The County Assessor's office is mailing every property owner their new assessment. This is not new information as it happens every two years as set by Colorado state law. The significance of this year though is that property values have increased at a higher rate during the assessment time frame.
Please consider me a resource. If you do own property and need a quick opinion on the value of your home, call me and I would love to help you out. There is a lot involved with the assessor determining the value of your property, and most of the time they are accurate. If you don't believe their number is accurate, I have the resources and knowledge that might help you and we can discuss the difference between the assessed value, the appraised value, and a real estate broker's Price Opinion.
If you do not currently own a home and you would like to understand the value of home ownership, let's connect. The wealth that homeowners have the potential to accumulate versus putting money towards someone else's asset (renting) is one of the biggest rewards ownership offers.
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County Assessor's terms and how they assess value.
WHAT DOES THE ASSESSOR'S OFFICE DO? Discover, List, Classify, Value, Map, Reappraise, Answer Appeals, and Public assistance.
Taxable property is divided into two classes, real property and personal property.
Real property includes land and all buildings, structures, and improvements to the land.
Personal property is machinery and equipment, fixtures, furniture, and other items that are movable in nature and used by a business.
WHAT DOES THE ASSESSOR'S OFFICE NOT DO? ...does not set the tax rate, does not send tax bills, and does not collect taxes
TAXES: Tax rates and all tax entities within the county are set each year by their respective appointed boards or elected officials and are based on the revenue needed to fund programs and services.
The County Treasurer is responsible for sending tax bills and collecting and dispersing property taxes to each tax entity.
LEGAL LIMITATIONS ON PROPERTY TAX: The Gallagher Amendment to the Constitution was repealed by Colorado voters in 2020. Gallagher had required that during re-assessment periods, the assessment rate for residential property be adjusted, on a State-wide basis. Under Gallagher 45% of total property tax was paid by residential property and 55% was paid by all other property. Until 2022 The assessment rate for residential property was 7.15% and all other property was 29%.
For 2022 residential was lowered to 6.95%, multi-family to 6.80%, agricultural to 26.4% and vacant land, commercial remained at 29%.
For the 2023 reappraisal the residential rate will drop to 6.765%, vacant land and commercial property will drop to 27.9%.
TABOR AMENDMENT: The market approach to value is the only valuation approach that can be considered in estimating the value of residentially improved property. Vacant land value is determined based on comparable sales (market approach). Commercial property valuation is based on the cost, market or income approaches to value. Agricultural land valuation is based on the lands productive capacity (residential structures are valued with the market approach and agricultural buildings; barns and sheds, are valued using the cost or market approach). TABOR limits the amount of revenue the government can collect.
WHAT IS A MILL LEVY? Mill: A monetary unit equal to 1/1000 of a dollar, or 1.0 mill is equal to $1.00 for every $1,000 of assessed value. Levy: To impose or collect. Mill Levy Calculation is simple: Estimated Budget $500,000 Divided by Total Assessed Value of $7,692,300 = .0650 or 65.00 Mills
HOW ARE PROPERTY TAXES CALCULATED? Statute provides that the actual value is not the taxable value. Rather, the taxable value is a percentage of the actual value. The percentage is called an “assessment rate or ratio” and the resulting value is the assessed value. Note: To calculate the tax, move the decimal over 3 places to the left and multiply by the assessed value.
SPECIAL DISTRICTS AND TAXES. Special Districts in Colorado are local governments, i.e., political subdivisions of the state, which make up a third level of government in the United States. (The federal and state governments are the other two levels.) Local governments include counties, municipalities (cities and towns), school districts, and other types of government entities such as "authorities" and "special districts." Districts are created to fill the gaps that may exist in the services counties provide and the services the residents may desire. The majority of districts draw their boundaries in unincorporated county land, but residents of a municipality may be included in one or more districts. As political subdivisions of the State of Colorado, special districts are required to submit a number of required filings to various state agencies throughout the year. These filings are primarily financial, but also include election results, lists of boards of directors, and others.
WHAT ROLE DOES THE ASSESSOR PLAY IN YOUR TAXES? The County Assessor Certifies Value to Taxing Authorities Annually and transmits the calculated tax roll to the treasurer. Total property tax to be collected in 2024 for the 2023 re-appraisal is unknown at this time
ASSESSMENT DATE VS. APPRAISAL DATE: Notices of Value (NOV) are mailed May 1 every year. 2023 is a reappraisal year, all property will receive a Notice of Value (NOV).For the intervening year, 2024, only property that has changed, i.e. new construction, remodels, demolition or reclassification received notice. Sales Time Frame for 2023/2024: (Base Period) Jan. 1, 2021 – June 30, 2022. If insufficient Sales data, can go as far back as 5 years. Appraisal date June 30, 2022. The appraisal date and assessment date are different in Colorado. The assessment date is January 1 (12 noon) of each year. The assessment date determines how individual property is classified and valued for the next year, based on the past June 30 appraisal date.
EXEMPT PROPERTY: Property owned by public schools or subdivisions of the state, i.e. federal, state, county and municipal owned are automatically exempt from property taxation. Property used for charitable, private school or religious worship must apply for exemption with the state annually. Seniors and veterans can apply for partial exemption which is also granted by the state; 50% of up to $200,000 in total actual value is allowed for the exemption. The senior/veteran must have lived in the property 10 plus years.
IMPORTANT DEADLINES: The Assessor operates on a timetable established by law known as the assessment calendar. Some of the important dates with the Colorado Revised Statute (CRS) sites referenced which directly impact property owners are:
JANUARY 1: All taxable property is listed and valued based on its status as of this date. Property taxes for the prior year become due and payable. Taxes may be paid in full by April 30th or paid in two equal installments, the first installment is due by the last day in February and the second installment is due by June 15th.; Taxes are paid to the County Treasurer.
NO LATER THAN JANUARY 10TH: Assessor delivers tax warrant to treasurer.
BY JANUARY 31ST: The property Tax statement (tax bill) is mailed to property owners by the Mesa County Treasurer’s Office. The levies shown on the bill are provided by the taxing entities by December 15 the prior year.
FEBRUARY 28: First half of taxes must be received by County Treasurer (if paid in installments).
APRIL 15: The last date to return a list of all business personal property (equipment and furnishings) and oil and gas Declaration Schedules to avoid penalties. Property owner may request a 10 or 20 day extension for filing personal property schedule.
BY APRIL 30TH: Taxes must be received by County Treasurer (if paid in whole).
BY MAY 1ST: The Assessor mails a Notice of Valuation annually to real property owners along with an appeal form. The assessor also gives public notice to all taxpayers concerning their right to appeal the value placed on their property. Assessor mails senior citizen and disabled veteran exemption notices to residential real property owners.
MAY 1 - JUNE 8: Assessor hears protests to real property valuation.
JUNE 8TH IS THE LAST DAY TO FILE A PROTEST ON REAL PROPERTY VALUATION WITH THE COUNTY ASSESSOR
JUNE 15TH: Assessor mails a Notice of Valuation with an appeal form to owners of taxable personal property (business equipment). Taxpayer protests to Assessor for personal property begin. The Second half of Taxes must be received by County Treasurer (if paid in installments).
JUNE 30TH: Assessor mails two copies of their decision (Notice of Determination) for all real property protests. Last date to file a protest on Business Personal Property with County Assessor
JULY 1ST: Applications for disabled veteran’s exemptions are submitted to the Division of Veterans Affairs. Applications bearing a postmark of July 1 are considered timely filed.
JULY 10TH: Assessor mails two copies of their decision (Notice of Determination) for all personal property protests.
JULY 15TH: To appeal the Assessor’s Office decision regarding a real property valuation protest, the property owner mails a copy of the Assessor’s real property Notice of Determination to the County Board of Equalization. Appeals bearing postmark on or before July 15 constitute proper filing. The County Board of Equalization (CBOE) begins hearing appeals of real and personal property valuations. Senior Property Tax Exemption forms must be completed and returned to the Assessor. If you have already returned one to the Assessor’s Office you do not need to reapply.
JULY 20TH: Business Personal Property owner mails one copy of assessor’s personal property Notice of Determination to the County Board of Equalization. Appeals received or bearing postmark on or before July 20 constitute proper filing.
AUGUST 5TH: County Board of Equalization concludes hearings and renders decisions on real and personal property appeals. If Property Owner disagrees with County Board of Equalization (CBOE) decision the owner must file by the 30th day after postmark of the CBOE decision with the Board of Assessment Appeals, District Court, or Board of County Commissioners for Binding Arbitration. If Property Owner disagrees with County Board of Equalization (CBOE) decision the owner must file by the 30th day after postmark of the CBOE decision with the Board of Assessment Appeals, District Court, or Board of County Commissioners for Binding Arbitration.
AUGUST 15: Assessor mails denial notice to residential real property owners returning incomplete or non-qualifying applications for Senior Exemption or Veterans Exemption.
SEPTEMBER 1 TO OCTOBER 1: Board of County Commissioners begins hearing appeals for denial of senior citizen and disabled veterans exemptions.
APPEALS PROCESS: Go to your local county Assessor's office website to learn about the appeals process in that area.