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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.
Your annual property taxes are determined by the following formula: Taxable Actual Value * Assessment Rate * Total of applicable Mill Levies = 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 in the NOV, you may file an appeal. See “How do I appeal my value?” If you disagree with the value of your property in your tax bill, you will need to file a Petition for Abatement. You can find more information on our Abatements page.
Your annual property taxes are determined by the following formula: Taxable Actual Value * Assessment Rate * Mill Levy = Tax amount. The Assessment Rate for residential property in Colorado for 2022 is 6.95% or 6.8% for “multi-family” units. The Assessment rate for most other taxable property types is 29%. The Mill Levy, which is a rate, is a total of the mill levies set by taxing entities with jurisdiction over the property. The individual mill levy set by each taxing entity is listed on your tax bill and you may contact that taxing entity for more information about how the mill is set and/or how it is being used.
Each Summit County property is assigned an individual identification number, sometimes called a “schedule” or “account” number – both terms refer to the same number. This number is located on your NOV and your tax bill.
All property sales used for 2021 and 2022 Valuations are identified in the spreadsheets found on Assessor’s website. Go to: http://co-summitcounty2.civicplus.com/387/Reappraisal-Sales-Lists
By state law, for the 2021/2022 valuation cycle, the Assessor’s Office cannot consider any sales that occurred after June 30, 2020. The sale of your neighbor’s property, if it is qualified, will be part of the data collection period for the 2023/2024 valuation cycle.
Even though your neighbor’s home may seem the same, there may be differences of which you are unaware. Many different elements are considered 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 “How do I appeal my value?”.
Your value changed from 2019/2020 to 2021/2022 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 30th of the preceding year. For 2021 and 2022, all property was revalued to a June 30, 2020 date of appraisal, as compared to the prior 2019-2020 date of appraisal of June 30, 2018.
The Summit County Assessor’s Office first develops an opinion of value for the property as a whole, and then uses the allocation method to assign a portion of total property value to the land, based on the relationship between the land and the improvement. To determine the portion to be allocated, we analyze the land to building ratio for the subdivision or neighborhood, as well as the median base value and median land size.
No, but your tax bill does. Your 2022 Property Tax Notice Due 2023 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
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 2021 was June 30, 2020 and is required by state statute. See further explanation at: http://www.summitcountyco.gov/DocumentCenter/View/217/Time-Adjusted-Sale-Prices?bidId=