Property Tax Assessments
Real property notices of value for any properties which will be receiving new values in 2010 were mailed May 1.
By law, the Assessor must use the sale prices of residential homes, condominiums, and apartments which sold between January 1, 2007 and June 30, 2008, when setting the property values in 2010. Current sale price levels will be reflected in 2011. If you believe that the value shown on the notice of value does not represent the market value of your property as of June 30, 2008, and wish to appeal, the deadline for filing a protest of that value will be June 1.
Explaining what you believe the market value of your property was on June 30, 2008, along with as much documentation as possible to support your appeal, can be the basis for a successful protest. It would be very helpful if you could submit information about the sales prices of residential properties similar to yours which sold during the 18-month time period shown above. Sales from outside the January 2007 - June 2008 period cannot be considered.
Other information you can include with your protest would be explanations of any property condition problems or other factors which you think affect the value of your property. Commercial property owners who protest their value should submit construction cost data, sales of comparable properties, and income and operating expense data as available and applicable from the period of January 1, 2007 through June 30, 2008. Any other information about issues which the property owner believes have an impact on their property value can also be included.
Owners of vacant land can document their value by listing sales of land parcels of similar location, size, zoning and other features from the same 18-month period described above. Land leases entered into during that time may also be useful.
BUSINESS PERSONAL PROPERTY (THE ASSETS OWNED BY BUSINESSES): New notices of value for the assets owned by businesses (machinery, equipment, computers, etc) will be mailed to Denver businesses by June 15. Protests can be submitted (postmark, faxed 720-913-4103, or in person) by June 30. If a business wants to protest its personal property value, documentation should be submitted along with the protest explaining why the value is believed to be wrong.
As for last year's (2009) real or personal property value, if you disagree with that value but you missed the 2009 protest deadlines, you may submit a petition to the Board of County Commissioners. The petition form and the necessary instructions can be found in the "Forms" section of this webpage (in the column of information options shown to the left on this page, you will see "Forms". Click on that word and you will be taken to a page containing various types of forms; the petition form is called "Petition for Abatement or Refund of Taxes"). Or, you can request a petition form and instructions by calling 720-913-4038.
How is property assessed?
For residential properties, the Assessor, under Colorado law, studies the sales of homes similar to yours that sold within a specific 18-month period. An income approach is used for commercial and industrial properties. For personal business property, values are based on the asset information declared by the owner.
How are my property taxes calculated?
First, the Assessor determines your property's actual value. Then, a percentage of that value is calculated in order to arrive at your assessed value. For residential property, this percentage changes each year. It is currently 7.96 percent. For commercial property and business personal property, it is 29 percent. Your assessed value is then multiplied by the current mill levy to arrive at your property tax bill. Here is a sample calculation for a residence: A sample residence has an actual value of $150,000. This figure is multiplied by the residential rate of 7.96%, which results in an assessed value of $11,940. This assessed value is then multiplied by the mill levy of 66.948 for a property tax bill of $799.36 (.066948 x $11,940 = $799.36).
If my property value goes down, will my property taxes go down?
If your property value has decreased, that does not automatically mean that your property taxes will go down by the same percentage. Although the Assessor’s office does determine your home’s value, they do not set property taxes or mill levies.
Still confused? visit www.denvergov.org/assessor, or call 720-913-4162.