All property in Colorado is revalued by the assessor’s office of your county every odd-numbered year. This year’s Notice of Valuations (NOV) for all taxable real properties was mailed on May 1.
Colorado residential property values increased considerably during the most recent reappraisal period, which ended on June 30, 2022. To clear any possible confusion around the property valuation process, we've provided the following information on key dates for assessments and resources for residential property owners.
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Under Colorado law, county assessor offices throughout the state conduct a complete revaluation of all properties in their county every two years.
Property valuations are only one part of a larger equation used to calculate state property taxes. The other two components are the assessment rate and the tax rate set by local authorities. The total amount of taxes owed for 2024 won't be known until the end of 2023 when these rates are determined.
The new 2023 valuations are based on a June 30, 2022, level of value and were established using market sales data for each Colorado county from July 1, 2020, through June 30, 2022.
These new valuations will be used for tax years 2023 and 2024 (payable in 2024 and 2025, respectively). The appraisal date, market sales data collection period and annual calendar for the assessment process are determined by the Colorado legislature.*
Please refer to your county's website to access information around your property valuation, including comparable tools used to determine the value of your property.
Property tax exemptions are available for those who qualify. There are exemptions for seniors, qualified disabled veterans and gold star spouses.
If you feel that your valuation is incorrect after reviewing sales and characteristics for your property, you may appeal your property valuation to the County Assessor between May 1 and June 8. Asking your Realtor for help is the best way to go about this.
Assessor-level appeals may be filed on most County Assessor websites or by mailing back the appeal form that is part of the NOV postcard. You may also schedule an appointment to 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 Assessor will decide and mail a Notice of Determination to you on or before August 15.
**Submitting a protest initiates a review of the property value and may result in a higher valuation if warranted.
Please note that the new property valuation assessment is not reflected on the escrow analysis statements that Colorado homeowners recently received. That valuation is based on the 2022 certified property taxes. Suppose the statement you received reflects an escrow shortage. In that case, the shortage is based on the previous valuation and will need to be addressed separately from any shortage the most recent valuation could cause during next year’s annual analysis.
Please reference this resource* explaining the annual escrow analysis and contact [email protected] with any questions.
*Links to or contains links to a third-party site.