When Colorado homeowners get that property tax valuation in the mail, they might expect that their taxes will be lower. We all know, or have heard that housing values have been falling!
Wouldn't our tax bill fall too?
That won't happen, and this is why: In Colorado, this year's valuations are based on values beginning in 2006, when home prices were going up and we didn't have the amount of foreclosures as we do now.
This is the law that governs the way property is assessed.
In Colorado, State law required values are based on two years of neighborhood property sales. For this year, that is the two years ending in June 2008!
When the "Notice of Valuations" are sent out in May, many of us might be disappointed, because according to the County Assessor, property values haven't changed as much as we probably thought! County Assessors may be faced with many unhappy and angry homeowners, calling on the phone, and stomping up the courthouse steps!
Have some neighborhoods experienced a down turn in values since that time? Yes! however, the Assessors are bound by law, and are not able to change the valuation.
I regret to say ~ Colorado, we will not see very much change in our property tax valuations ------------ this year.
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This is an old joke, but I thought I'd pass it on - maybe it will cheer you up!
Your house, as seen by yourself
Your house, as seen by your buyer
Your house, As seen by your lender
Your house, as seen by your appraiser
Your house, as seen by the Tax Assessor
(remember,this year, it's not their fault - It's the law!)
Authored by Mary Douglas, Broker Associate, United Country Ponderosa Realty, Red Feather Lakes, CO,
The information contained in Mary's blog is deemed reliable but is not guaranteed, and the opinions and views expressed in these articles are solely those of the author.
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Hey Mary, UGH - two years - ending in 2008! That's terrible! We would be in a terrible mess here. I bet people there don't like that at all! Wow!