If your property value has increased, that does not automatically mean that your property tax will go up by the same percentage. THE ASSESSOR DOES NOT SET PROPERTY TAXES OR MILL LEVIES. Property taxes are a result of assessed value running against the mill levies. The mill levies are established by the taxing districts at the end of each calendar year, based on the revenue needed to fund their annual budget. While there are constraints within the Colorado Constitution and Statutes to prohibit excess taxation, the responsibility lies with the taxpayer to attend the annual meetings of these taxing districts and ensure the expenses within the budgets are reasonable and necessary. Tax districts are political subdivisions of the state, subject to all of Colorado's open government laws, and are required to publish the dates of their meetings and provide financial statements at the public's request.