2015 brings with it the semi-annual property tax re-appraisal. All property owners should receive a Notice of Valuation in the mail by May 1st from the county in which they own property. Taking into account the market activity over the past two years, it is unlikely your property valuation will be going down. The Colorado Division of Property Taxation is estimating that the average increase for residential properties statewide for 2015 will be +14.3% above the 2013/2014 valuations. The Denver area county estimates are:
Adams County +20.0% – Arapahoe County +23.0% – Broomfield County +15.0% – Denver County +18.0% – Douglas County +20.0% – Jefferson County +8.5%.
Keep in mind those are county wide averages, which means some of the “hotter” sub-markets could be facing sticker shock with even higher property valuation increases.
Homeowners have the right to appeal their 2015 property valuation, but that appeal needs to be timely (appeals must be filed no later than June 1, 2015) and based on actual sales data for comparable properties (“comps”) that sold and closed during the 24 month allowable time period from July 1, 2012 through June 30, 2014. Your county assessor’s office should provide you with the comps and sales data they used in determining their valuation of your property…and you should review that data to make sure those comps accurately reflect the characteristics of your property.
If after reviewing the county assessor’s data, you feel that the county’s 2015 valuation does not reflect the correct value for your property, one of our brokers would be glad to review your 2015 property valuation and provide you with other sold property comps, if available, that might reflect a more accurate valuation for your property. Based on that information, you can then decide if an appeal of your 2015 property valuation is warranted.
Please don’t hesitate to contact Generator Real Estate regarding your 2015 property tax valuation, or with any other real estate questions you might have.
Bob Durack – Managing Broker