If you haven’t yet received information about your new property tax bill, then you might want to brace yourself for what you’ll find in the mailbox. Since property values have skyrocketed in the past couple of years, your property taxes are likely to have too. This is good news for the government, but bad news for you.
In case you weren’t aware, every two years the Boulder County Assessor’s Office re-evaluates the value of your home and adjusts the property taxes you owe accordingly. They can only use comparable sales for the tax assessment from similar homes over the previous 24 months, in this case between mid-2012 and mid-2014. You may consider yourself lucky that they don’t go up to the minute as the largest increase in property values that happened after June of last year.
According to the Daily Camera “people don’t question it” – but you should. The assessor’s office deals with a lot of homes in a short period and they sometimes have incorrect information. You will want to review your notice carefully to make sure your property record is correct if it’s not then you can appeal.
1. Comparable properties are valued differently to yours
2. The Property Record is incorrect
- You have one bath, not two
- You have a carport, not a garage
- Your home has 1,600 square feet, not 2,000
QUICK GUIDE TO THE PROCESS OF APPEALING
1. Review the sales the County used to compare your property here using the schedule and PIN located in your “2015 REAL PROPERTY VALUATION INSIDE” sealed postcard. Click on the link that says “View your Notice of Valuation”.
2. Provide evidence that your property value is incorrect by including alternative comparable sales as follows:
- Find your specific Market Area code in which your home is located on this map.
- Download all sales in your Market Area here. These will reflect the 24 months between July 1, 2012, through June 30, 2014, which is the required time frame to determine your value for the 2015 reappraisal. You will notice there is a column labeled “Sales Price,” which was the actual sales price, and then the “Time Adjust Sales Price,” which is an adjustment of sales prices within this study period to the end of the data period of June 30, 2014. These are the prices you should be using for comparison.
- Sort the data based on the categories you feel are most appropriate, for example, Land SF, then Above Grade SF, etc. Determine which properties are most comparable.
3. Go back to the link in #1 above and re-enter your account number and pin if needed.
4. Click on the link at the bottom of the page that says “Appeal your property value online” and complete the form as directed including the following:
- What you think the correct value is
- Up to three sales to replace those used by the County
- Your written explanation as to why you disagree with the current valuation
Still have questions? We’re glad to help at 8030 Realty. Call one of our knowledgeable experts today!
Remember, you have until June 1, 2015, to file. The countdown is on, so get to it! The countdown is on, so get to it!