Property tax assessments have been mailed to Denver area homeowners now for 2019. That revenue supports public schools, county and municipal governments, special districts, and community colleges. Every odd year the county assessor is responsible for assessing real properties and sending out new property tax assessments. These are estimates of your home’s value. And, Denver property tax assessments can be appealed to your county assessor.
When your property tax amount is being re-assessed consider these factors.
- Property classification
- Actual value of the property
- Assessment rate
- Assessed value
What are Denver Property Tax Assessments?
Property taxes are paid in arrears. For example, in January 2019, the property taxes for 2018 were due. If you have a mortgage on your home, in most cases your mortgage company pays your property taxes on your behalf. In Colorado, property tax rates vary among the county. But, the average is about 0.55% of your property’s assessed value.
Also, Colorado has the fourth-lowest property tax rate in the entire country. Therefore, despite the drastic appreciation in home prices, we make up for it with low property taxes. If someone purchases a home in Wisconson instead of Colorado, their monthly mortgage payment would be over $1000 month more than the same size loan on a home in Colorado. That is solely due to property tax differences. Because of Colorado’s low property taxes, it’s one major draw to the state for homeowners and real estate investors.
Appeal Your Denver Property Tax Valuation
First, the property tax assessment value is not the current market value. So, homeowners can’t appeal their assessment just because they “feel” like it is incorrect. However, there is not really a downside to appealing your assessment, But, Colorado homeowners must have their appeals turned in no later than June 1, 2019.
The appeal must be based on facts, such as square footage, number of bathrooms, number of bedrooms, lot size, and so on. Ultimately, the best thing to do if you want to appeal your Property Tax Valuation is to contact your Realtor.
Also, ask your Denver Realtor to pull comparable sales from the Denver MLS and public records. The public facing multilist service for Denver is ReColorado.That is the Denver MLS results displayed on this website via what’s called an IDX feed which is updated every 15 minutes.
You could also do your own research on the internet. But, a Realtor will also provide a strategy to help convince the assessor to change the value of your property.
Another option is to hire a professional property tax appeal appraiser. For example, Licht and Company can provide that service for a fee. Some companies charge a flat-rate. Other charge a sliding fee scale based on how much property tax they are able to save you.
Either way, be proactive! Some of may clients have saved hundreds or even thousands of dollars by appealing Denver property tax assessments. Use the from below to get more information quickly from me.
For more information on how to appeal fill out the form below.