Assuming the mill levies are the same, it’s because of the assessment ratio. As discussed above, the assessment ratio for improved residential property has decreased to 7.15% for 2019. Under the Colorado Constitution and Statutes, commercial property has been and will be assessed at 29% of actual value. In other words, for tax year 2020, the portion of a commercial property’s value that is taxable is estimated to remain over three times the portion of an improved residential property’s value that is taxable. This inequity is part of the Colorado Constitution and can only be changed by a vote of the people.