In the State of Colorado, counties are required to revalue all real property every two years, and assessors mail homeowners a Notice of Value in early May. Property value is one part of a three-step equation to determine property taxes. The assessment rate, set by the state legislature, and the tax rate, determined by the county's taxing authorities, are the other core components affecting property taxes. Residents will not know what their property taxes will be until December of this year after the assessment and tax rates have been set.
Formula to determine tax amount: Actual value determined by Assessor's Office X Assessment Rate X Mill Levy = Tax Amount Due
For Example: $400,000 X 6.765% X 0.11011 = $2.979.58
For more information regarding your taxes or tax bill, please contact the Lake County Treasurer's Office.