Clarifying the Assessor’s reappraisal
The Assessor’s office has just completed the 2007 Summit County property reappraisal. According to State Statutes, all 64 County Assessor offices must reappraise every property in their county every other year. This includes all land and buildings, which includes all types of residential, commercial, vacant land, mining claims, agricultural land, and industrial parcels. This reappraisal has used sales data from Jan. 1, 2005, and June 30, 2006, although we often go back further. Some property and use types will have no sales data, so we use methods of analysis set forth by the State Division of Property Taxation and the State Board of Equalization which are the supervisory agencies for the County Assessor’s offices. All our values must fall within a statistically acceptable range that complies with the SBOE. Absolutely nothing in our process is arbitrary. The process set forth is a commitment to fairness, uniformity and equalization. The State Taxation Agencies supervising us have developed processes that are based on this principle. The County Assessor does not set taxes. Our mission and purpose is to determine value. The results of the Summit County reappraisal reveal an increase of 25.7 percent in total value of all real property in the county over the last reappraisal two years ago. Vacant land values have increased 40.6 percent, residential 24 percent, commercial properties 36 percent and mining claims 79.5 percent. Some areas have seen more value increase than others. For example, single family residences in Frisco appreciated at the rate of 1.3 percent per month over the last 18 months ending June 30. Breckenridge appreciated .8 percent per month, Silverthorne .6 percent per month. As a note of interest, in our reappraisal two years ago, value above a million dollars was determined for 1,065 single family residences. This reappraisal, there are 1,613 single family residences valued above $1 million. That is a 51.5 percent increase.Property owners will receive Notices of Value in the first week of May. These values can be appealed in writing and delivered to our office in person, by fax, mail, email, or online though June 1, 2007. It is appreciated if the property owner provides data as to what they believe is the value of their property as of June 30, 2006, which is the date the Assessor is using. If you do not agree with the Assessor’s determination after the appeal, the taxpayer can further appeal to the County Board of Equalization. To appeal the County Board’s decision, the taxpayer can request a hearing at the State Board of Assessment Appeals, Binding Arbitration, or District Court.The State of Colorado also requires County Assessor’s to value business personal property. If you own a property that is used as a rental, either short or long term, a declaration of the personal property within the rental unit must be filed annually. Personal property includes all furniture, rugs, televisions, media equipment, art, game tables and the like. Business personal property also includes the equipment used in operating any type of business, such as a ski area, a restaurant, retail store, construction business, a service business, a newspaper, brewery or a business of any type.If you have questions about the assessment process, please call the Assessor’s office at (970) 453-3480. Real property maps and information are available at http://www.co.summit.co.us.
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