From the Assessor’s Desk
THE SENIOR EXEMPTION DEADLINE FOR FILING IS JULY 15TH.
THE STATE HAS MANDATED THERE CAN BE
NO EXCEPTIONS AND
LATE FILINGS WILL NOT BE HONORED
IF YOU HAVE QUESTIONS, PLEASE CALL 720.523.6038
ASSESSOR’S OFFICE VALUES PROPERTY
ASSESSOR’S DO NOT SET TAXES OR MILL LEVIES!
I would like to devote this newsletter to explain the processes followed by the Assessor’s office, how your values are calculated, the effect such valuation has on your property taxes and the remedies of relief that are available to taxpayers.
Please think of the Assessor’s Office like a MIRROR, values simply reflect the SALES MARKET. The process is required by the Colorado State Statutes enacted by the legislature. In Adams County we have approximately 180,000 accounts that we must reappraise every odd year. Due to the size of our appraisal staff, there are not enough appraisers and hours to physically inspect each property. The Assessor’s office is directed to use a CAMA (Computer Assisted Mass Appraisal) system to value. This system is designed to take LIKE properties with LIKE attributes and compare them to SALES that occurred in your neighborhood, sub-division and the surrounding area to determine value. The Assessor is required by Statute, to validate sales from the Sales Study Period, with the eighteen-month period ending on June 30 of the year prior to a reappraisal year.
Each sale must be time adjusted to the June 30 ending date. We take into account any differences between the subject property that is being valued and the comparable sales. We appreciate taxpayers bringing any data discrepancies to our attention by using the appellate process so that we can review, and, where appropriate, correct any errors.
The Assessor’s Office does not set Property Taxes or Mill Levies. Mill Levies are set in December by various taxing authorities such as; School Districts, Fire Districts, Water, City, Special Districts, etc. All mill levies for the taxing authorities that the property is located in, are then added together into one overall mill levy.
Property Tax is calculated as follows: Actual Value x Colorado Assessment Rate (7.2% residential – 29% all other property) = Assessed Value
ASSESSED VALUE x DISTRICT MILL LEVY = PROPERTY TAX YOU OWE
THE ULTIMATE REMEDY REGARDING TAX RELIEF IS WITH THE LEGISLATURE AND GOVERNMENTAL SUBDIVISIONS THAT SET MILL LEVY LEVELS.
As you can see, if property values increase due to the real estate market conditions, taxes may also increase. We encourage everyone to keep in mind that the revenue resulting from the appreciation in the value of your property is used to provide fire and police protection, utilities and other essential services that we need to keep our communities safe, educate our children and provide a better quality of life that keeps our county such a wonderful place to live and work.
If you are 65 and have lived in your home for 10 consecutive years, you can take advantage of the Senior Exemption Program. Call today, the deadline for filing is July 15. Based on State rules, you MUST file by this date.
Now may be the time to talk with your mortgage company to see if the increased equity in your home can qualify to have Private Mortgage Insurance removed from your loan if that applies to your property, This may significantly reduce your monthly mortgage payment.
To find out if you qualify for the “Property Tax Deferral Program”, please call the Treasurer’s office @720.523.6640.
Finally, we welcome you to visit our NEW SATTELITE OFFICE in the Pete Mirelez Human Services Center, 11860 N. Pecos St. Westminster, CO 80234. Our office will be open on Tuesdays and Thursdays from 8am to 4:30pm.
It is our hope that this information gives you a better understanding of the Assessment process.