What determines value for tax purposes?

By law, your property is appraised at “fair market value” as it exists on January 1. The state’s definition: “Fair market value means the amount in terms of money that a well informed buyer is justified in paying and a well informed seller is justified in accepting for property in an open and competitive market, assuming that the parties are acting without undue compulsion.”

Additional information can be found on the Appraiser's Office website:  http://appraiser.jocogov.org/general/realestate.