Fellow Summit County property owners,

Thank you for electing me as Summit County assessor last November. I want to help everyone understand the 2023 Real Property Notice of Valuation postcards mailed recently. We all know Summit County property values have gone up dramatically.

Statewide, county assessors determine actual values of residential property using mass appraisal techniques that analyze sales occurring within the state’s mandated data collection period. For the 2023 reappraisal, the data collection period ended June 30, 2022.

On June 30 of last year, most residential property in our county had increased in value by 60% to 70% over the previous assessment. This does NOT mean that your property tax bill for 2023, payable in 2024, will be 60% to 70% higher than the property taxes you paid this year. In fact, the tax amount shown on the postcard is an estimate because taxing entities don’t set their mill levy rates until the end of the tax year. So, we use the 2022 levy rates to provide an estimate. The Assessor’s Office does not set tax rates. As your county assessor, I am responsible for administering the statutory requirements that determine how properties are valued.

Additionally, the estimate on the postcards is overstated because of the recent legislative changes to how property taxes are calculated. Similar dramatic values have been reported throughout Colorado’s 64 counties. State legislators are aware of the unprecedented market conditions that ensued after the COVID-19 pandemic up to the appraisal date of June 30, 2022 and responded with Senate Bill 22-238, which:

• Decreases the residential assessment rate from 6.95% to 6.765% and the commercial assessment rate from 29% to 27.9%
• Provides value reductions of $15,000 and $30,000 for residential and commercial improved properties, respectively

Here’s the good news: The estimate of taxes on your postcard does not reflect the $15,000 value reduction that will be applied to your residential property’s actual value. There is a 2023 property tax calculator available online that provides an estimate of taxes with these reductions, or you can follow the steps below to calculate an estimate on your own, using the 2022 mill levy rate in your taxing area:

1. Your residential improved property’s Actual Value minus $15,000 equals reduced actual value
2. Reduced actual value multiplied by the statewide residential assessment rate of 6.765% equals assessed value
3. assessed value multiplied by the mill levy rate (not yet set for 2023) equals tax amount due and payable in 2024

Did you know? Colorado is the only state that utilizes an assessment rate in addition to mill levy rates to calculate your property taxes.

• The statewide assessment rate determines what percent of actual value your property tax will be based on. It is the same rate for all residential improved properties in Colorado
• On the other hand, mill levies can differ greatly and are based on where your property is located and what voters have approved. In Summit County, that includes ballot initiatives previously passed by voters for open space, wildfire mitigation, behavioral health, childcare, housing and more

Most recently, Proposition HH is slated to be on the ballot in November and proposes further lowering the statewide residential assessment rate to 6.7% while increasing the value reduction for residential properties to $50,000 for tax year 2023. This bill ties in several initiatives under the banner of lower property taxes.

Even with our real estate appreciating at an exponential rate over the last two years, Colorado’s property taxes remain among the nation’s lowest. That said, any substantial increase due to valuations will affect many people in Summit County. While the assessor and the Board of County Commissioners options are limited by state law and obligated funding of voter-passed ballot initiatives, we are exploring options to mitigate this issue while keeping Summit County a healthy, vibrant community that supports its citizens.

If you feel that the value on your 2023 NOV is not reflective of the market value of your property, June 8, 2023 is the deadline to submit your appeal to the Assessor’s Office. Appeals can be filed via the website, email, in-person, or USPS to PO Box 276 in Breckenridge, CO 80424. Questions? Call 970-453-3480 or email assessor@summitcountyco.gov.