If you own property in Colorado, chances are you recently received a “Notice of Appraised Value” from your county assessor. This notice informs you about the assessed value of your property and any changes in your property tax assessment. Many homeowners across Colorado have been surprised to find a significant increase in their tax assessment. In this article, we will explore the steps you can take to understand your property assessment, review your property characteristics, and potentially appeal the valuation if you believe it is inaccurate.

Understanding the Notice of Appraised Value

The Notice of Appraised Value serves as an important communication from your county assessor. It provides an estimate of your property’s worth as of June 30, 2022. This estimation is based on various factors, including recent sales in your area and the characteristics of your property. It’s crucial to carefully review this notice to ensure accuracy and fairness.

Reviewing Your Property Characteristics

After receiving the Notice of Appraised Value, it is recommended that you visit your county assessor’s website. There, you can access detailed information about your property’s characteristics, such as the number of bedrooms and bathrooms, square footage, lot size, and any improvements or renovations. Reviewing these details is essential as errors or discrepancies in property characteristics can significantly impact the assessed value.

Studying Period Sales in Your Area

To gain a better understanding of how your property’s value compares to others in your area, it’s important to study period sales. The county assessor’s website usually provides access to recent sales data, allowing you to find comparable properties. Analyzing these sales can give you insights into the market trends and help you determine if your property’s valuation aligns with the market conditions.

Appealing Your Property Valuation

If, after careful review, you believe that your property’s valuation is incorrect or unfair, you have the right to appeal it. An appeal involves challenging the assessed value and providing evidence to support your claim. When preparing your appeal, gather comparable sales data from the valuation period that demonstrates a discrepancy between your property’s assessed value and similar properties in your area. While success cannot be guaranteed, many appeals result in a reduction in assessment.

Navigating the Appeals Process

Each county has its own process for property valuation appeals, so it’s essential to familiarize yourself with the specific requirements and deadlines set by your county assessor’s office. Typically, you will need to submit a formal appeal form, along with supporting documentation, within a specified timeframe. It’s advisable to seek guidance from professionals, such as real estate agents or property appraisers, who can assist you in preparing a strong appeal.

Receiving a Notice of Appraised Value with a significant tax assessment increase can be concerning for property owners. However, by taking proactive steps to understand your property assessment, reviewing your property characteristics, studying period sales, and potentially appealing the valuation, you can navigate this process with confidence and ensure that your property’s assessed value is fair and accurate.

Ultimately, the goal is to ensure that your property’s assessed value accurately reflects its true market worth. By being proactive, thorough, and well-prepared, you can navigate the appeals process and advocate for a fair assessment. Remember to stay informed about updates and resources available on your county assessor’s website, as they can provide valuable insights and guidance throughout the process.