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.