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1. Why did I receive a Notice of Valuation?

Colorado County Assessors are required to provide property owners in their respective counties a notice of valuation for each taxable property annually.  In even numbered years NOVs are generally sent out in January together with the tax bill for the property.  In odd numbered years NOVs are sent out on May 1^st.  In even numbered years NOVs for properties that experienced significant change, e.g. new construction, remodels and destroyed properties, are sent out on May 1^st.

2. Is a Notice of Valuation a bill?

No, tax bills are sent out by the County Treasurer’s Office in January of each year.  An NOV is a notice of the value amount of a property determined by the Assessor’s Office, which value amount (the “Taxable Actual Value”) is a factor used to calculate property taxes payable.

3. My taxes are too high. How is the tax amount calculated?

Your annual property taxes are determined by the following formula: Taxable Actual Value X Assessment Rate X Mill Levy = Tax amount. The Assessor is only responsible for the valuation of your property, the Taxable Actual Value. If you disagree with the value of your property and your current tax bill, you will need to file a Petition for Abatement. You can find more information on our Abatements page. If you disagree with the value of your property and your future tax bill, you may file an appeal. See the question “How do I appeal my value?” in the Filing an Appeal section for more information.

4. How does a value change affect my property taxes?

Your annual property taxes are determined by the following formula: Taxable Actual Value X Assessment Rate X Mill Levy = Tax amount.  The Assessment Rate for all residential property in Colorado is currently 7.15% and 29% for all other taxable property types.  The Mill Levy, which is a rate, is a total of the mill levies set by taxing entities with jurisdiction over the property.  Based on the average levy in Summit County, for residential property you pay $456 in property taxes for every $100,000 in property value.  All other property pays $1,848 in property taxes for every $100,000 in property value.

5. Where is my “Account” or “Schedule” number?

The terms “account” and “schedule” refer to the same number.  Each Summit County property is assigned an individual identification number. This number is located just below the “Notice of Valuation” header and is highlighted with red lettering.  This same number is on your 2019 Property Tax Notice Due 2020, located on the right side of the form below the Summit County Logo.

6. How is property valued for taxation purposes?

• For residential properties, Colorado law requires that the “market” (a/k/a the “sales comparison”) 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 2020 was June 30, 2018.  Assessors are required to use data from sales occurring during the 18-month period ending on June 30, 2018.  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, 2018) may be utilized.  For 2019-2020, Summit County used 24 months of sales from July 1, 2016 to June 30, 2018 to estimate residential property values.  The Assessor uses these sales to identify sold properties that are most similar to yours (“sales comps”) based on a number of factors (such as location, number of bedrooms and bathrooms, year built, etc.).   The sales comps are time trended to June 30, 2018 and adjusted for differences with your property.
• 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, 2018.  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, 2018) may be utilized. 

7. Why is my value higher than my neighbor’s if our properties are the same?

• Even though your neighbor’s home may seem exactly the same, there may be differences of which you are unaware. Our Appraisers consider many different elements when valuing properties, for example, number of bedrooms and baths, view, condition of home, interior or exterior remodels, garage, land, etc. If you would like our office to address concerns about how your property was valued, you may file an appeal. See the question “How do I appeal my value?” for more information.

8. How do I know if my property has been correctly valued?

• Review the Detailed Data information for your property located on the Property Information Search & Maps page of the Assessor’s website for your schedule or on your Notice of Valuation to see if we have the correct information listed for your property. Go to the Summit County GIS Parcel Query Tool page at: http://gis.summitcountyco.gov/Map/ and enter your account/schedule number where indicated under “Search Options” to find your property and then click on the “Get Detailed Data” tab located directly below the map.
• Review the Current Market Sales Data Lists spreadsheets on the Assessor’s website at http://www.summitcountyco.gov/387/Reappraisal-Sales-Lists to identify sales of similar properties that you think are comparable to yours and compare them to the sales listed on your Notice of Valuation to see if your value is fair and equitable.

9. Where can I find comparable sales?

All property sales used in the 2019-2020 Valuation are identified in the spreadsheets found on Assessor’s website.  Go to: http://co-summitcounty2.civicplus.com/387/Reappraisal-Sales-Lists

10. How can I view the adjustments to the sales used to value my property?

Contact the Assessor’s Office by phone (970) 453-3480 or by email at Assessor@summitcountyco.gov and request a copy of the Sales Comparison Grid for your property.  Please include your account/schedule number, phone number and email address with your request.  We will email or mail a .pdf of your Sales Comparison Grid to you for your review.

11. I haven’t made changes to my property, but my value and taxes have gone up. Why?

Your value changed from 2018 to 2019 due to the State mandated reappraisal of all property to a more current level of market value.  All property in Colorado is reappraised every 2 years on the odd numbered year to reflect a market value based on the appraisal date of June 30^th of the preceding year.  For 2019, all property was revalued to a June 30, 2018 date of appraisal, up from the prior 2017-2018 date of appraisal of June 30, 2016.  Your property was valued using sales of similar properties that sold in the 24 months prior to June 30, 2018. 

12. Does my Notice of Value include the Senior or Veteran’s deduction?

No, but your tax bill does.  Your 2019 Property Tax Notice Due 2020 form will have the following message in the Messages section in the upper right section of the form:  “The value and tax stated on this notice reflect reduced amounts due to the application of the Senior or Veteran Property Tax Exemption Program”.  More information about the Senior and Veteran’s property tax exemption programs may be found here: http://www.summitcountyco.gov/120/Exemption-Programs

13. What is “time trending” and how does it affect my property’s value?

Time trending refers to an adjustment made based on changes in market conditions over time, or between the time of the sale and the appraisal date. This adjustment is applied to all sales for the purpose of calculating their values effective on the last day of the then current data collection period, which for 2020 was June 30, 2018.  See further explanation at: http://www.summitcountyco.gov/DocumentCenter/View/217/Time-Adjusted-Sale-Prices?bidId=

14. Why doesn’t my Notice of Value have comparable sales listed?

In most cases, residential properties with no comparable sales listed are new construction that is less than 70%. Other cases of properties that do not include comparable sales include: all non-residential properties (commercial, agricultural, etc.), properties with multiple improvements, and mixed-use properties.