After the taxing body has determined its tax requirements, it divides that amount by the assessed value of taxable property as determined by the Assessor. The result is called the mill levy. Ad valorem taxes means according to value. Land and improvements are considered real property. There is another class of property, personal property, which is assessed under certain conditions.
Personal property includes household furniture, carpets, drapes and appliances.
Such property is subject to property tax only if it is used to produce income, such as a furnished rental property. Commercial and industrial accounts make up the majority of personal property value, such as oil and gas pumping equipment and movable manufacturing machinery. Those sales indicate the market conditions in various parts of Weld County, and the market value of specific types of properties. Five years of sales activity are analyzed for those types of properties that are few in number or of an unusual nature. For most nonresidential property, we consider comparable sales information, construction costs, depreciation, and the income approach to value.