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Assessor - NOVs

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1. Why did I receive a Notice of Valuation?

• Colorado County Assessors are required to provide property owners in their county a notice of valuation for each taxable property annually. Every property is revalued in odd numbered years and received a Notice of Value with a new value that reflects the new level of value for that reappraisal year. In even numbered years, all properties receive a Notice of Valuation, but only properties that experienced a significant change or correction to the property record receive a new value, eg. new construction, remodels and destroyed properties. NOVs are sent out on May 1 except when the deadline falls on the weekend or holiday. In those cases the deadline is postponed until the following business day. In 2022, since May 1 is a Sunday, NOVs were mailed on Monday, May 2.

2. Is a Notice of Valuation a bill?

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.

3. How are my property taxes calculated?

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.

4. How does a value change affect my property taxes?

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 2022 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.

5. What is my “Schedule” or “Account” number?

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.

6. How is property valued for taxation purposes?

• For residential properties, Colorado law requires that the “market” approach to valuation is used. The market approach uses data from qualified actual sales of properties to value all properties in the county as of a certain date, which for 2021 and 2022 was June 30, 2020. Assessors are allowed to use sales from a period of up to 5 years preceding that date. For 2021 and 2022, Summit County used 5 years of sales from July 1, 2015 to June 30, 2020 – called the data collection period. Since there is a wide diversity of properties in Summit County, using more sales allowed the office to have a statistically significant amount of data for many of the property attributes.
• Using a statistical technique called multiple regression analysis (MRA), the qualified sales from the data collection period are used to build models that predict what a property would sell for as of the Appraisal date of June 30, 2020. The MRA technique examines the relationship between the sale price of properties to their characteristics, like square footage, location, or quality grade. This statistical analysis of the relationship between sale price and characteristics determines which characteristics are contributing to the value of a property and what that value is; those value adjustments, or rates, are then applied to unsold properties to determine a property’s 2021 and 2022 value.  
• For all other property types, Colorado law requires Assessors to consider the cost, market and income approaches to value using appraisal data from the 18-month period ending June 30, 2020.  If insufficient data existed during the 18 month data gathering period, data from each preceding six-month period (up to a period of 5 years preceding June 30, 2020) may be utilized.  

7. Where can I find sales used from the data collection period?

All property sales used for 2021 and 2022 Valuations are identified in the spreadsheets found on Assessor’s website.  Go to: http://co-summitcounty2.civicplus.com/387/Reappraisal-Sales-Lists

8. A similar property in my neighborhood just sold for lower than the value of my property. Why isn’t that sale considered to adjust my value lower?

By state law, for the 2021/2022 valuation cycle, the Assessor’s Office cannot consider any sales that occurred after June 30, 2020. The sale of your neighbor’s property, if it is qualified, will be part of the data collection period for the 2023/2024 valuation cycle.  

9. Why is my value higher than my neighbor’s if our properties are the same?

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?”.

10. How do I know if my property has been correctly valued?

• To view how your value was calculated, visit the Notice of Valuation Archive Viewer (https://apps.summitcountyco.gov/NOVArchiveViewer/) and click on “Calculation Ladder – Adjustment Values”. This document shows how different key attributes, property characteristics, and their respective adjustments impact the value of a property. Review the information in the “Property Characteristics” column of the Calculation Ladder to see if it accurately reflects your property.  
• You can also review the Detailed Data information for your property located on the Property Information Search & Maps page of the Assessor’s website for your schedule or on your Notice of Valuation to see if we have the correct information and characteristics listed for your property. Go to the Summit County GIS Parcel Query Tool page at: http://gis.summitcountyco.gov/Map/ and enter your schedule number where indicated under “Search Options” to find your property and then click on the “Get Detailed Data” tab located directly below the map.
• Review the Current Market Sales Data Lists spreadsheets on the Assessor’s website at http://www.summitcountyco.gov/387/Reappraisal-Sales-Lists to identify sales of similar properties that you think are comparable to yours and compare them to the sales listed on your Notice of Valuation to see if your value is fair and equitable.

11. What is the Calculation Ladder?

• The Calculation Ladder is also known as the “Calc Ladder” or the “Adjustment Value Grid”  is a table that breaks down how different key attributes and their adjustments impact the value of a property. The calc ladder has 4 columns with the following headings: 
  • Property Characteristics: A description of the property attribute (i.e., Property Size, Acreage, Year built, Basement, Number of Bedrooms, etc.
  • Adjustment: The rate, or factor, that will be applied to the characteristic
  • Base Rate: A number, which is the starting value, in terms of the property characteristic’s units (per Sqft in this case), that will be multiplied by the adjustment factor
  • Value: Shows the value as calculated by multiplying the previous value by the adjustment for the property characteristic

12. How can I view the adjustments to the sales used to value my property?

• The Summit County Assessor’s Office uses a statistical technique called multiple regression analysis (MRA), which analyses all the qualified sales from the data collection period are to build models that predict what a property would sell for as of the Appraisal date of June 30, 2020, based on its characteristics. We did not use the “Sales Comparison” approach where adjustments are made to specific comparable sales.
• You can view a selection of representative Comparable Sales for your property by visiting the Notice of Valuation Archive Viewer (https://apps.summitcountyco.gov/NOVArchiveViewer/) and searching your property using your schedule number. The Notice of Valuation Archive Viewer will show a selection of comparable sales, and you can also click on “Appraiser Report – Comparable Sales” to see more information, including pictures and a map of the comparable sales. The comparable sales are provided to demonstrate how the value of your property falls within the range of sales prices of properties with similar characteristics from the data collection period. This document illustrates the adjustments made, but is not the basis for the valuation. Since your property’s actual value calculation was using MRA, only changing the property characteristics of your property that were adjusted for in the model will affect the value, not selecting a different comparable sale.

13. I haven’t made changes to my property, but my value and taxes have gone up. Why?

Your value changed from 2019/2020 to 2021/2022 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 30^th of the preceding year. For 2021 and 2022, all property was revalued to a June 30, 2020 date of appraisal, as compared to the prior 2019-2020 date of appraisal of June 30, 2018.

14. My single family home shows the value split into a land value and an imp value. How is the value of the land determined?

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.

15. Does my Notice of Value include the Senior or Veteran’s deduction?

No, but your tax bill does.  Your 2022 Property Tax Notice Due 2023 form will have the following message in the Messages section 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

16. What is “time trending” and how does it affect my property’s value?

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 2021 was June 30, 2020 and is required by state statute. See further explanation at: http://www.summitcountyco.gov/DocumentCenter/View/217/Time-Adjusted-Sale-Prices?bidId=

17. Why doesn’t my Notice of Value have comparable sales listed?

• Comparable sales are provided in the NOV Viewer for most residential properties that are at least 75% complete. You can access the NOV Viewer through this link: https://apps.summitcountyco.gov/NOVArchiveViewer/
• Comparable sales are not provided, either on the mailing or the Notice of Valuation Archive Search, for: residential properties less than 75% complete, all non-residential properties (commercial, agricultural, etc.), properties with multiple improvements, and mixed-use properties.