How are Colorado Springs property taxes assessed?

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For those of you that have investment properties in Colorado Springs, how are property taxes assessed?  Are they based on the purchase price of the property?  I'm just trying to determine if the property taxes on a particular property I'm analyzing would increase following my purchase.  Thank you in advance.

I am an investor in Colorado Springs.  Property taxes are assessed every two years.  On the tax statement there is an “assessed value” which the assessor gives your property. This is not the sales dollar amount or market value.  On my properties the assessed value is usually 80-110k less than market.  Property tax in Colorado Springs is relatively low.  On two on my properties I pay less than $1000 for the year.  Let me know if you have other questions.  


@Paul Lee - I think the passage of the Gallagher amendment will also be impacting taxes in Colorado Springs, Denver (all of Colorado actually) around 2022. They estimate it will double the taxes, which shouldn't be that big of a deal since I think we have the 47th lowest property tax rate. In the future at the higher rate, it'll be closer to $3-4500K/year for most people in Denver and Colorado Springs. More info on Gallagher here: https://buildingabettercolorad... 

State wide, the taxing system is the same where residential property taxes are determined by the taxing authorities mill levy. I see that you're in Denver, so that piece is the same as Denver. 

El Paso County has a pretty good breakdown of the local mill levies for the area where your property is located. For your particular property, you can look up the total mill and how it breaks down.

Chances are the taxes won't go up significantly in the near future, but as Erin mentioned, the Gallagher amendment is a bit of a wild-card.