Property Reappraisals Show Strong Mountain Real Estate Market
Local Summit County home owners were recently mailed reappraisal values and taxes due. Many are finding that their values have increased and their property taxes have increased alongside with those values. We’ve copied a lot of the information found online, but wanted to put it here, so it was easy to find.
Summit County Assessor’s Office Website and Your Realtor
The following text has links to the official Summit County Assessor’s Website for you to verify that the information is correct. Please educate yourself as best you can and feel free to contact us using the blog contact form below, or click here to go to our CONTACT page
Property Tax Calculation
Whether you own property in Summit County or somewhere else in Colorado, 2023 is a reappraisal year. Colorado law requires Assessors statewide to revalue all real estate in their respective counties as of a specific appraisal date. The appraisal date for the 2023 reappraisal is June 30th, 2022. Every reappraisal, we disregard the old valuations and start from scratch using sales data collected from the appraisal date of June 30th, 2022 and back five years, for residential properties.
In other words, we are not allowed to adjust values up or down by a percentage, but instead, have to analyze sales from a specific data collection period. In the case of the 2023 reappraisal, transactions that occurred between July 1st, 2017, and June 30th, 2022, were used for analysis. We cannot consider sales or market influences that occurred after June 30th, 2022. Assessor’s Offices utilize mass appraisal methodologies and the market approach to value (for residential properties) in determining your Real Property Valuation.
The Notice of Valuation (NOV) postcards are available online through the Notice of Valuation Archive Search. The NOV postcard shows full Actual Value and classification as required statutorily. Deductions for senior exemptions, voter initiatives passed in elections later in the tax year, or value reductions per HB22-238 are NOT included. The tax estimate on the postcard is just an estimate and it is overstated due to all the recent changes in how property taxes are calculated in Colorado.
A statewide property value change map for Colorado Counties can now be accessed online showing new value increases or decreases for the 2023 assessment year. All of Colorado’s 64 counties, including Summit County, voluntarily collaborated with the Colorado Assessors Association, and the Colorado Demographers Office in the Department of Local Affairs Division of Property Taxation to create the map.
Appeals Deadline Information
If you disagree with the Assessor’s estimate of value, you have the opportunity to appeal and provide evidence as to your opinion of the value. Owners may appeal their property’s valuation to the Assessor starting May 1st to June 8th. Several options are available for filing appeals. Further detail is provided on the Appeals page.
You may also meet with an appraiser to discuss your property. 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 Real Property Valuation page contains more information regarding the Assessor’s methodology and statutory requirements in ad valorem valuation.
The mass appraisal technique of multiple regression analysis utilizes ALL sales in the valuation. Sales data within the data collection period is used to model the relationship between sale price and all significant property characteristics such as location, square footage, quality of construction, etc. This analysis returns value multipliers for each of the significant characteristics, location, square footage, quality of construction, etc. The Calculation Ladder (link via NOV Archive Search) shows the multipliers utilized in valuing your property. MRA allows for consistent values across a broad range of properties on our tax roll because the same equation is applied to all.
Make an appointment
We are expecting a very high volume of appeals due to the unprecedented increase in values this reappraisal. Hence, it is highly recommended to schedule an appointment. In an effort to respect your time and ours, appointment durations are limited to 15 minutes. Appraisers will NOT be available after the appeal filing deadline of June 8th.
June 30, 2022 Appraisal Date
This is the day all property is adjusted to within the model, and the final day usable in a data collection period.
January 1, 2023 Assessment Date
Properties are assessed as they exist on the assessment date of each tax year. This primarily refers to classification, and new construction that is at a percent complete.
7/1/2017 – 6/30/2022 Data Collection Period
The minimum statutory requirement for data collection is 18 months prior to the appraisal date. In Summit County, we use a 5-year data collection period for more accurate analysis and creation of regression models.
5/1/2023 – 6/8/2023 Assessor Appeal Period
Starting May 1st, property owners have the right to appeal the valuation of their property to the County Assessor. Appeals must be postmarked by June 8th or submitted by the end of the work day on June 8th to be considered timely filed.
Important Appeal Dates
June 8* Assessor-level Real Property Appeal Deadline
Each year from May 1 through June 8* property owners may appeal their values to the County Assessor. To preserve your right to object, your appeal must be postmarked, emailed, faxed, online filed, or delivered in person on or before June 8, 2023. 39-5-122(2), C.R.S.
June 30* Notices of Determination Mailed
The Assessor must make a decision on your protest and mail a Notice of Determination (NOD) to you by the last regular working day in June. The NOD includes further appeal rights to the CBOE.
July 15* CBOE-level Appeal Deadline
If you disagree with the Assessor’s determination, or if you do not receive a Notice of Determination, you must file a written appeal with the County Board of Equalization (CBOE) on or before July 17, 2023.
June 15* Personal Property Appeal Deadline
The appeal period for personal property is June 15 through June 30 each year.* Notices of Determination are mailed July 10*.
*When a deadline falls on the weekend or holiday, the taxpayer, as well as the government, has until the following business day to timely file.
Appeal Submittal Options
Property valuations MUST be appealed by a current owner of record or his/her authorized agent.
- To file via email: Send an email to email@example.com
- To file via USPS mail delivery you MUST use our post office box:
- P.O. Box 276, Breckenridge, CO 80424-0276
- To file in-person or using an alternate shipping method:
- 208 E. Lincoln Ave., Breckenridge, CO 80424
- To file online, use our online filing Protest application. Please note agents cannot appeal online, and the online filing application cannot accept attachments.
- Please only submit your appeal using one of the appeal methods. Multiple submissions for the same schedule will be rejected.
- Agents cannot appeal online. All documents must be submitted together at one time, and must include a current Letter of Authorization.
Appeals must be received or postmarked by the statutory deadlines. We recommend you have proof of timely mailing. If filing online, you must have the current year’s security key, which is provided on the Notice of Valuation.
For inquiries about the valuation of a Commercial Improved property, please make an appointment with our Commercial Appraiser using the following link: https://go.oncehub.com/Summit
Contact Us For More Information
Thanks for reading through the blog thus far, and we wanted to let you know if this is confusing, or you need additional assistance, then please reach out and we will do our best to answer the questions that you have. And, if we can’t answer them, we will find the right resources for you that will be able to do so.
The market is strong in the Breckenridge area, and that’s why the values have risen and not dropped. We hope this process goes as smooth as possible for you, but understand that nobody wants higher taxes. We appreciate your time and are here for our past, present and future clients.