How is property valued for taxation purposes?
  • For residential properties, Colorado law requires that the “market” approach to valuation is used. The market approach uses data from qualified actual sales of properties to value all properties in the county as of a certain date, which for 2021 and 2022 was June 30, 2020. Assessors are allowed to use sales from a period of up to 5 years preceding that date. For 2021 and 2022, Summit County used 5 years of sales from July 1, 2015 to June 30, 2020 – called the data collection period. Since there is a wide diversity of properties in Summit County, using more sales allowed the office to have a statistically significant amount of data for many of the property attributes.
  • Using a statistical technique called multiple regression analysis (MRA), the qualified sales from the data collection period are used to build models that predict what a property would sell for as of the Appraisal date of June 30, 2020. The MRA technique examines the relationship between the sale price of properties to their characteristics, like square footage, location, or quality grade. This statistical analysis of the relationship between sale price and characteristics determines which characteristics are contributing to the value of a property and what that value is; those value adjustments, or rates, are then applied to unsold properties to determine a property’s 2021 and 2022 value.  
  • For all other property types, Colorado law requires Assessors to consider the cost, market and income approaches to value using appraisal data from the 18-month period ending June 30, 2020.  If insufficient data existed during the 18 month data gathering period, data from each preceding six-month period (up to a period of 5 years preceding June 30, 2020) may be utilized.  

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1. Why did I receive a Notice of Valuation?
2. Is a Notice of Valuation a bill?
3. How are my property taxes calculated?
4. How does a value change affect my property taxes?
5. What is my “Schedule” or “Account” number?
6. How is property valued for taxation purposes?
7. Where can I find sales used from the data collection period?
8. A similar property in my neighborhood just sold for lower than the value of my property. Why isn’t that sale considered to adjust my value lower?
9. Why is my value higher than my neighbor’s if our properties are the same?
10. How do I know if my property has been correctly valued?
11. What is the Calculation Ladder?
12. How can I view the adjustments to the sales used to value my property?
13. I haven’t made changes to my property, but my value and taxes have gone up. Why?
14. My single family home shows the value split into a land value and an imp value. How is the value of the land determined?
15. Does my Notice of Value include the Senior or Veteran’s deduction?
16. What is “time trending” and how does it affect my property’s value?
17. Why doesn’t my Notice of Value have comparable sales listed?