How do property taxes work in Colorado Springs and El Paso County?
Short answer: Your bill is the county's estimate of what your home is worth, converted to an assessed value by a state-set rate, then multiplied by the combined mill levies of every taxing district you live in. The El Paso County Assessor sets the value. The Assessor does not set the rates. Taxes are billed a year behind, and you can pay in halves or all at once.
The formula
Three numbers produce your bill, and they come from three different places.
- Actual value. What the El Paso County Assessor estimates your property is worth. This is the only number the Assessor controls.
- Assessed value. A percentage of actual value, set by the state legislature, not the county.
- Mill levy. The combined tax rate of every district that serves your property. One mill equals $1 of tax for every $1,000 of assessed value.
Assessed value times the mill levy equals the tax. The Assessor's office is direct about the division of labor: it studies the market and estimates value, and it has no control over tax rates. Taxing authorities — school districts, the city, the county, fire and park districts, metro districts — set those.
The 2026 assessment rates, and why there are two
Colorado now applies two different residential rates to the same home, a change that came out of SB24-233 and the 2024 special-session bill HB24B-1001.
For 2026 in El Paso County:
- School district levies: 7.05% of full actual value.
- All other local government levies: 6.8%, applied after subtracting 10% of your home's actual value, capped at a $70,000 reduction.
- Commercial is assessed at 25% and vacant land at 26%.
The subtraction on the local-government side is why your effective rate is lower than either headline number, and why the break is proportionally larger on a less expensive home.
A worked example. The mill levies below are illustrative only — look yours up on the Treasurer's mill levy table, because they vary significantly by address.
Take a home with an actual value of $560,000.
| Step | School portion | Local government portion |
|---|---|---|
| Actual value | $560,000 | $560,000 |
| Value subtraction | none | −$56,000 (10%, under the $70,000 cap) |
| Rate | 7.05% | 6.8% |
| Assessed value | $39,480 | $34,272 |
| Illustrative levy | 45 mills | 35 mills |
| Tax | $1,776.60 | $1,199.52 |
Total: about $2,976 for the year. Change the levy and that number moves a great deal, which is the whole point of looking yours up rather than assuming a county average applies to your street.
Where your value comes from
Colorado reappraises on a two-year cycle, in odd-numbered years. So 2025 values are in effect for tax year 2026, with a base year of 2023, and the data-gathering period the Assessor used was the 18 months from January 1, 2023 through June 30, 2024, as required by state statute.
That lag matters. Your 2026 value reflects a market window that closed in mid-2024, not what your home would sell for today. In a reappraisal year, Notices of Valuation go out shortly after May 1. In intervening even-numbered years, only properties that have changed get one.
If your value looks wrong, there's a defined appeal process with a short window. That's its own question: How do I appeal my property assessment in El Paso County?
Where your mill levy comes from
Mill levies are certified by the taxing authorities in mid-December, and the Treasurer publishes the full table. Two homes a mile apart can sit in different school districts, different fire districts, and different metro districts, and the combined levy can differ meaningfully as a result. That is the single biggest reason two similarly priced Colorado Springs homes carry different tax bills, and it is worth understanding before you compare two houses on price alone. See How can two similarly priced Colorado Springs homes have very different property taxes? and What is a metro district, and how can it affect my monthly housing cost?
When you pay, and what happens if you're late
Colorado collects property taxes a year in arrears. The lien attaches to the property on January 1 of the tax year and becomes payable on January 1 of the following year. The lien follows the property, not the owner.
The Assessor certifies the tax warrant to the Treasurer by January 10, and statements are statutorily mailed by January 28. Your options:
- Two halves: first half by the last day of February, second half by June 15.
- One payment: the full amount by April 30.
- Bills of $25 or less must be paid in one payment.
If a deadline lands on a weekend or holiday, it rolls to the next business day. Late payments accrue interest at 1% per month, and the Treasurer publishes a month-by-month interest table. Most owners never think about these dates because a mortgage servicer pays from escrow, but if you own free and clear, or you just paid off your loan, the responsibility is yours and a missed statement is not an excuse under state law.
Why the number on a listing often isn't your number
This is where I spend the most time with clients, because the tax figure attached to a property is historical data about the previous owner, not a forecast for you.
New construction. If you're building, your assessment may be based only on the land and not the house yet. The house gets picked up on the next assessment date, and the bill that follows is much larger. We don't want our clients surprised by that, so it's something to plan for rather than discover.
A seller with an exemption. If the current owner qualifies for the senior or disabled veteran exemption, their bill reflects a reduced taxable value. That exemption belongs to them, not to the house. When the home sells, it goes away, and the new owner's bill is higher than the figure that was published.
Metro districts. What I look at on any property is the current tax bill, and then, if it's in a metro district, how much that adds. Sometimes there's a trade-off between a metro district and no homeowners association fee, but that's entirely location dependent — it's a comparison to run on the two specific homes in front of you, not a rule.
Reassessment. In a reappraisal year the value can move even though nothing about your house changed.
The reliable move is to stop relying on the public figure. Ask the Assessor's office directly whether an exemption is on the account, and get the Certificate of Taxes Due that the Treasurer issues through your title company, which shows the actual current status for that property.
Exemptions and deferrals
Three exemptions work the same way: 50% of the first $200,000 of actual value is exempt from taxation, and the state reimburses the county for the lost revenue. They apply to one primary residence only, and you cannot stack the senior and veteran exemptions on the same property.
| Program | Who qualifies | Deadline |
|---|---|---|
| Senior (homestead) exemption | 65 or older as of January 1; owned the home at least 10 consecutive years; occupied it as a primary residence at least 10 consecutive years. Surviving spouses may qualify. | July 15 |
| Disabled veteran exemption | A service-connected disability rated 100% permanent and total, or individual unemployability status; owned and occupied since January 1. | July 1 |
| Gold Star spouse exemption | Surviving spouses of Gold Star veterans, under Amendment E. | July 1 |
Two things people get wrong. The deadlines are different — July 15 for seniors, July 1 for veterans — and funding is not permanent. The legislature can decline to fund these exemptions in a tight budget year. The Assessor's office reports funding has been reinstated for tax year 2026 payable in 2027 and that both exemptions continue for 2026 without change, but that is worth re-checking each year. If you think you qualify and the program isn't funded, the Assessor encourages applying anyway so you're in the system when funding returns.
There is also a deferral program for seniors and active-duty military, which the County Treasurer administers again as of the 2025 collection cycle. A deferral is a loan against the property, not forgiveness — the taxes still get repaid.
If you're helping a parent think through a move, the exemption is part of that math: see How do I choose an agent to help a parent downsize or sell a longtime Colorado Springs home?
How this shows up at closing
Colorado's standard contract makes tax proration a decision, not an automatic calculation. Section 16.1.1 of the Contract to Buy and Sell Real Estate (Residential) lets the parties prorate based on either the taxes for the calendar year immediately preceding closing, or the most recent mill levy and most recent assessed or actual valuation. It then says the proration is adjusted by any applicable qualifying seniors exemption or qualifying disabled veteran exemption.
In plain terms: which box gets checked decides who absorbs the difference when last year's taxes and this year's reality don't match. On a home where the seller had an exemption, or where a reassessment has landed since the last bill, that's real money. It is a conversation to have while writing the offer, not at the closing table.
The title company pulls the Certificate of Taxes Due that the proration is built from. See What does a title company do when you buy or sell a home in Colorado Springs?
What could change the answer
- Legislation. Assessment rates have changed repeatedly since the Gallagher Amendment was repealed in 2020, and the current structure came from two bills in 2024. Verify current rates rather than relying on an article, including this one.
- Exemption funding. The General Assembly can suspend funding for the senior and veteran exemptions.
- A reappraisal year. Odd-numbered years bring new values countywide.
- Where in the county you are. Mill levies differ by district, and metro districts can add substantially.
- New construction or an addition. Improvements get picked up at the next assessment date.
- A successful appeal. That changes your value, and with it your bill.
When to talk with a professional
The El Paso County Assessor's office at (719) 520-6600 answers questions about value, classification, and exemptions, and the Treasurer's office at (719) 520-7900 handles billing, payment, and Certificates of Taxes Due. Those are the authorities, and both are more useful than any third-party website. For how property taxes interact with your income taxes or a decision about keeping a property, that's a CPA question. I'm a real estate professional, not a tax advisor — what I can do is make sure the tax picture on a specific home is accurate before you commit to it.
If you're comparing two Colorado Springs homes and the tax figures don't look comparable, let's look at the actual numbers together. Checking the current bill, the district, and whether an exemption is about to disappear takes a few minutes and occasionally changes which house makes sense.
About the author
Weldon Hobbs is a Colorado Springs REALTOR® and co-founder of Team Hobbs Realty. He is a member of The Platinum Group, REALTORS®, Colorado Springs' #1 independent brokerage, which pairs deep local expertise with premium marketing exposure. A U.S. Air Force Academy graduate and retired Air Force veteran, he and his family made more than 10 military moves. Since 2006, he and his wife, Kristen, have bought and sold their own homes, managed a portfolio of rental properties, and guided others through their own real estate decisions. He has also helped both family members and clients downsize, where the decisions are often complex and the process can feel overwhelming. Drawing on his background as a PMP® (Project Management Professional), he helps people break those decisions into clear, manageable steps.
Since beginning his real estate career, he has ranked in the top 7% by sales volume among the more than 4,000 members of the Pikes Peak Association of REALTORS®. He works with military families, seniors and downsizing clients, luxury and premium home sellers, and people relocating to Colorado Springs. He developed the Life → Wealth → Real Estate™ method, hosts the national YouTube channel Life & Real Estate Without Regret, and holds an MBA along with the SRES® (Seniors Real Estate Specialist®), MRP (Military Relocation Professional), and Certified Financial Coach credentials. More about Weldon
Sources
- El Paso County Assessor, Abstract of Assessment & Understanding Your Value (2026 assessment rates; the Assessor does not set levies). assessor.elpasoco.com
- El Paso County Assessor, Appeals Process & Notice of Valuation (two-year reappraisal cycle; 2025 values for tax year 2026; base year 2023; 18-month data period per § 39-1-104(12.3)(a), C.R.S.; Notices of Valuation after May 1). assessor.elpasoco.com
- El Paso County Assessor, Senior Property Tax Exemptions (qualifications, July 15 deadline, funding reinstated for tax year 2026 payable 2027). assessor.elpasoco.com
- El Paso County Assessor, Disabled Military Exemption (100% permanent disability or individual unemployability; owner-occupied since January 1). assessor.elpasoco.com
- El Paso County Treasurer, Important Dates and General Questions (arrears collection, January 10 warrant, January 28 statements, February/June 15/April 30 deadlines, 1% monthly interest). treasurer.elpasoco.com
- El Paso County Treasurer, Property Tax Statement Explanation (lien attaches January 1 and follows the property; actual and taxable value; late-payment interest table). treasurer.elpasoco.com
- El Paso County Treasurer, Mill Levies (annual certified levies by taxing authority). treasurer.elpasoco.com
- Colorado Division of Property Taxation, Residential School Assessment Rate (2026 school rate of 7.05%). dpt.colorado.gov
- Colorado General Assembly, SB24-233, Property Tax, and HB24B-1001 (split assessment rates and the 10%-of-value subtraction capped at $70,000). leg.colorado.gov
- Colorado Real Estate Commission, Contract to Buy and Sell Real Estate (Residential) (CBS1), § 16.1.1 (tax proration options and exemption adjustment), mandatory use January 1, 2026. dre.colorado.gov