Colorado Springs New Home Buyer FAQ: Property Taxes

A community is made up of a lot more than houses and neighborhoods. The real heart of a community is made up of the people that live within it. And, though it is the people that make our Colorado Springs communities special, it is the peoples’ tax dollars that make it functional, safe, and comfortable. Many of our tax dollars go toward supporting community infrastructure in the form of:

  • Roads and bridges and their accessoriescolorado-springs-property-tax-resized-600
  • Schools and parks
  • Water works and Utilities,
  • Libraries and other community services
  • Safety resources like the police and fire stations, the emergency agencies like EMTs and ambulances
  • Governmental bodies and related agencies.

In this regard, we support our communities in various ways, including the revenue from the property taxes. This is generally referred to as a Mill Levy, “The assessed property tax rate used by local governments and other jurisdictions to raise revenue in order to cover annual expenses,” as offered by Investopedia.

The amount calculated is dependent upon a community’s needs and internal tax structure. As a consequence, different municipalities and counties will have different Mill Levies. It might be interesting if not prudent to research a county’s property tax rate when looking at investing in a housing development. According to a recent USA Today article, Colorado generally has a medium tax rate comparatively.

Here, for example, are the calculating percentages and dollar equivalences for a house listed at the approximate value of $355.000 in Cordera’s Master Planned Community:

Property Tax Example

2012 Property Tax: $2,565

TAX CATEGORIES:

%

$

EL PASO COUNTY

0.007333

$208.40

EPC ROAD & BRIDGE SHARE

0.000165

$4.69

CITY OF COLORADO SPRINGS

0.004279

$121.61

EPC-COLORADO SPGS ROAD & BRIDGE SHARE

0.000165

$4.69

ACADEMY SCHOOL NO. 20

0.060216

$1,711.34

PIKES PEAK LIBRARY

0.004000

$113.68

SOUTHEASTERN COLO. WTR.CONSERVANCY

0.000944

$26.83

CITY OF CS BRIARGATE GEN.IMP.DIST.

0.012000

$341.04

BLACK FOREST FIRE DIST.(OPS)

0.001164

$33.08

Annual Total

0.090266

$2,565.36

   Approx. $355,000 home in Cordera (market value)

*Tax prices vary on specific homes and lots. This data is subject to change on a daily basis. Please call the El Paso County Assessor’s Office at 719-520-6666 to obtain specific and updated tax amounts. The chart above helps to illustrate how the combined weight of citizens’ property tax dollars can add up; creating a substantial source of revenue necessary to keeping communities up and running. This chart is specifically reflective of the Cordera Master Planned Community. It is important to note that other community’s and development’s line items like those illustrated above will vary from location to location – even if just across the street. Many communities include what is referred to as “metro district” property taxes within their boundaries. This revenue typically finances items that may include utility and water management, landscaping, recreation facilities, trails and parks within a community. At Cordera, we do not incorporate metro district taxes. Instead, the developer funds these parts of the community rather than charging the costs back to the residents through their property taxes. (Just one more great reason to live in our community!)

Not many people are willing to declare a love for paying taxes, but money acquired through Mill Levies serves Colorado Springs communities by making our schools better, our roads safer, and much, much more.