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Colorado Property Tax Hike and How to Contest Your Valuation
Colorado homeowners are facing a significant property tax hike, with some seeing increases of 20-40% higher than the previous 2 years. My wife and I recently received a notice of valuation letter for our properties, on average we noticed an a jump of $180,000 in value and were shocked to see the value bumped that high in only 2 years. That is an additional $1,215 per year increase to the property tax bill per property. The valuation is higher than the current market if we were to list the property for sale today. This new tax hike means that homeowners will have to pay 6.75% of the actual value of their property.
Under Colorado law, assessors are required to reappraise all real property, including land and improvements, every two years, in odd-numbered years. As homeowners, we recently received notice of valuation letters that use the height of the market at the end of June to collect home prices. This practice is not new, but it raises some questions. Why has June 30th been selected, when we have access to the full year of 2022 sold data? Well, historical data points to the highest sold homes being in the summer months, which means that the new valuations may not accurately reflect the true value of our properties. This can lead to higher property tax bills for homeowners, which can be a significant burden for many, including renters. If landlords are paying more per year, they will likely pass on the increased cost to renters in most scenarios.
This property tax hike comes at a hard time when inflation is already hurting Coloradans. I believe it is unfair to always lean on responsible homeowners and taxpayers to foot the bill. When was the last time we talked about whether the government can spend within a reasonable budget or about the budget itself? When was the last time the government passed an audit? I think a 20-40% increase in property taxes is not what we need right now. We need to hold our government accountable for responsible spending and provide taxpayers with an accurate and reasonable assessment of their property values.
If you believe that the valuation of your property is inaccurate and unjustified, it is important to contest it. One of the most effective ways to contest property taxes is to provide accurate comparable sales data that supports a lower property value assessment. Having accurate comps is key in this process. You can gather comps by looking at recent sales of similar homes in your area or by consulting a real estate agent who has access to the MLS (Multiple Listing Service) database. As a real estate agent, I would like to offer my services to my clients to help them contest their property taxes. My team and I can provide you with comparable sold homes that you can use to contest the valuation. It is important to act quickly as the deadline for filing a protest is June 8th, 2023. If you are in Denver County, you can submit everything online at www.denvergov.org/onlineprotest. Please don't hesitate to reach out to me or my team for assistance in this process.
The Wanzeck team is here to help you save money on your property taxes and ensure you're not paying more than your fair share. It's crucial to pay attention to your county's deadline for contesting your property taxes most counties deadline is June 8th, 2023. . We encourage you to reach out to us if you need assistance with gathering accurate comps and navigating the contestation process. As Coloradans, we are already overtaxed, and it's time to take action to ensure our taxes are fair and reasonable. Contact us today to see how we can help.
Under Colorado law, assessors are required to reappraise all real property, including land and improvements, every two years, in odd-numbered years. As homeowners, we recently received notice of valuation letters that use the height of the market at the end of June to collect home prices. This practice is not new, but it raises some questions. Why has June 30th been selected, when we have access to the full year of 2022 sold data? Well, historical data points to the highest sold homes being in the summer months, which means that the new valuations may not accurately reflect the true value of our properties. This can lead to higher property tax bills for homeowners, which can be a significant burden for many, including renters. If landlords are paying more per year, they will likely pass on the increased cost to renters in most scenarios.
This property tax hike comes at a hard time when inflation is already hurting Coloradans. I believe it is unfair to always lean on responsible homeowners and taxpayers to foot the bill. When was the last time we talked about whether the government can spend within a reasonable budget or about the budget itself? When was the last time the government passed an audit? I think a 20-40% increase in property taxes is not what we need right now. We need to hold our government accountable for responsible spending and provide taxpayers with an accurate and reasonable assessment of their property values.
If you believe that the valuation of your property is inaccurate and unjustified, it is important to contest it. One of the most effective ways to contest property taxes is to provide accurate comparable sales data that supports a lower property value assessment. Having accurate comps is key in this process. You can gather comps by looking at recent sales of similar homes in your area or by consulting a real estate agent who has access to the MLS (Multiple Listing Service) database. As a real estate agent, I would like to offer my services to my clients to help them contest their property taxes. My team and I can provide you with comparable sold homes that you can use to contest the valuation. It is important to act quickly as the deadline for filing a protest is June 8th, 2023. If you are in Denver County, you can submit everything online at www.denvergov.org/onlineprotest. Please don't hesitate to reach out to me or my team for assistance in this process.
The Wanzeck team is here to help you save money on your property taxes and ensure you're not paying more than your fair share. It's crucial to pay attention to your county's deadline for contesting your property taxes most counties deadline is June 8th, 2023. . We encourage you to reach out to us if you need assistance with gathering accurate comps and navigating the contestation process. As Coloradans, we are already overtaxed, and it's time to take action to ensure our taxes are fair and reasonable. Contact us today to see how we can help.
