What to Do if you Disagree with Your Property Tax Appeal?

Many homeowners believe their property taxes are etched in stone and that the rates calculated in municipal offices cannot be changed. Read more to learn what to do if you disagree with your counties appeal decision....

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Property taxes can be confusing, as there doesn't appear to be an obvious, consistent rate. Still, there is a method to the apparent madness.

Before determining that county is sending out blanket denials it is important to understand that property taxes are calculated using the tax rate and the current market value of your property. Tax rates are based on state law and set based on what municipalities feel they need to pay for important services. An assessor hired by your local government estimates the market value of your property, including the land and structure.

The assessed value is a percentage of the home's market value as of a certain date (6/30/2022) or the market value itself, depending on the jurisdiction, and your tax bill is based on this assessment. The county adjusts all sales during that happened during the previous valuation study period to assume the value of those sales as if they happened on June 30th. This date coincided with an all time in our Denver metro area market value. Your tax office then multiplies the tax rate by the assessed value to come up with your bill.

Take charge of your situation

The answer as to why they denied your appeal usually lies in the details. Factors such as the size of the lot, the precise dimensions of the rooms, finished /unfinished basement and the number and type of improvements located within the home are all important details that should have been included in your appeal. Most counties assume that improvements have been made to a home and use comparables that may be more up to date than your property.

Go back and read through these details carefully, and note any discrepancies. Next, research other assessments on comparable homes.  It helped to work with local property and legal professionals to make sure your appeal had merit. It doesn't hurt to still  have an expert help you find "true" comparables to your home. As a Realtor we are not allowed to charge for this service. If you want help to understand what factors might have been in play as to why your appeal was denied please reach out for assistance.

Finally, if you still believe your valuation is inaccurate there is still steps that you can take. A property owner who disagrees with a Notice of Determination (NOD) may appeal it to the County Board of Equalization (CBOE) within 30 days of the NOD. For more information from the Colorado Department of Local Affairs click here Appealing Your Residential Property Taxes

Other Ways to Lower your Taxes - Look for Exemptions

Your tax burden could be lowered:

• If you are a senior.
• If you are a veteran.
• If you have certain disabilities.
• Following the death of a homeowning spouse. This is called the homestead exemption; it can also release the surviving spouse from certain debts.

Remember, reductions were not guaranteed. Just because so many people appealed does not mean that the property tax assesments were inaccurate.

The bottom line: Don't assume your tax bill is set in stone. With research and due diligence, you may be able to reduce your burden.

Modified by: Theresa Tscheschke Gunal ; Used courtesy of Corinne Enright, Home Actions, LLC