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Property Tax Appeals THE WHO, WHAT, WHEN, WHERE, WHY, and HOW of appealing your property valuation.Who can protest? Property owners (owners according to assessor's records) or an authorized agent may protest a property valuation. If you want someone else to protest your property value, you must give written permission. What is a Notice of Valuation and what do I do when I get it? The Notice of Valuation is not a tax bill; however, it does reflect the value that will be used to calculate your taxes next January. Review the property value indicated on the notice. You may want to ask the question: "Could I sell my property for the value assigned by the assessor?" If the answer is yes, the value may not need adjusted and you may decide to do nothing. If you feel the value is too high, you may want to file a protest with the assessor's office. If you decide to file a protest, you need to do two things. First, call the assessor's office and make an appointment to review your value with an appraiser. **************************************************************************************************** OWNERS WITH APPOINTMENTS WILL BE TAKEN FIRST: IF YOU DON'T HAVE AN APPOINTMENT, YOU MAY HAVE TO WAIT UNTIL A TIME-SLOT IS AVAILABLE. **************************************************************************************************** Second, begin gathering sales data to determine the market value for your property. Even if you think the value is correct, you are welcome to make an appointment to review your property record card with an appraiser. When do I file a protest? For real property (land and buildings) protest period begins the first working day after Notices of Valuation (NOVs) are mailed. NOVs are usually mailed by the end of April so that we can start taking appointments around May 1. Protest period for Personal Property (business equipment) begins June 15. How do I file a protest? You may fill out the form on the back of the NOV, write a letter, or call to make an appointment with an appraiser. The appraiser will run a report that lists properties that sold within our data gathering period that are similar to your property. Your property value will be compared to the sold properties. We will also verify the property characteristics with you to be sure that our records are correct. If the "comps" indicate your value is incorrect, we can make an adjustment. If you disagree with our value and/or our comparable properties, then it is most helpful if you can provide us with sales data that you think is more comparable than ours. You may also want to submit a recent appraisal of the property. We will review your information and advise you of our decision in writing. You should receive your Notice of Determination sometime before June 30. If you disagree with our decision, you may file an appeal with the County Board of Equalization (county commissioners) before July 15. The county board will listen to your appeal and advise you in writing of their decision sometime before August 12. The County Board of Equalization's decision may be appealed to district court, the State Board of Assessment Appeals or you may request binding arbitration. Why is this important? Your tax bill is calculated based on the value assigned by the assessor's office. Our job is to make sure valuations are correct so that everyone pays their fair share of tax. If an error in your valuation is discovered, we will correct the error for the current year and, if applicable, can refund any overage you've paid for the prior tax year. How are values determined? Values for 2009 and 2010, are determined from data gathered on properties that sold between January 1, 2007 through June 30, 2008. The sales are then analyzed to see if values have gone up or down over time. If values have been affected by time, a time-trend adjustment must be calculated. Residential property is valued solely on the market approach or sales comparison approach to value. Vacant land sales are used to determine land values and sales of improved properties are used to determine building values. Commercial properties are valued using three approaches to value: the cost, market and income approaches. Agricultural properties are valued solely on the productive capability of the land. Additional information on the other approaches to valuing property can be obtained from the assessor's office. Are values checked? An independent auditing firm hired by the Colorado Legislative Council reviews values set by each of the 64 county assessors. The auditor compares sales prices to values established by the assessor for each class of property within the county. In addition, the auditor reviews procedures used within the Assessor's Office and reviews all property values to ensure that properties that didn't sell within the time frame are treated in the same manner as sold properties. The auditor uses statistical measures to ensure that each assessor has complied with standards set by the State Board of Equalization. If the statistical measures are not within compliance standards, the county may have to revalue the class of property that does not meet the standards. How are taxes computed? The assessor's value is multiplied by an assessment rate to compute an assessed value. The assessment rate for residential property is 7.96% and the rate for most other property is 29%. For instance, agricultural land, ag outbuildings, vacant land, and commercial property are assessed at 29% of actual value. The assessed value is multiplied by the tax rate or mill levy to compute the taxes. To convert mills to a decimal equivalent, move the decimal point 3 places to the left. For Instance:
This information is provided by the Elbert County Assessor's Office. If you have any questions, please call us (303) 621-3101. Back to Assessor Office Back to Departments |
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