At Tuesday’s Board of County Commissioners’ (BOCC) meeting, County Assessor, Tom Weydert, presented reports on the 2019 property revaluations. The property notices had been sent out on May 1, 2019.
In Colorado, all property is revalued every odd numbered year. For the 2019 revaluation, the Assessor utilized market sales that occurred from July 1, 2016 through June 30, 2018 and real property was valued as it existed on January 1, 2019. The tax notice sent in January 2020 will be based on the revalued amount.
The appraisal sale data used to establish real property value was from the 18-month period ending June 30, 2018. If data was insufficient during that period, the Assessor may also use data from a 5-year period ending June 30, 2018. State statute prohibits the use of appraisal sale data after June 30, 2018.
An assessment percentage is applied to the actual value of property before property taxes are calculated. The 2017-2018 assessment percentage for improved residential properties was 7.2%. The 2019 assessment percentage for improved residential properties has not yet been determined by the Colorado legislature. Generally, almost all other property, including vacant land, is assessed at 29%.
Appeals of the new valuations were due by June 1, and, according to the reports Weydert presented to the commissioners, a total of 1,635 property owners filed appeals. 720 of the valuations had been adjusted, and, 911 had been denied. By now, appellants should have received a Notice of Determination from the Assessor, which were sent out June 30th.
According to the Assessor’s page on the county website, “If you disagree with the Assessor’s determination, or if you do not receive a Notice of Determination from the Assessor, you must file a written appeal with the County Board of Equalization on or before July 15th.”
The Board of County Commissioners acts as the Board of Equalization and hearings will be conducted at meetings following the July 15th deadline.