We all got a surprise in the mail with property value assessments. You might be outraged by the value placed on your home and thus, your tax increase. However, we must remember that these property assessments happen every two years. The comparable sales and the time period they are analyzing is from July 1, 2020 until June 30th, 2022. Yes, that was the craziest two years of appreciation that this area has EVER seen. But, these evaluations by law take place in two year increments and they have not changed that policy.
One could argue that this is the first time that assessed values are catching up with market values. We are lucky in Boulder County as the assessor's website is incredibly informative and the process is very transparent. The more you dig, the more you will learn. We are also lucky that we live in a state that ranks in the top 10 for lowest property taxes, still.
The biggest question you can ask before deciding to appeal is: could I sell my home for the "assessed value" now? If your answer is "probably," then appealing your valuation may not be the answer.
However, if you think the data on your property is wrong, the comparables are wrong, or you can not sell your home for the value they gave you, you may have a case. Below are some details on looking at this from all angles.
What is a protest?
A protest is an opportunity to demonstrate to the appraisal staff in the Assessor’s Office that your property’s assigned value or classification is inaccurate. Your protest should provide evidence to support your position.
Should I protest/appeal?
If you can answer No to the questions below, you may want to appeal.
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Incorrect property characteristics – Did the assessor's office properly characterize your property? Such as: property square footage, condition, bedroom/bath count, etc. If not, you can appeal to edit the property characteristics to support a reduction in value.
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Estimated value is too high – Could you possibly sell your home at this value? If not, provide market data and comps to support a reduction in value.
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Incorrect property classification – Was your property assessed for the correct use? If not, you can appeal. The assessor is required to classify property based on the actual use as of January 1 of every year.
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Comparable Sales are Not Comparable – Did they use the right area and similar homes for your comparable sales?
When is the protest window?
The protest window is open May 1st - June 8th.
As part of your appeal, real estate agents can create an accurate Comparable Market Analysis (CMA) that you can submit with your appeal.
Things you can do to make this easier:
3. Download the Appraiser Report with comps and review if they seem comparable or not. In order to appeal, we will need to be able to find 3 Comparable Sales from the time period 7/1/20-6/30/22.
4. Email your appraiser report to us as well as the addresses of comparable sales you think are a better match to your home.
Contact us to find out next steps.
