Every odd numbered year, real estate property owners in Colorado receive a Notice of Valuation from the County Assessor setting the new assessed value for commercial real property. This Notice of Valuation is sent to property owners approximately May 1. The valuation is based on sales, income and cost data between January 1, 2015 and June 30, 2016. Property characterized as residential, such a multi family and senior living, is based only on sales. Once determined, the Assessor applies the mill levy established later in the tax year to calculate your property tax. The Assessor usually must use this same real property value for property tax years 2017 and 2018.
With the upward trend in real estate values, we anticipate that the assessed value for many owners will increase substantially, resulting in an increase in property taxes owed.
Fortunately, you have the ability to contest this valuation and attempt to keep any property tax hike to a minimum. If you would like to contest your property’s valuation, the Property Tax attorneys at Spencer Fane can work with you to file a property tax protest. These protests are due June 1 of this year, so you will need to act quickly once you receive the Notice of Valuation.
As part of the process, we review the Assessor’s new valuation of your real property, perform a preliminary analysis of the economics of the real property, comparable properties, and the potential for any reduction. It is important that we receive the new Notice of Valuation as soon as possible to give us time to do the necessary analysis, provide our recommendation, and when appropriate, to formulate an effective protest.
Spencer Fane property tax attorneys have extensive experience handling these protests. We are familiar with the valuation methods, and when necessary, work closely with real estate appraisers and other consultants. We are also the exclusive Colorado member of the American Property Tax Counsel, a national organization of law firms with one firm per state designated to handle real estate property tax issues.
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Learn more about the American Property Tax Counsel.