If you own property in the State of Colorado, 2013 is a reappraisal year. The new values will take tax assessments from the valley of the commercial real estate market -- to the mountaintop. So appeals may be necessary for many properties.
Then and Now
2011 and 2012 values were based on a June 30, 2010 level of value, which is acknowledged to be the low point in Colorado's real estate market in the last ten years. Assessors will set 2013 and 2014 values based on a June 30, 2012 assessment date. The new values will reflect commercial markets that are either fully recovered or well on the way to being fully recovered.
If not appealed, these new values will be on the books for the next two years.
Properties Hardest Hit
2013 value increases will vary depending on location and the property's classification. Sales of Class A office buildings, lodging properties, and multi-family (apartment) communities have been very strong. Therefore, 10%-20% increases may be issued on these property types in metro areas.
Retail, Class B & Class C offices, vacant land, and single family homes will likely receive smaller increases. In some cases, values will remain flat.
Your Appeal Rights
If you disagree with the actual value or classification placed on your property, you may present oral or written objections to the assessor. Protests for real property must be postmarked or delivered on or before June 1. The assessor must make a decision on your protest and mail a Notice of Determination to you by the last regular working day in June for real property and by July 10 for personal property. Any county may elect to extend the Notice of Determination mailing date from the last regular working day in June to the last regular working day in August.
If you are dissatisfied with the assessor's decision, you may appeal to your county's Board of Equalization by July 15 for real property, and by July 20 for personal property. The county Board conducts hearings through August 5. If the county has opted for the extended appeal period, you must appeal to the Board by September 15. Under this option, the Board conducts hearings through November 1.
The final level of appeal is to an arbitrator, District Court, or the Board of Assessment Appeals. This appeal must be filed within 30 days of the date the county Board's decision was mailed.
Appeal dates may be different this year for the City and County of Denver. For details, see our e-POER Report article in this edition Denver May Adopt Pilot Program to Simplify Appeals.
It is important to meet all appeal deadlines stated on your Notice of Valuation and Notices of Determination from the assessor's office and the Board of Equalization. Failure to adhere to the stated filing deadlines may result in the loss of appeal rights.