Shocked by Your Colorado Property Tax Assessment?
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If you're still in shock over your 2019 property tax assessment, don't worry, you're not alone. Single family residential property in Denver increased by a median of 20% with affordable neighborhoods like Villa Park increasing 43% and Globeville jumping 53% along with numerous reports of individual homeowners seeing increases of more than 70%.
The good news is that you still have a small window of time to protest your property value if you believe your assessment isn't in sync. You can protest your value online, in person, or in writing on or before June 3rd. Now, before you start writing that protest letter, it's important to understand a bit about how your taxes assessment is calculated and how I might be of service in helping you with your protest.
Real property is revalued every two years on odd-numbered years. Property tax calculations consist of several components including the property classification, in this case residential. The next component is the actual value of the property. The actual value of the subject property is based on an analysis of comparable sales. For tax years 2019 and 2020, the comparable properties must have sold between January 1st, 2017 and June 30th, 2018.
This is where I can be of real value to you as your realtor. I can evaluate the comparable properties included in your assessment to make sure there are a true representation of your home's market value, and if not, I can find comparable properties that will be a better reflection of your home's market value and thus support your protest.
It’s important to note that in 2017 and 2018, we saw double-digit growth in terms of appreciation in some neighborhoods. So, while that growth may mean higher property taxes, it can also means you've got more equity in your home. Now, if you disagree with the actual value or classification placed on your property, you may present oral or written objections to the assessor.
Protests for real property must be postmarked or delivered to the assessor on or before June 3rd. If you have any further questions, want a complimentary assessment of your home's actual value to support your protest or if you're just curious about what your home is worth, send me a direct message, or connect with me on my website at milenajoy.com.
I want to be your real estate resource. In the meantime, please follow me on Instagram at @milenajoy Facebook at Milena Joy Real Estate. I look forward to hearing from you. I'm your realtor, Milena Joy. I know changing where you live, can change how you live.
