What is the property tax rate in Colorado Springs?

Colorado Springs has one of the lower effective rates in the US, around 0.55% of market value. That low effective rate comes from Colorado's residential assessment ratio of about 6.7%, which taxes only a fraction of your home's value.

What is the residential assessment ratio?

Colorado does not tax full market value. The residential assessment rate (roughly 6.7%) is applied to market value to get assessed value, and the mill levy is charged on that smaller figure. This is why Colorado property taxes are comparatively low.

A mill is one-tenth of a cent, or $1 of tax per $1,000 of assessed value. Colorado Springs combined levies from the county, city, school district, and special districts total roughly 70 mills, applied to assessed value.

How is the tax calculated?

Market value times the assessment ratio gives assessed value. Assessed value times the mill levy (mills divided by 1,000) gives the annual tax. For a $450,000 home that is about $2,100 per year.

Does Colorado have a homestead exemption?

Colorado offers a senior and disabled veteran homestead exemption that exempts 50% of the first $200,000 of market value for qualifying owners. This estimator covers the standard calculation; apply with the county assessor if you qualify.

Colorado Springs Property Tax Estimator

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This estimator approximates annual property tax for a Colorado Springs home in El Paso County, using Colorado’s low residential assessment ratio and the local mill levy.

How it works

Colorado taxes only a fraction of market value. The residential assessment ratio (about 6.7%) produces assessed value, and the mill levy is charged on that:

assessed_value = market_value * 0.067
annual_tax     = assessed_value * (mill_levy / 1000)
effective_rate = annual_tax / market_value

A typical Colorado Springs combined levy is around 70 mills (county, city, school district, and special districts). The resulting effective rate on market value lands near 0.55%, among the lowest of major US cities.

Example

A $450,000 home has an assessed value of about $30,150 ($450,000 × 6.7%). At a 70-mill levy the annual tax is roughly $2,110, an effective rate of about 0.47% of market value.

Notes

Mill levies vary by exact location within the city and change yearly. Colorado’s assessment ratio is set by the legislature and has shifted in recent years, so confirm the current rate. Senior and disabled-veteran homestead exemptions can reduce the bill further.