By Loretta Huff
While Loretta is a member of the Citizens' Budget Advisory Committee (CBAC), these articles reflect Loretta's personal understanding and do not represent positions of the CBAC.
The last several articles have looked at a bit of the detail regarding the Sales and Use Tax revenues for the General Fund. Now, we will look at Property Tax which is forecast to provide 21.66% ($9,400,000 of $43,402,253) of the General Fund revenue in 2025.
This article will cover the basics. The Jefferson County Assessors’ website provides a wealth of information about property taxes including the ability to search for an individual property, an explanation of the property valuation process, how to appeal your valuation, and FAQs.
Property tax is calculated by multiplying the “actual value” of a property by an assessment rate and then by the mill levy.
Property Taxes Due = Actual Value x Assessment Rate x Mill Levy
Actual Value: Actual values for properties are determined by the county assessor’s office. “State law requires every county in Colorado to revalue property every two years.” Jefferson County’s Assessor revalued properties in 2023 based on values as of June 30, 2022. Median single-family (detached and attached) residential value in Golden increased by 34.3%, while commercial properties in Golden increased 20% (Source: Assessor press release, 4/26/2023). These increased values were used for calculating 2023 and 2024 taxes that were due in 2024 and 2025.
The Assessor revalued properties again in 2025 based on values as of June 30, 2024. Values for median single-family (detached and attached) residential values increased an average of 2% for Jefferson County and 6.9% for Golden (Source: Assessor press release, 4/28/2025) The new values will impact property tax calculations in 2025 and 2026, payable in 2026 and 2027. Colorado Senate Bill 23-304 impacted how assessments are done and how appeals are handled. Also per the Assessor’s press release, “people who think the Assessor’s office overvalued their property have the right to file an appeal up until June 9, 2025.”
Assessment Rate: This rate is determined by the state legislature. It varies by type of property. Starting in 2019, the residential assessment rate was 7.15% and the rate for many types of commercial properties was 29%. These rates were modified by five different state bills in 2022, 2023, and 2024.
Mill Levy: One mill equals one dollar in taxes per $1,000 of the assessed property value. The mill levy is dependent on the location of a property. It can include levies for many things, such as school districts, county government, city government, sanitation districts, commercial districts, fire departments, recreation districts, and flood prevention.
To summarize,
- Actual Value is determined by the county assessor
- Assessment Rate is determined by the state legislature.
- Mill Levy is a compilation of levies from various sources, including municipalities like Golden.
