Read This Before You Panic About Your Tax Assessment

taxrelief 2017 Tax Assessment Appeal Process

Boulder County Property Assessments Are Up 13-27%

If you’re like many homeowners in Boulder County, you recently received a notice about your property’s increased value, which directly affects your property tax. After meeting with the Tax Assessor on the best strategy for appeal, I’ve created a comprehensive outline of what is required to appeal your assessment. Please contact me directly if you would like more personalized help submitting your appeal.

Building an Effective Appeal

What Can You Provide During An Appeal?

  • Sales (Within 2 Year data collection timeframe, June 30, 2014-July 1, 2016) I AM HAPPY TO HELP YOU WITH THESE. PLEASE EMAIL OR PHONE ME.
  • Estimates from contractors
  • Cost to cure damage beyond typical wear & tear
  • Photos of condition issues
  • Fee Appraisal (Provided for a Purchase or a Refinance)

Methods of Appeal

When doing a full appeal, pull comparable properties that have sold preferably within June 30, 2014 – July 1, 2016. Find properties that have similar number of bedrooms, baths, finished square footage and land square footage and are in the same or similar neighborhood.

The Boulder County Assessors Website has many tools for property owners, such as:

– Parcel Maps

-Qualified Sale Lists

-Helpful Forms & Handouts

-Tax Estimate Calculator 

The Assessor’s office is looking for overall neighborhood progression in property values. If you have a standard home in the neighborhood, then you just need to make sure everything is accurate in the property description of your home. If you have a home that is either more upgraded or less upgraded than average,  the assessor wants to know that. They won’t change anyone’s values if they are more upgraded. Only if it is less upgraded.

You can share 3 comps if you want to go to the next level of appeal. I am happy to pull those for you…..or you can pull from what data the County provided.

The good news is the assessment rate will be reduced from 7.96% to 7.2% which will make the current increase less than it might appear at first glance. However, taxes will still be more based on the new actual valuation.

There is a page on the county’s website with a calculator to help people see this:

So, if your old actual value is $800,000, the old assessment rate was 7.96%:
$800,000 x .0796= $63,680 assessed value
$63,680 x .074 (mill levy) = $4,712.32 taxes due

The new assessment rate is 7.20%, but actual value has increased approximately 26%.

If your new actual value is $1,000,000 :
$1,000,000 x .0720= $72,000 assessed value.
$72,000 x .074 = $5,328 taxes due

So, only a $616 difference.

I hope this helps you better understand your recent home assessment, and the implications it has for your property taxes. If you need help preparing your appeal, contact me and I’ll happily assist.