Tips on Filing a Property Tax Valuation Appeal in Summit County
Did your assessed value go up 60-70% in Summit County Colorado? Well, then you are in the same boat as the rest of property owners! I’m getting a lot of questions about protesting these valuations, but here are some tips and tricks you need to know!
- The reappraisal happens every 2 years, not every year. So the value of your property didn’t increase 60-70% in one year.
- The valuation is pegged to the date June 30, 2022. Any properties not sold on June 30, 2022 are time adjusted to June 30, 2022. You can’t pull a comp from 2021 and use that sale price – the assessor has already time adjusted that sale for a price as of June 30, 2022.
- In order to get the time-adjusted comps, go to the Assessor’s website. That way you can see whether the comp works for or against you in your appeal.
- This process is statutory. You will get nowhere arguing about the procedures used by the Assessor’s office. They have no choice but to do it the way they are doing it. The Summit County assessor’s website is a treasure of information. Our new assessor has done a great job of compiling all the information you need to know about the valuation and appeal processes.
- Your best grounds for appeal is finding comps other than the ones used by the county on your assessment notification and arguing why they are better. You can also argue the physical condition of your property differs from the comps (if it does).
- In my article below, I have a link to a spreadsheet that will show you your potential tax savings if you are able to get a $100,000 reduction in valuation. This will help you to gauge whether it’s worth your time to pursue an appeal.
I hope this is helpful!
Check out my previous article about new tax assessments.
