Tuesday, May 21, 2013

Challenging Your Assessed Value for Tax Purposes

2013 is a reappraisal year for Colorado assessors. What does that mean?

-You will receive a new assessor’s value on your property by May 1, 2013. The new assessor’s
value reflects:
   i. How the property physically existed as of January 1, 2013.
   ii. The appraisal valuation date is June 30, 2012.
   iii. The value is developed using sales from 1/1/2011-6/30/2012 (Could go back further in time depending upon county).

How do I know if I should protest?
-Remember you cannot protest your taxes only your value!

-What do you think the property was worth as of June 30, 2012?
   i. If your opinion of value is less than the assessor’s value then you should consider protesting.
   ii. You must be able to support that value using sales comparables from 1/1/2011-6/30/2012.

-Make sure you look at time trending those sales as they go back further in time from the 6/30/2012 appraisal date. You may also support a change in value if the assessor does not have your property characteristics correct. Example: assessor says you have a four-bedroom and you only have three-bedrooms.

What is the timeline for me to protest?
-May 1 - May 30
   i. Online (depending upon the county)
   ii. Fax (depending upon the county)
   iii. In-person (depending upon the county)
   iv. Mail (depending upon the county)

When will I hear back from the county?
-The assessor will make a decision and mail a Notice of Determination to you before the last working day in August.

What are my options if I don’t agree with the county’s determination?
-You can file a written appeal with the County Board of Equalization (CBOE) on or before September 15, 2013.