🏡 Understanding the 2025 Property Valuation Process in El Paso County, CO

If you’re a homeowner in El Paso County, Colorado, you may have received or are expecting your updated property valuation. These reappraisals can feel overwhelming, especially with recent law changes and shifting market dynamics—but I'm here to break it all down for you.

🔍 How Values Are Determined

Colorado law mandates that all real property, including land and buildings, be reappraised every odd-numbered year for taxation. That means 2025 is a reappraisal year, and the new values are based on sales occurring between July 1, 2022 and June 30, 2024.

To determine your property’s value, the assessor's office uses one or more of the three accepted approaches:

1. Sales Comparison Approach – The most common method, comparing your home to recent, similar property sales.

2. Cost Approach – Considers the cost to replace the structure, minus depreciation.

3. Income Approach – Used mostly for rental/investment properties, based on the income they produce.

🧾 Assessment Cycle & Annual Audit

There are over 290,000 properties in El Paso County, and they are reviewed as part of a mass appraisal process every two years. The Notice of Valuation (NOV) is sent each May to inform homeowners of any increase or decrease and outline appeal rights.

Each county is audited annually for compliance and accuracy. In 2024, El Paso County’s residential property audit showed:

• A median sales ratio of 1.035 (meaning the assessor’s value is close to market value)

• A coefficient of dispersion of 13.4% (a measure of appraisal uniformity)

• And a note that El Paso County was in compliance with audit standards.

💸 How Are Property Taxes Calculated?

Here’s the formula under current law:

• Residential assessment rate: Two parts now—6.25% for local government and 7.05% for schools

• Actual Value x Assessment Rate x Mill Levy = Taxes

Example:
If your home is valued at $475,000:

• The school portion would use an adjusted value (less exemptions), multiply by 7.05%, and then the school mill levy (40.605) to find the tax owed.

• The local government portion would use the 6.25% assessment rate and 18.691 mill levy.

The total tax bill would be a combination of both.

📆 Important Dates

• Assessment Period: July 1, 2022 – June 30, 2024

• Appeals Window: May 1 – June 8 (June 9 in 2025)

• After-Tax Appeal (Abatement): Petitions must be filed by 12/31/2026 for the 2024 tax year.

📌 Reminder: You can appeal a valuation if you believe it's incorrect by using recent sales data, appraisals, or photos to support your claim.

🎯 Bottom Line for Homeowners

If you’ve received your NOV, now is the time to carefully review your property’s value. Understanding the process empowers you to appeal if necessary and prepare for changes in your 2025 property tax bill.

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