What is the difference between actual value and assessed value?

The assessor determines the actual (market) value for all real and personal property. Then a percentage (assessment rate) is multiplied by the actual value to determine the assessed value. In Colorado property that is classified residential is currently assessed at 6.95% of the actual value for the property. Agricultural is 26.40% and all other Agricultural Business is 29%. Commercial Renewable Energy and Commercial Renewable Personal Property is 26.40 and all other commercial property is 29.

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1. How is the value determined on my property?
2. How often is property revalued?
3. What is the difference between actual value and assessed value?
4. How are property taxes calculated?
5. Why don’t all properties increase or decrease by the same percentage?
6. Who sets the mill levy?
7. Can you appeal your property taxes to the Assessor?
8. If I do not agree with the actual value, what steps should I take?
9. I’m not sure if I should appeal or not. How can I find out the sales prices of the properties in my neighborhood for the 24-month period prior to June 30, 2020?
10. What is the Property Tax Exemption for Seniors?
11. How are Parcel numbers assigned?
12. What do the codes mean on the parcel report?