Posted on May 5, 2017 by Chad Bergman
What is a Reappraisal?
Property is valued every two years for property tax purposes According to state law, only sales from the study period can be used to value residential property is valued as of an appraisal date –June 30, 2016
In Colorado, all properties are re-valued every odd-numbered year —this is called a reappraisal. When a property is reappraised by the Assessor’s office, we estimate the market value as of the appraisal date, which is set by statute as June 30 of the preceding year. The appraisal date for the 2017 Reappraisal is June 30, 2016. In even numbered years property values stay the same unless a change has occurred to the property.
Colorado law requires that residential property be valued using sales from a specific time frame. This time frame, known as the “study period”, is a minimum of eighteen months, and may extend up to five years prior to the appraisal date. We cannot include transactions that occurred after the appraisal date in our analysis. The Douglas County Assessor’s Office provides tools and publications on our website so that property owners can research their value. One example is the “Find Neighborhood Sales” link, which returns a listing of study period sales in your neighborhood that match your home’s quality of construction and architectural style. Additional criteria is also available.
Your Notice of Valuation
On May 1, the Assessor’s Office mails each property owner a notice of the appraised value of their property. After receiving your postcard, we recommend that you visit the Assessor website to review your property characteristics and study period sales in your area. Remember, the market value stated on your Notice of Valuation is an estimate of your home’s worth on June 30, 2016. A more detailed Notice of Value can be found on our website from your property’s Parcel Detail page.
Your Rights of Appeal
If you feel that your valuation is incorrect after reviewing sales and characteristics for your property, you may appeal your property valuation to the Assessor between May 1 and June 1. Assessor level appeals may be filed on the Assessor website or by mailing back the appeal form that is part of the NOV postcard. You may also meet with an appraiser and appeal in person (by appointment only). Regardless of the method you choose, each appeal receives careful consideration and review. Be sure to include any information you have gathered in your research to support your appeal. The assessor will make a decision and mail a Notice of Determination to you on or before Aug. 31.
If you still disagree with the Assessor’s valuation, you may file a written appeal with the County Board of Equalization (CBOE) on or before Sept. 15. Hearing officers are appointed by the County Commissioners to administer the cases and provide a recommendation for each appeal. The Board schedules and completes their appeals by Nov. 1. Written notification is mailed within five business days once the Board has approved recommendations made by the hearing officers.
How are Residential Property Taxes Calculated?
Property taxes are calculated by first multiplying the actual value of your property by the statewide residential assessment rate to arrive at the assessed value. The assessed value is multiplied by the mill levy to arrive at the taxes due on your property. The County Treasurer is responsible for mailing the tax bill and collection of taxes. You will receive a tax bill from the Treasurer each year in January for the taxes due for the previous year.
Senior Citizen and Disabled Veteran Tax Exemptions
Seniors over 65 who have occupied their home as their primary residence for over ten years as of January 1 qualify for a state funded property tax exemption. For those who qualify, fifty percent of the first $200,000 of actual value of the home is exempted from taxes, and this reduction is noted only on the homeowners tax bill. Qualifying senior citizens must submit their application to the Assessor’s Office prior to August 15, and once approved there is no need to reapply. Forms are available on the Assessor website.
A similar exemption is available for Veteran’s who have been rated by the United States Department of Vet-erans Affairs as 100% “permanent and total” disabled. Application for this type of exemption is made to the Division of Veterans Affairs, however the application and other important information are also available on the Assessor website.
For information that is updated nightly for your convenience, visit the official web page of the Douglas County Assessor: www.douglas.co.us/assessor
information provided by douglas County assesor above link.