Brace yourself for your property tax valuation and learn how to navigate
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In the Metro Denver area, property tax assessments have either hit your mailbox or will be hitting your mailbox any day and the increase of your Property Valuation will take you by surprise.
The good news about our real estate market in the last couple years is that property values increased. The bad news and downside of property value increases is that increased values equate to increased tax assessment valuations. Denver County saw a median price increase of 33% and surrounding counties had increases of up to 47%. The bottom line is that these increases result in higher property taxes.
The other factor affecting the assessments is that in 2020 voters in Colorado repealed the Gallagher Amendment which had automatically reduced reassessed values. Voters repealed this amendment in an effort to better fund local services and to reduce property tax for businesses.
As many of you are aware, the property tax assessment valuations are not a bill; they are the value that the county assessor will use to calculate your tax bill which will arrive early January 2024. However, you have the right to protest the valuation which will ultimately affect your tax bill. Included in the paperwork from the Assessor’s office is the information you need to appeal.
If you file an appeal, you need some new information that the assessor does not have regarding your property. Some information that you might include is:
Your property has not been remodeled like the comparables that the assessor used or, that you have a lot of deferred maintenance. You may send pictures with your appeal.
If you have an appraisal that was done during the January 1, 2021 and June 30, 2022 period, you can submit that as proof of third-party value.
There is a deadline for filing an appeal so make sure that you are aware of the date. The deadline date will be in the appeal information. Please contact us if you need assistance or have any questions.
There is some potential good news. Governor Polis and members of the Democratic majorities in the state Senate and House are proposing a reduction of $40,000 off the valuations that according to the Denver Post, “steer total property taxes owed, reduce the overall residential assessment rate and expand and enhance the senior homestead exemption, among other changes”. Colorado voters will likely vote on this policy in November.
Bottom line, please contact John or Susan if you have any questions about your valuations.