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Calculating Property Taxes

CALCULATING PROPERTY TAXES

How are my taxes calculated?

In the State of Colorado

  • residential properties are assessed at 2 different rates: Non School 6.25% and Schools at 7.05% for tax year 2025.
  • vacant, agricultural, and commercial land is assessed at 25 to 29% depending on type of property 

This means that if a particular property is taxed on that percentage of the full actual value.

calculator

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

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

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.