How Property Taxes are Determined

Property taxes are calculated by multiplying the assessed value of your property by the tax rate. The tax rate and mill levy are two different methods of expressing the same information. A tax rate is expressed as a percentage, whereas a mill levy is expressed in mills (1 mill = $1 of property tax for every $1,000 of assessed value). 

For more information and the most recent mill levies, see Taxing Districts and Authorities.

Assessed values are derived by multiplying the actual value of the property by the assessment rate, after applying any applicable adjustments (i.e., for senior/veteran exemptions). Beginning in tax year 2025, state legislation establishes a separate residential assessment rate for school districts and all other taxing authorities. Final assessment rates for 2025 will depend on statewide growth in value; however, an example calculation using the projected rates as of May 2025 is shown below.

For 2023-2025 assessment rates for all property types and additional information, see here.

Calculating 2025 Property Taxes (Residential Property)

First, calculate the assessed value for school districts and for other local governments: 

Actual Value x School District Rate = School District Assessed Value

Actual Value x Local Government Rate = Local Government Assessed Value

Then, multiply by the appropriate mill levies, divided by 1000, to find the taxes owed for school districts and for local governments. Sum these values to get your final tax bill:

School District Assessed Value x School District Levy / 1000 = School District Taxes

Local Government Assessed Value x Other Levies / 1000 = Local Government Taxes

School District Taxes + Local Government Taxes = Total Tax Bill

For example: Take a residential home located in tax district 100 with an actual value of $100,000. The projected residential assessment rates are 7.05% for school districts and 6.25% for local governments. Multiplying by these rates gives us assessed values of:

$100,000 x 7.05% = $7,050 for school districts

$100,000 x 6.25% = $6,250 for other local governments

Because final mill levies are not set until December of each year, we use the previous year's levies to estimate a final tax bill. The total 2024 mill levy for the tax district 100 was 51.575, with a levy of 28.081 for the RE1J (Gunnison) School District. This gives us a local government mill levy of 51.575 - 28.081 = 23.494. Therefore, this home's final tax bill can be calculated as:

($7,050 x 28.081 / 1000) = $197.97 in school district taxes

($6,250 x 23.494 / 1000) = $146.84 in local government taxes

$197.97 + $146.84 = $344.81 total tax bill

Paying Property Taxes

The county treasurer is responsible for mailing and collecting the property taxes. Each year, the treasurer sends the property tax bills to taxpayers after January 1. You can pay your property taxes online here.

For more information on your tax bill or paying your taxes contact the Treasurer’s Office at 970-641-2231.