 6.765% to 6.7%
Increasing the temporary residential value reduction from $15,000 to $50,000
Use TABOR surplus to backfill some of the funding local districts would lose based on reduced assessment rates and values
Everyone would get an equal TABOR refund
Read more about Proposition HH at the Colorado Sun
Senate Bill 23B-001 was passed by the State Legislature during a special session in November. It includes
Reducing the RAR from 6.765% to 6.7%
Increasing the temporary residential value reduction from $15,000 to $55,000
Revenues are likely to increase. So, what will the County do “with all that money?”
While revenues are likely to increase, the County’s obligations and expenses to serve the County have also increased due to inflationary and labor pressure, especially for capital-intensive projects such as housing and childcare centers that were planned several years ago.
Your property taxes contribute to the funding and budget for many public services, including Summit County Government, Summit School District, the fire districts, water districts, metropolitan districts and others.
Your annual tax bill includes a breakdown the taxing entities for the tax area in which your property is located, the mill levy (or tax rate) that each collects, and the corresponding dollar amount. You can view a PDF of your tax bill by searching your name, address, or schedule number through eNotices.
