Surprised by Your Tax Assessment? Info About How to Contest and More.

Surprised by Your Tax Assessment? Info About How to Contest and More.

  • Allison Benham
  • 05/18/23

We don't think anyone will be surprised to hear that there is a lot of buzz around the new tax assessments that just came out. We have had plenty of questions about how to appeal the value of one's home and whether or not it makes sense to do so.

If you are surprised by your home's assessed value, read on to learn about what we know so far.

We've attended presentations from the Boulder and Douglas County Assessors, and here is what we've learned.

They are anticipating a record number of appeals to property valuations. The reasons for the increases are a combination of property values rising along with some recently passed legislation that removed protections from residential tax increases.

On top of that, the assessors are required to value properties as they would have been on June 30th, 2022 (at the peak of the market). So any appeal would need to prove that, at that time, the property would have sold for less than the assessed value. Given this, it isn't realistic that one would be able to get their home reassessed at today's values. The assessors understand that the values have come down some since mid-summer last year.

That said, they expect 25% - 50% of appeals will be successful to some degree, as there is much about a home they can't know. For example, has your home's interior deteriorated at a rate higher than the average property? If so, you could supply supporting information about that via pictures and the cost to cure via a quote from a contractor to repair the issues to make your case.

If you visit your county's website you'll see a link to appeal your property value along with steps to the process. You can submit your appeal online. You also find a map showing what area your home's value is based on and where they will accept comparable sales from. They also provide access to all of the area sales for you to review.

Here are the things that the assessor's office would consider in reevaluating a property's value:

1. Cite any info the county has about your property that is incorrectly recorded. For example, if they have an unfinished basement recorded as finished, they will be happy to make an adjustment to the property's value.

2. Sales near (but not after) June 30th, 2022 that point to a different value with an accompanying explanation.

3. Take photos of the property to show that the condition doesn't match that of the comparable sales.

4. Include a cost to cure for any condition issues (i.e., a quote from a contractor to repair a deteriorated deck or worn-out hardwood floors).

5. If you happen to have an appraisal for the property during the period January 1st 2021 - June 30th, 2022, they will take it into consideration.

After listening to both assessors speak on the issue for a few hours, we don't know that there is much opportunity in making an appeal unless they have some incorrect info or the interior of your property has deteriorated faster than the average rate. Of course, you can decide if you'd like to invest the time in the appeals process and we're happy to provide whatever support we can in that effort.

Work With Us

Get assistance in determining current property value, crafting a competitive offer, writing and negotiating a contract, and much more. Contact Us today.

Follow Us on Instagram