In Colorado, the county assessor mails assessments by May 1 of each odd-numbered year.
In Colorado, the Colorado Division of Property Taxation administers the property tax collection laws for all 64 counties in the state. All residents in Colorado who own real property within the state are subject to real property taxes. Real estate taxes fund county governments, the state's public schools, community service programs and local municipal governments. Under Colorado law, local property taxes may not fund state services and may only support local government programs and services.
Assessment Valuation
Each county assessor conducts real estate assessments to provide taxpayers with their tax valuations. The county assessor conducts real estate assessments during odd-numbered years but conducts personal property assessments annually. The county assessor bases the real estate valuation on the state classification system, fair market value, assessment rate and tax rate.
Property Classification and Actual Value
Colorado classifies real property according to its use on January 1 of odd-numbered years. The classification determines the tax rate for assessment purposes. Colorado categorizes real property into personal use property or business use property and uses different tax rates for each. To determine actual value, the assessor uses fair market values based on sales data of comparable properties within that locale. For the 2011 tax year, the assessor's data must include comparable properties that sold between January 1, 2009, and June 30, 2010. The assessor may extend the period of comparable sales if he concludes there is insufficient data within the original period.
Assessment Rate and Tax Rate
Current as of 2011, taxpayers who own residential property pay taxes on 7.96 percent of their assessed market value. Each county or city government and each school district can set its own tax rate. Colorado residents pay a tax rate based on 7.96 percent of their total assessment value multiplied by their local county tax rate.
Property Tax Bills
Taxpayers have legal rights of appeal to contest the assessor's tax valuation. Residents must file their appeals by June 1 of the assessment year. Tax assessors must provide a written Notice of Determination to the resident's appeal by the last business day in June of the assessment year. Taxpayers have rights of appeal after receiving the Notice of Determination and may file appeals with the County Boards of Equalization by July 15. These boards must conduct hearings after residents file appeals and provide a written determination within five days after the hearing. Colorado residents have further appeal rights after receiving the this determination. Residents may file appeals with Colorado district courts, the Board of Assessment Appeals or with a state arbitrator within 30 days. Colorado provides property tax rebate and deferral programs to elderly taxpayers, members of the National Guard and Reserves called into active duty, as well as disabled homeowners. The property tax relief programs provide limited exemptions reducing the homeowner's property tax bill.
Considerations
Because tax laws can frequently change, you should not use this information as a substitute for legal or tax advice. Seek advice through a certified accountant or tax attorney licensed to practice law in your jurisdiction.
Tags: county assessor, real property, file appeals, property taxes, after receiving, appeals with
