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Residential property values increase in 2021, reflecting a strong real-estate market
Contact: Frank Celico, Summit County Assessor, 970-453-3492
SUMMIT COUNTY – The Summit County Assessor’s Office will mail out notices of valuation (NOVs) to all property owners on Monday, May 3 and will also post all NOVs on the Assessor’s website on May 3. Colorado law requires that all Colorado County Assessors revalue all taxable real property within their respective county’s boundaries every odd year.
“We’re seeing most Summit County residential properties increasing in value again this reappraisal cycle,” said Summit County Assessor Frank Celico. “Unsurprisingly, however, COVID-19 negatively impacted many commercial property values, particularly in the lodging and restaurant business sectors, in this reappraisal.”
Median values of properties by class, since Tax Year 1997
The median percent change for residential property values throughout the county, including single family homes, duplexes, and townhomes, was about 10.69% on average, while condominiums were about 11.47% on average.
The Summit County Assessor’s Office, as is specified by state law, values all residential properties using the market approach, which is based on sales of confirmed and qualified properties that took place during a specific time frame, called the data collection period.
In 2021, the data collection period used for residential property sales was July 1, 2015 through June 30, 2020. The data collection period for 2021 included 5,167 qualified sales of condominiums and 4,539 qualified sales of residential properties, including single family homes, duplexes, townhomes, etc. Sales after June 30, 2020 cannot be considered as part of the data collection period for 2021, so while the local real estate market has seen unprecedented sales volume in recent months, sales that happened since June 30, 2020 cannot be considered to determine value for the 2021 reappraisal.
Using statistical analysis of these qualified sales from the data collection period, the Assessor’s Office builds models that predict what a property would sell for as of the Appraisal date of June 30, 2020. These models are developed by examining the relationship between the sale price of properties to their characteristics, like square footage, location, or quality grade. The statistical analysis of the relationship determines which characteristics are contributing to the value of a property and what that value is; those value adjustments are then applied to unsold properties to determine their 2021 reappraisal value. In the 2021 reappraisal, the property characteristics that were found to most strongly affect the value of a property were a property’s location, including the neighborhood and subdivision, living area square footage, and quality grade.
As explained in the notices of value being sent out May 3, property owners wishing to appeal their 2021 value with the Assessor’s Office may submit a Protest during the month of May. “It’s very important for property owners protesting their values to understand that their value is based on the records we have of their property’s characteristics. Therefore it is most important for taxpayers to review the Assessor’s records, which are available on our website, to confirm if the information we have is accurate, for example the square footage or the bedroom and bathroom counts,” Celico said. “Providing our office with different comparable sales most likely won’t result in a change to our valuation of your property, while letting us know that you only have 2 bathrooms, not 3, likely would.”
Property owners may appeal by mail, drop-off, email, in-person, or online. Please appeal using only one of the following methods:
In Colorado, there are property tax exemptions for qualifying seniors and disabled veterans. Property owners in Colorado over the age of 65 as of January 1, 2021 who have lived in their homes as primary residences for at least 10 years may be eligible for the Senior Property Tax Exemption. The deadline to apply is July 15. Disabled veterans must be rated by the U.S. Department of Veterans Affairs at 100%, permanently and totally disabled and must have owned and occupied the property since January 1, 2021. Applications are submitted to the Colorado Department of Military Affairs and are due by July 1. You can find more information about both programs, including the applications, online at https://www.summitcountyco.gov/Exemption-Programs.
For more information about the 2021 reappraisal, filing an appeal, or the property tax exemption programs, visit the Summit County Assessor’s website at www.summitcountyco.gov/assessor or call 970-453-3480.