New Colorado property valuations came out in May; some people I’ve talked to in Livermore and Red Feather Lakes have had their evaluations increased by as much as 25% and some even more.
Before I got my real estate license, I remember getting my assessment and being quite happy, even giddy, when my evaluation went up. I wasn’t planning on selling and I didn’t know the true market value either.
Current Property Valuation -vs- Market Value, could be a horse of a different color.
Just because you “get to” pay more in real estate property taxes, does not necessarily mean your home is suddenly worth that amount in today’s market. So, it pays to make sure that your assessed evaluation is accurate by checking the comparable sales in your area.
(For the 2015/2016 reappraisal cycle, all properties are valued as the property existed on January 1, 2015, based on the real estate markets as they were on June 30, 2014.)
Sometimes the Assessor gets it wrong….
I imagine that it’s a lot easier for the Assessor in a city subdivision, where there are similar homes, square footage and construction styles, but not as simple in our “everything is different” mountain subdivisions.
Only a few days ago, we were sitting at the closing table for a cabin that does not even have a year ‘round water source. The Assessor’s new valuation for 2015 came in at $176,000!
This cabin had been on the market for 424 days, and just sold for $102,000! Comparable sales, for the time period used by the Assessor, (not considering a full time water source, or condition) indicate the Average price is $138,866. One similar sale, approximate same square footage and larger lot, with no year round water source sold for $99,000.
I understand our property taxes go to our benefit for many things, like schools, hospitals, roads, firefighters, and libraries. I’m more than happy to contribute, but I see no reason whatsoever to pay more than might be required if the current evaluation is in error.
So check your new evaluations for accuracy, and file an appeal if you think an error has been made.
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All Colorado property owners were sent a postcard or letter notice this month showing the new property valuation. In case you don’t have the postcard, your new evaluation is posted on (in our county) the Larimer County Assessor’s website.
If you think the evaluation is too high, you can complete and mail or fax a 2015 Protest Form to the Larimer County Assessor’s office* no later than June 1, 2015. If you have the postcard you can simply mail it back, or complete the online protest which also ends at noon on June 1, 2015.
For more complete information and instructions regarding the appeal process, visit the Larimer County Assessor' s website or* contact your Colorado County Assessor where your property is located.
After June 1, your ability to appeal is over.
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Mary Douglas, your Mountain Broker-Associate and REALTOR®
United Country Ponderosa Realty, Red Feather Lakes, CO
www.marydouglas-redfeatherlakes.net
970-231-5756 phone or text- email: mary@redfeatherlakes.com
I specialize in the Red Feather Lakes and Livermore area, Fox Acres, Crystal Lakes and Glacier View Meadows Subdivisions, if you are interested in buying or selling your mountain home, please give me a call, I’m here to help you.
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.
I write about my area in Colorado; Law, Custom & Procedure vary from State to State and even within the State.
REAL ESTATE IS LOCAL. Always consult with your LOCAL Real Estate Professional.
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