You might have noticed that the recent tax assessments have been sent out and most property values have raised significantly in and around Boulder County. According to the County Tax Assessor the values have increased upwards of 30%. Don’t panic – you have options. You have an opportunity to dispute your current property value, and there are several programs out there to help you offset/pay off your taxes.
The updated property values are determined based on recently sold properties in your neighborhood. Just because a property sold does not mean that it is similar value to your home. If your home has not been recently updated you might have a case to dispute your assessed value. If you think your property value has been inflated you can file a dispute with the County Assessor’s office. It is simple and easy.
How to Appeal Your Home’s Valuation & Tax Assessment
Step 1: Check the box on the protest form, state your reason for appealing, sign and date. The form must be received by the assessor’s office by June 1, 2017.
Step 2: Collect information to back up your claim. Documents include recent comparative home sales (within 2 years), estimates from contractors with cost to cure damage beyond typical wear & tear, fee appraisal. You can also take photos of your home to provide proof of conditions.
If you decide to appeal your home’s assessed value, I am happy to assist you in making your case to the city. I can review the comparable sold properties and help you build a case to dispute the value.
If you are 65+ or a disabled veteran there are several programs that can help you offset/pay down your property taxes for next year. Homeowners 65 or older who have owned and lived in their home for the past 10 years as of January 1 may be eligible for the Senior Property Tax Exemption Program. Disabled Veterans may also qualify for the exemption. The Colorado Legislature may be funding the Senior Homestead Exemption for 2017 (for taxes payable in 2018). If you have not been approved already for this program, please call our office or visit the County Assessor’s website for an application. We urge you to be prepared ahead of time, so you can benefit from this exemption if it gets funded. The deadline to submit your application is July 15.
Alternatively, the State of Colorado offers the senior tax deferral program. It allows you to postpone your tax payments until you sell your property, or your estate is settled after your death. Interest is applied to the amount you defer. Each year, you can defer either the whole amount of your taxes, or half your taxes. The 2017 interest rate is 2%.
If you have any questions or need assistance, don’t hesitate to contact me.
Jeremiah Daly, Realtor
WK Real Estate