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In Colorado, property is valued using the three approaches to value: the market approach, the cost approach, and the income approach. However, there are exceptions. Residential real property is valued by the market approach only and agricultural and natural resource land use a production based valuation procedure.
The data used to apply the various approaches to value are gathered during specific data collection periods as described in statute. Only information from those time frames can be used to determine the level of value.
Property taxes are not calculated on the ''full actual value'' as determined by the assessor. Instead, an assessment percentage is applied according to the classification of the property. 39-1-104(1) and (1.5), C.R.S. Residential property is assessed at a percentage of the actual value; currently, this percentage is 7.96% while most other property is assessed at 29%.