May 1, 2009

Boulder County Property Tax Notices are in the Mail

 It is that time again. Every other year Boulder county re-values properties  and sends out a Notice of Value along with the property tax bill for the current year, payable in the following year. Here is everything you need to know about your assessed property value in Boulder County and how to appeal if you think the value assigned to your home or investment property is too high. The window is short because you have to get your appeal in by June 1st.

 Notices of Value Mailed May 1st:
Boulder County Assessor Jerry Roberts’ office mailed Notices of Value (NOVs) to all property owners in Boulder County on Friday, May 1st. His office sent out 114,754 NOV’s which represents a mix of about 80% residential (other than apartment complexes) and 20% industrial/commercial, apartment buildings and other classifications, such as agricultural.
State statute requires that each property in the county be re-valued by county assessors in odd-numbered years based on the real estate market activity prior to June 30 of the previous year. The 2009 NOVs will reflect the value of all real property in Boulder County as of June 30, 2008.
The NOVs include customized property information such as the legal description, property description, the value of the property (current and prior) and estimated tax owed in 2010 for the 2009 tax year. As in 2007, the NOVs will also include color photos of comparable properties (sales) in the neighborhood and a map showing where those properties are located in relation to the subject property.
New market value data:
Boulder County’s property value data this year reveal an aggregate total property value increase of 3.48% for all properties (commercial/industrial and residential) in Boulder County over the two-year reappraisal period.
General findings indicate that the majority of residential properties across the county experienced a change in value in a range of between (–) 5.5% and (+) 5.5%, with pockets of varying value change from neighborhood to neighborhood and type of property evaluated.
Of note this year:
Over the two-year period, residential properties located in the city of Boulder and Niwot gained the most in market value, while properties in certain neighborhoods in Longmont declined the most in market value. Residential properties in other incorporated municipalities and the mountain areas of the county, saw modest changes in their assessed values, depending on location and type of property.

Many homeowners will see an increase in the actual value of their property, which reflects a healthy real estate market in several areas of Boulder County for the 24 months prior to June 30, 2008. This paints a healthier picture for the Boulder County real estate market compared to reports indicating that housing sales in other areas of the U.S. are languishing or lagging behind the market.

Due to the timing of the reappraisal period set by state law, the new valuations this year will not reflect the general economic downturn that occurred in the latter part of 2008 and early 2009.

With depressed economic conditions the State is making reductions in many programs to balance the budget. As a result the Colorado Legislature may be eliminating the Senior and Disabled Veterans Homestead Exemption starting in 2009 (for taxes payable in 2010). Senior citizens who have been approved already for this program are advised to look at the tax estimate included on their Notice of Value. Seniors are urged to be prepared ahead of time in order to cover any increases from what was paid last year.
Each NOV mailed to property owners will include an accompanying letter that provides information on the appraisal process and how property owners can file an appeal if they believe their property has not been valued appropriately. Although the Boulder County Assessor does not set property tax rates, the letter does explain how property taxes are calculated for a property. Actual property tax rates will be set by the various taxing entities (municipal, county, schools, special districts, etc.) during their annual budget cycles later this year.
Notice of appeal period:
Property owners may appeal the valuation of their properties by mail, online, by fax or in person. All appeals, regardless of valuation method, must be filed by Monday, June 1, 2009. An appeal form can be downloaded online or requested by phone. Additionally, property owners can file an e-appeal directly online without having to mail or fax a form to the Assessor’s Office.
        By phone: 303-441-4830;
          E-mail (though the Web site): www.boulderassessor.org;
        Mail: P.O. Box 471, Boulder, CO, 80306;
        Fax: 303-441-4996

Blog by elephant’s Realtor – Liz Benson

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