Summit County Assessor's Office

2023/2024 Property Valuation

Whether you own property in Summit County or somewhere else in Colorado, 2023 is a reappraisal year. Colorado law requires Assessors statewide to revalue all real estate in their respective counties as of a specific appraisal date. The appraisal date for the 2023 reappraisal is June 30th, 2022. Every reappraisal, we disregard the old valuations and start from scratch using sales data collected from the appraisal date of June 30th, 2022 and back five years, for residential properties. 

In other words, we are not allowed to adjust values up or down by a percentage, but instead, have to analyze sales from a specific data collection period. In the case of the 2023 reappraisal, transactions that occurred between July 1st, 2017, and June 30th, 2022, were used for analysis. We cannot consider sales or market influences that occurred after June 30th, 2022. Assessor's Offices utilize mass appraisal methodologies and the market approach to value (for residential properties) in determining your Real Property Valuation. 

The Notice of Valuation (NOV) postcards are available online through the Notice of Valuation Archive Search. The NOV postcard shows full Actual Value and classification as required statutorily. Deductions for senior exemptions, voter initiatives passed in elections later in the tax year, or value reductions per HB22-238 are NOT included. The tax estimate on the postcard is just an estimate and it is overstated due to all the recent changes in how property taxes are calculated in Colorado.

A statewide property value change map for Colorado Counties can now be accessed online showing new value increases or decreases for the 2023 assessment year. All of Colorado’s 64 counties, including Summit County, voluntarily collaborated with the Colorado Assessors Association, and the Colorado Demographers Office in the Department of Local Affairs Division of Property Taxation to create the map.

Missing your Notice?

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Your Rights of Appeal

If you disagree with the Assessor's estimate of value, you have the opportunity to appeal and provide evidence as to your opinion of the value. Owners may appeal their property's valuation to the Assessor starting May 1st to June 8th. Several options are available for filing appeals. An appointment is NOT required to file an appeal. Further detail is provided on the Appeals page.

You may also 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 Real Property Valuation page contains more information regarding the Assessor's methodology and statutory requirements in ad valorem valuation. 

The mass appraisal technique of multiple regression analysis (MRA) utilizes ALL sales in the valuation. Sales data within the data collection period is used to model the relationship between sale price and all significant property characteristics such as location, square footage, quality of construction, etc. This analysis returns value multipliers for each of the significant characteristics, location, square footage, quality of construction, etc. The Calculation Ladder in the NOV Archive Search shows the multipliers utilized in valuing your property. MRA allows for consistent values across a broad range of properties on our tax roll because the same equation is applied to all. 

We are expecting a very high volume of appeals due to the dramatic increase in values this reappraisal. As a result, and in an effort to respect your time and ours, conversations with appraisers are limited to 15-20 minutes. Appraisers will NOT be available after the appeal filing deadline of June 8th. Notices of Determination will be mailed by the Assessor's Office June 30th, as required by law.

Important Dates

June 30, 2022 Appraisal Date

This is the day all property is adjusted to within the model, and the final day usable in a data collection period.

January 1, 2023 Assessment Date

Properties are assessed as they exist on the assessment date of each tax year. This primarily refers to classification, and new construction that is at a percent complete.

7/1/2017 - 6/30/2022 Data Collection Period

The minimum statutory requirement for data collection is 18 months prior to the appraisal date. In Summit County, we use a 5-year data collection period for more accurate analysis and creation of regression models.

5/1/2023 - 6/8/2023 Assessor Appeal Period 

Starting May 1st, property owners have the right to appeal the valuation of their property to the County Assessor. Appeals must be postmarked by June 8th or submitted by the end of the work day on June 8th to be considered timely filed.

  1. Property Tax Calculation
  2. Legislation Affecting Property Taxes
  3. Assessment Resources

2023 Property Taxes are Calculated and Payable in 2024 

The County Treasurer is responsible for mailing tax bills and collection of taxes. You will receive a tax bill from the Treasurer each year in January for the taxes due for the previous year. Property Taxes are sent to the owner of record, as of January 1st of the year in which they become due. The example below shows how property taxes are calculated for a residential property, in which the residential assessment rate is 6.765% in 2023.

Actual Value X State Assessment Rate (6.765%) = Assessed Value

Example: A property worth $1,000,000 will have an assessed of value of $67,650.

Assessed Value X Mill Levy rate = Tax Amount (paid in arrears)

Example (Cont.): The property is located in Smith's Ranch, which in 2022 had a Mills/Tax levy rate of 57.138 (Mathematically 0.057138). The Assessed Value of $67,650 x 0.057128 = ~$3,865.38 tax amount.

Did You Know? 

Colorado is the only state that utilizes an assessment rate in addition to mill levy rates in the calculation of property taxes.