The taxable value (assessed value) of your property is a percentage of its actual value. For 2022-2023, those percentages are as follows:
Type of Property
|
| Assessment Rate
|
---|
| Tax Year 2022
| Tax Year 2023
|
Non-residential | Hotels, motels and B&Bs - 'lodging properties'
| 29%
| 27.9%
|
Renewable Energy Production | 26.4% (returns to 29% in 2024) | 26.4%
|
Agricultural Property | 26.4% (returns to 29% in 2024) | 26.4%
|
Commercial, Vacant, Industry | 29% | 27.9%
|
Oil & Gas | 87.5% | 87.5%
|
Residential | Multi-family housing (i.e. apartments) | 6.80% | 6.765%
|
All other residential property | 6.95% | 6.765%
|
The State Legislature is responsible for setting these percentages.
Follow these simple steps to compute your taxes:
1. Actual Value X Assessment Rate = Assessed Value
2. Assessed Value X Mill Levy = Estimated Taxes
OR Actual Value X Assessment Rate X Mill Levy = Estimated Taxes
For Instance: The Actual Value of your improved residential property in the Town of Telluride is: $400,000. The residential assessment rate is x .0695. So, your Assessed Value is: $27,800. The Mill Levy of your Tax Area is: x .044604. So, your estimated taxes are: $1,239.99.