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Assessor
Division Phone (303) 464-5819 Fax (303) 438-6252 Assessor@Broomfield.org |
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MEDIA RELEASE
Assessor
advises of reassessment process;
Notices of Value to go out May 1
To value residential properties, sales from January 1, 2007 to June 30, 2008 are analyzed. For commercial/industrial properties, income and expense data are analyzed.
On May 1 Notices of Value will be mailed. To see how the residential values were determined, Storb advises residents that information regarding comparable sales is available on the Broomfield Assessor's Web page. In the left column, under "Comparable Sales January 2007 - June 30, 2008," there are sales for similar properties, listed by subdivision and filing, that were used to establish the values. Click on the subdivision filing to see the expanded list of sales, with their characteristics. Residents can check for sales in their neighborhoods prior to receiving a Notice of Value in May.
Nationwide, for the last several years, the real
estate market has been very volatile, with large increases and large decreases
in value in several major markets. However, in Colorado - and Broomfield
specifically - the market has been much less volatile, Storb said.
"Broomfield did not have the large, annual double-digit increases nor have we
had the double digit declines," Storb pointed out. "Our market has been more
stable. There has been an increase in foreclosures but, in most neighborhoods,
they are not a significant number of the transactions. Generally, there has been
a small decline in residential value, but some neighborhoods and properties have
increased in value."
In May, after receiving the Notice of Value, residents who think the value is
incorrect can appeal the valuation to the Assessor's Office. Appeals forms are
attached to the Notice of Value, so residents do not need to appeal in person.
The completed appeals form can be mailed, faxed or scanned and emailed. The form
must be signed to be considered valid.
"The important things to remember, when appealing your value, is that, by
statute, the Assessor's value is the value of your property as of June 30, 2008,
not the current market value, and that only sales that occurred between January
1, 2007 and June 30, 2008, can be used as comparables for your property," Storb
cautioned.
Every two years, in odd-numbered years, the Assessor's office reappraises all
property, both real and personal. The value date is always June 30 of the
prior even-numbered year. This appraisal date is a consistent reference point
and a regular interval. Current market values are established by buyers and
sellers. After the fact, the Assessor's office analyzes the market data. "We do
not set the market," Storb pointed out.
The Assessor's Office sets the values that the taxing authorities use to
establish their budgets for the following year. The various taxing authorities
set the mill levy for their jurisdictions, and the Treasurer then collects the
taxes.
Anyone with questions about the valuation process is encouraged to contact the
Assessor's Office at 303.464.5819.