Colorado homeowners recently began receiving eye-popping notices in the mail from their county assessors with updated property valuations and new corresponding tax estimates.
The median increase in home values across the state was 40% since June 2020, the last time assessors determined property values.
Home values are one of three factors that determine property tax bills in Colorado, along with the statewide assessment rate, which is set by the legislature, and the local mill levy rate, which is set usually with voter approval, by school districts, fire districts and other local governments.
But the new property tax estimates homeowners received are almost certainly higher than what Coloradans will actually pay.
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