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Property Tax Assessment season is upon us

Posted by Breckenridge Associates Real Estate on Wednesday, February 7th, 2018 at 5:21pm.

“Disappointment equals expectation minus reality.” -Chip Conley, Emotional Equations

Taxes are a reality.

Property Tax Assessment season is upon us. And while most of us love to think about the equity we have amassed in our growing market, few like to see that number reflected in the tax assessment- particularly when that number seems an unlikely or unsupported sale price for one’s home.  

However, Colorado ranks at the very bottom of property tax rates nationally- only Alabama and Hawaii have lower effective property tax rates. States like New Jersey and Texas have property tax rates four times higher than Colorado. (And, suspend your judgment about living in Texas or NJ- I spend time in both places and they have lots to recommend them. But no, they are not our beloved Colorado.)

It is possible to dispute your assessed valuation; a good Realtor is your best resource here. Any of the Broker / Partners at Breckenridge Associates Real Estate will be happy to supply you with a series of comparable property sales that can be used to support your protest.

There are other options in your toolbox as well. There are a number of exemptions, including a Senior Exemption, which disqualifies up to 50% of the first $200,000 of home value from taxation. And once accepted into the program, you do not need to apply again. Veterans can also apply for an exemption.

As the amount of vacant land in the county dwindles, taxable values rise. If you own a vacant lot next to your residential property it could be a candidate for rescheduling as residential, potentially lowering your tax burden. We are here to help with that as well.

Local public works, the police and firefighters, road maintenance, and local government staff salaries are all paid by our tax dollars. For such a well-run place to be funded by some of the lowest property taxes in the country? That’s a homerun. Or a blue bird powder day. And there is nothing disappointing about that.

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