Calculating Property Taxes

How are my taxes calculated?

In the State of Colorado

  • residential properties are assessed at 7.2%
  • vacant, agricultural, and commercial land is assessed at 29%

This means that if a particular property is residential, and does in fact have a livable residence on the property, the property owner will be taxed on 7.2% (.072) of the full actual value.


The following formula is used to calculate the amount of taxes due:

(Actual Value x Assessment Rate) x Mill levy = Property Taxes Due

For example: ($100,000 x .072) x .100 = $720.00 (your actual mill levy will vary)

The actual value of each property in Phillips County is estimated by the Assessor’s Office.

The mill levies are set each year by the taxing authorities that benefit from the taxes:

  • School districts

  • Phillips County

  • Cities and towns

  • Other special districts

  • Fire and water districts

The districts, which levy taxes on your property, are listed on your tax bill. You may also be subject to special assessments which will be reflected on your tax bill.