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Even though your neighbor’s home may seem the same, there may be differences of which you are unaware. Many different elements are considered when valuing properties, for example, number of bedrooms and baths, view, condition of home, interior or exterior remodels, garage, land, etc. If you would like our office to address concerns about how your property was valued, you may file an appeal. See “How do I appeal my value?”.
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No, but your tax bill does. Your 2023 Property Tax Notice, due and payable in 2024, will include the following message in the upper right section of the form: “The value and tax stated on this notice reflect reduced amounts due to the application of the Senior or Veteran Property Tax Exemption Program”. More information about the Senior and Veteran’s property tax exemption programs may be found here: http://www.summitcountyco.gov/120/Exemption-Programs
Each Summit County property is assigned an individual identification number, sometimes called a “schedule” or “account” number – both terms refer to the same number. This number is located on your NOV and your tax bill.
Your value changed from 2021/2022 to 2023/2024 due to the State mandated reappraisal of all property to a more current level of market value. All property in Colorado is reappraised every 2 years on the odd numbered year to reflect a market value based on the appraisal date of June 30th of the preceding year. For 2023 and 2024, all property was revalued to a June 30, 2022 date of appraisal, as compared to the prior 2021/2022 reappraisal that had an appraisal date of June 30, 2020.
The Summit County Assessor’s Office first develops an opinion of value for the property as a whole, and then uses the allocation method to assign a portion of total property value to the land, based on the relationship between the land and the improvement. To determine the portion to be allocated, we analyze the land to building ratio for the subdivision or neighborhood, as well as the median base value and median land size.
All property sales used for 2023 and 2024 Valuations are identified in the spreadsheets found on Assessor’s website. Go to: https://summitcountyco.gov/387/Reappraisal-Sales-Lists.
By state law, for the 2023/2024 valuation cycle, the Assessor’s Office cannot consider any sales that occurred after June 30, 2022. The sale of your neighbor’s property, if it is qualified, will be part of the data collection period for the 2025/2026 valuation cycle.
Time trending refers to an adjustment made based on changes in market conditions over time, or between the time of the sale and the appraisal date. This adjustment is applied to all sales for the purpose of calculating their values effective on the last day of the then current data collection period, which for 2023 was June 30, 2022 and is required by state statute. See further explanation at: http://www.summitcountyco.gov/DocumentCenter/View/217/Time-Adjusted-Sale-Prices?bidId=
No, tax bills are sent out by the County Treasurer’s Office in January of each year. An NOV is a notice of the value amount of a property determined by the Assessor’s Office, which value amount (the “Taxable Actual Value”) is a factor used to calculate property taxes payable.
Your annual property taxes are determined by the following formula: Taxable Actual Value * Assessment Rate * Total of applicable Mill Levies = Tax Amount. The Assessor is only responsible for the valuation of your property, the Taxable Actual Value. If you disagree with the value of your property in the NOV, you may file an appeal. See “How do I appeal my value?” If you disagree with the value of your property in your tax bill, you will need to file a Petition for Abatement. You can find more information on our Abatements page.
Your annual property taxes are determined by the following formula: Taxable Actual Value * Assessment Rate * Mill Levy = Tax amount. The Assessment Rate for residential property in Colorado for 2023 is 6.95% or 6.8% for “multi-family” units. The Assessment rate for most other taxable property types is 29%. The Mill Levy, which is a rate, is a total of the mill levies set by taxing entities with jurisdiction over the property. The individual mill levy set by each taxing entity is listed on your tax bill and you may contact that taxing entity for more information about how the mill is set and/or how it is being used.