How are property taxes determined for Colorado?
In Grand County there are four assessors; each is assigned a different territory. Real property is reappraised by the Assessor’s office every two years ending in an odd numbered year. A ‘Notice of Valuation’ is sent every year before May 1st. You may request an appeal during the 30 days of May. Your appeal will need to include comparable sales from the prior 18 months ending June 30th.
Your property tax is based on the assessors determination of the assessed value. Property owners have 30 days each year in May to request an appeal. Feel free to reach out to us and we will provide you comps within the appropriate date range to take with you.
There is a difference between ‘assessed value’ and ‘market value’. The assessed value of the property is usually different than the market value. Market value is the most probable price that a property will sell for today; whereas, assessed value is what buyers did pay for similar properties 18 months ago through June 30th of the previous year.
As ‘market values’ rise ‘assessed values’ wil rise within the next two years. The opposite is true if ‘market values’ drops then within two years the assessed values usually follow.
For more information, please visit the Grand County Assessors site.