|
Assessor
Department -
2008 Notices of Value |
The Reappraisal and Appeals Process
Every odd numbered
year (like 2007) is a re-appraisal year. 2008 and all even numbered years
are intervening years.
In an intervening year, property values may change
if there was new construction on a parcel, reclassification, demolition, etc.
Only owners of those properties with value changes will receive a Notice of
Value in May 2008. The Notice of Valuation
received on May 1 will list the prior actual or market value,
prior and current property class (if applicable), the new actual value, and the difference.
The month of May is
set aside in the assessor department for assisting property owners with questions and
concerns.
If you disagree with
the assessor's valuation of your property,
you may appeal the value by coming into the Central Records Office,
faxing
or mailing the protest form that is included with the Notice of
Valuation.
Appeals will not be
accepted by phone.
Keep in mind that the
statutory deadline is
June 1st. Appeals must be in the assessor's office or postmarked by June 1
according to Colorado law.
| In
Person: Central Records Office One DesCombes Drive Broomfield, CO 80020 |
By Mail: Broomfield County Assessor Division PO Box 1149 Broomfield, CO 80038-1149 |
By
Fax: Fax No. (303) 438-6252 Faxes must be received in our office no later than midnight of June 1. |
An appeal should concern one of two items:
-
The property characteristics. The number of baths, square footage of home, or the basement being finished
or unfinished are just a few things that can affect the property valuation. -
The actual value is too high. By law the appraiser sets values on property using information from an 18 month data gathering period. For the 2007 re-appraisal and 2008 that period was January 1, 2005 through June 30, 2006. Perhaps a property owner has proof that similar properties have sold for less during that time period.
This would be a good reason to appeal the value.
Q: Should I appeal if I feel my taxes are too high?
No. If you feel your value is fair but that your property taxes are too high, this is a matter to discuss with the taxing authorities. The taxing authorities (school boards, special districts, etc.) hold annual public budget hearings to determine the funds needed for next year's operations, which will determine the mill levy. Most hearings are in the fall. Being present at the budget hearings makes you more involved and informed about the cost and quality of services provided. The assessor reports the total assessed value to the taxing authorities in December each year so an accurate mill levy can be set. The link below lists the mill levies for each authority.
2008 Mill Levies and
Revenues
Q:
Where can I find the sales
used to value my property?
The comparable sales are available on
this website
(2007
Comparison Sales)
and in books in the Central Records
Office.
The assessor's staff and central record's staff are
available to assist you. Q:
I appealed my value.
What happens next?
The assessor must review your appeal
and mail a Notice of Determination on real property by the last working day Q:
And if I disagree with the assessor's decision? Owners of real property may file an
appeal to the Board of Equalization by July 15 and personal property owners
The Appraisal Process
Q: Why
does the Assessor determine property values?
According to state law, all county assessors
must value the property in their county. The assessor
department must The values are used
by the taxing authorities to determine their budgets for the next year and in
turn set the mill levy All property tax revenues stay within the county and do
not support state services. Q:
How are property values determined? The value process begins with the gathering
of information on property through various means. Measuring buildings,
construction type and costs, location, use, zoning, condition and comparable sales are a
few. Building permits, maps,
inspections, real property deeds and
questionnaires completed by property owners are some of the main sources
of
information. 3 Methods of Appraisal
Cost Approach - This approach
estimates the cost of replacing a building with a similar building. On an
Market Approach - In this approach, sales
of like properties are examined and adjusted to arrive at a Income Approach - This approach is used
for income producing properties and considers income from Q:
How
are property taxes calculated? After the valuations are finalized, the
taxing authorities hold budget hearings to determine how much money they
EXAMPLE:
The actual value of Ms. Smith's home is $250,000. The Notice of Valuation shows
the current residential
Actual Value
x
Assessment Rate
=
Assessed Value
$ 250,000
x
7.96%
=
$ 19,900 To
determine the amount of property taxes, multiply the
assessed value
times the
decimal equivalent of the total mill levy.
Using the above examples and a fictional mill levy of 81.253, Ms. Smith’s taxes would be calculated as follows:
Assessed Value
x
Mill Levy
=
Taxes
$ 19,900
x
.081253
=
$ 1616.94 Q:
How are
property taxes distributed? Counties perform a service to all taxing
districts by conducting the valuation, collection and distribution of property
Q:
How
do the Taxing Authorities determine a Budget? Every year the city council, school boards, and special
districts hold public budget hearings to determine the
The Taxpayer
Bill of Rights or TABOR, passed in 1992
by Colorado voters, restricts the ability of taxing authorities
to increase tax rates or
revenue without voter approval. Voter approval is necessary on the following:
To increase tax revenues above the prior year's revenue
+ inflation+ local growth to increase spending above the prior year's spending +
inflation + local growth to raise the residential assessment rate above that of
the prior yea Q: How are Mill Levies Calculated? Each tax district or authority determines the revenue
needed to operate during the next fiscal year. The required revenue is
then divided by the total assessed value (provided by the assessor) to determine
the mill levy or tax rate for that entity. For Example: The assessor has determined that the total assessed value for
the county is $100,000,000. All properties within the county are assessed a county levy
and a school district levy. Cities and/or special districts levy against
those properties within their boundaries. All levies applicable to your
property are added together to calculate the total property taxes due.
Back to top Q: When are property taxes paid?
Property tax bills are mailed as soon after January 1 as possible by the
Treasurer's office. The following guidelines apply: If taxes are paid in two equal payments, the first half
payment is due by the last day of February and the second half is due by June
15. If your payment is late, penalty interest is added to the tax amount.
in
June.
may
file an appeal by July 20. The Board of Equalization will conduct hearings
through August 5. The back of the Notice of Determination are instructions
and dates. If you are unhappy
with the Board of Equalization's decision, you can file an appeal with the Board
of Assessment Appeals, District Court or enter into binding Arbitration, within
30 days of the decision. This information is provided in the decision
mailed to you by the Board of Equalization.
equalize property values to make certain that the
tax burden is distributed fairly among property owners. The assessor's
land and building records are public information available in the central
records office or on the
parcel search
portion of this website.
for their district. The taxing authorities
are the school districts, fire districts and police protection, roads, parks and
recreation, and water districts just to name a few of the many that provide local
services. The county reports
assessed values and mill levies on the
Abstract of Assessment.
older building, the building's age and condition must be taken into
consideration.
value for the
subject property. The sales must be arm's length transactions and occur
during the data gathering period, the 18 month period from January 1, 2005 to
June 30, 2006 for the 2007 reappraisal.
This is a link to the
2007 Comparison
Sales.
rents, operating
expenses and expected financial return on a given type of income property.
Office
buildings, shopping centers and warehouses would be valued with the
income approach.
will need to fund next year's
services. These budgets are divided by the assessed value to determine a
levy
necessary to generate the budgeted amount. These levies are applied
to individual properties to determine how
much each property will pay to each
taxing authority.
The actual value of property is not the taxable value.
By state statute, the taxable value is a percentage of the
actual value. The percentage is
called an “assessment rate,” and the end value is called the “assessed
value.”
The assessment rate is 29% for all properties except residential
and producing natural resource properties.
The residential
assessment rate is established by the legislature every
odd-numbered year in order to maintain
an equalization of the tax burden between
residential properties and all other properties. It is currently 7.96%
for assessment years 2007 and 2008.
Property taxes are calculated by multiplying the mill levy or tax rate by the
assessed or taxable value of your property.
assessment rate is 7.96 percent.
tax monies for each taxing entity within their boundaries. On average,
counties keep less than 25% of the money collected. A majority of property
tax dollars goes to school districts. Property taxes do not support any
state services.
dollars needed for the next year’s operations. The hearings are usually held in
September or October and the dates are listed in the local newspaper.
Being
present at the budget hearings makes you more involved and informed about the
cost and quality of services provided. Each August, the assessor reports the total assessed value to each taxing entity so an
appropriate mill levy can be
set.
The required revenue is divided by the total assessed value to determine the
mill levy or tax rate for that entity.
The City Council determines the required property tax revenues to be $1,398,000.
$1,398,000 =1.3980% or 13.98
mills
$100,000,000
- Tax amounts of $25 or less must be paid in one payment by April
30th
- Tax amounts of $10 or less may incur an administrative fee of $5
added to your bill
- Tax amounts greater than $25 give you the option of paying the
taxes in a single payment by April 30 or in two equal payments.
There is no advantage either way, the amount due is the same.