All businesses in Colorado pay a property tax on real and personal property. The assessment rate is currently 29%. This rate is then multiplied by the mill rate to calculate actual taxes.
A business with a $300,000 real property value and a $10,000 personal property value would multiply these values by 29%, and then multiply this rate by the mill levy (roughly 70 mills in 2018).
$310,000 x 29% x .070 = $6,293 taxes due
The residential assessment rate in Colorado is 7.15%. Montrose County, Montrose Fire Protection District, Montrose Library District, Montrose County School District, Montrose Recreation District, and other taxing entities all levy a property tax. The City of Montrose does not levy or collect any property taxes.
The county treasurer oversees property tax collection in Montrose County.
The City of Montrose derives over 70% of its revenues from sales and use tax and does not collect any property taxes. It is a home-rule city and therefore collects its own sales, use, and excise taxes.
State and Montrose County sales taxes are remitted to the Department of Revenue at the State of Colorado.
Current Sales Tax Rates
- 3.30% - City (0.3% collected on behalf of the Montrose Recreation District)
- 1.75% - Montrose County
- 2.9% - State
- 7.95% - Total
The state website has more information about business taxation in Colorado.