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All property, real and personal, located in the State of Colorado on the assessment date, January 1, is taxable unless expressly exempted by the Constitution or state statutes. Article X, Section 3, Colorado Constitution, and 39-1-102 (16), C.R.S. In Colorado, property is valued using the three approaches to value: the market approach, the cost approach, and the income approach. However, there are exceptions. Residential real property is valued by the market approach only and agricultural and natural resource land use a production based valuation procedure. The data used to apply the various approaches to value are gathered during specific data collection periods as described in statute. Only information from those time frames can be used to determine the level of value. Property taxes are not calculated on the ''full actual value'' as determined by the assessor. Instead, an assessment percentage is applied according to the classification of the property. 39-1-104(1) and (1.5), C.R.S. The current assessment rate for property that is classified residential is 6.95% of the market value (the actual value for residential properties). The assessment rate for multi-family (apartments) is 6.80% , vacant land is 29%, agricultural is 26.40%, lodging (hotels, motels, B&B's) is 26.40%, commercial and personal property, is 29% of actual value.