By Daniel Kovacs | Summit County Real Estate
How Property Taxes Work in Colorado
Colorado uses a two-step system to calculate property taxes. First, the county assessor determines your property's "actual value" based on recent comparable sales. Then that value is multiplied by the residential assessment rate (currently 6.7% for residential property) to get the "assessed value." Finally, the assessed value is multiplied by the local mill levy to determine your annual tax bill.
Here is a quick example. A home with an actual value of $800,000 would have an assessed value of $53,600 (800,000 x 0.067). With a mill levy of 75 mills, the annual property tax would be $4,020. That works out to about $335 per month, which is often lower than property taxes in comparable resort communities in Utah, Montana, or California.
Colorado reassesses residential properties every two years. The Summit County Assessor mails Notices of Valuation each May, giving homeowners time to review and contest the valuation before tax bills go out.
Mill Levy Rates Across Summit County
Your total mill levy depends on where your property sits. Each taxing district stacks its own levy on top of the county base rate. The main components include:
- County general fund: Covers county services, roads, and administration
- School district (Summit RE-1): One of the larger components, typically 25 to 35 mills
- Fire protection district: Varies by area (Red, White & Blue Fire is the primary district)
- Water and sanitation district: Depends on which utility serves your property
- Metropolitan/special districts: Some subdivisions carry additional metro district debt
In general terms, total mill levies in Summit County range from about 55 mills in Silverthorne and Dillon to 80-95 mills in Breckenridge. The difference matters. On a $1 million home, the gap between 55 and 90 mills translates to roughly $2,300 per year in additional taxes.
One thing to watch for: metro district bonds. Some newer developments carry extra mill levies (10 to 40 mills) to pay off infrastructure bonds. These can significantly increase your annual tax bill, so always ask about metro district obligations before buying. This is especially relevant when evaluating ski condos and townhomes, where metro district levies are more common in newer complexes.
Tax Payment Schedule and Deadlines
Summit County offers two payment options:
- Full payment: Due by April 30
- Split payment: First half due February 28, second half due June 15
Late payments accrue interest at 1% per month starting the day after the deadline. If taxes remain unpaid for three years, the county can initiate a tax lien sale. Most mortgage lenders collect property taxes monthly through escrow, so you may not handle payments directly.
You can pay online through the Summit County Treasurer's website, by mail, or in person at the Treasurer's office in Breckenridge. The online portal also lets you look up any property's tax history and current balance.
Tax Exemptions and Senior Benefits
Colorado offers several property tax exemptions that can reduce your bill:
- Senior homestead exemption: If you are 65 or older and have owned and occupied your home for at least 10 consecutive years, you can exempt 50% of the first $200,000 of your home's actual value. On a $600,000 home, this saves roughly $400 to $600 per year.
- Disabled veteran exemption: Veterans with a 100% permanent disability rating can exempt 50% of the first $200,000 of actual value.
- Agricultural land classification: Properties actively used for agriculture are assessed at a much lower rate than residential property.
Apply for exemptions through the Summit County Assessor's office. Deadlines are typically July 15 for the senior exemption. You need to reapply every two years during reassessment cycles.
If you are financing your purchase, understanding property taxes alongside your mortgage payment gives you a clearer picture of total monthly housing costs.
How to Protest Your Property Tax Assessment
If you believe your property's assessed value is too high, you have the right to protest. The process works like this:
- Step 1: Review your Notice of Valuation when it arrives in May. Check that the property details (square footage, bedrooms, lot size) are accurate.
- Step 2: Gather comparable sales data. Pull 3 to 5 recent sales of similar properties in your area that sold for less than your assessed value.
- Step 3: File a written protest with the Summit County Assessor by June 1. Include your comparable sales evidence and a clear explanation of why you believe the value is wrong.
- Step 4: The Assessor will review your protest and issue a decision, usually within 30 days.
- Step 5: If denied, you can appeal to the County Board of Equalization, and then to the State Board of Assessment Appeals if needed.
Protests are worth filing when you have solid comp data. The Assessor's office adjusts values in about 20% to 30% of protest cases. There is no cost to file, and your taxes cannot increase as a result of a protest.
Frequently Asked Questions
How much are property taxes on a $1 million home?
Roughly $4,000 to $6,500 per year depending on location. Silverthorne and Dillon tend to be on the lower end, while Breckenridge runs higher due to additional resort-area mill levies.
Can I appeal my assessment?
Yes. File a protest with the Summit County Assessor by June 1 after receiving your Notice of Valuation. You will need comparable sales data showing your property was overvalued.
Do tax rates differ between towns?
They do. Total mill levies range from about 55 mills in Silverthorne to 80-95 mills in Breckenridge. The county portion stays the same, but school district, fire district, and metro district levies vary by location.