Real Property Valuation

2024 is an Intervening year

The same data collection period that was used for the 2023 reappraisal year is used to set values in the 2024 intervening year. Most properties do not change value from a reappraisal year to an intervening year. However, properties with new construction, remodels or additions, change in the use of the land, installation of on-site improvements, or other changes to the property will receive a new value in the intervening year. Additionally, if errors or data corrections were discovered, the property will receive a new value, reflecting those corrections.

Reappraisal Year (2023)

In the state of Colorado, real property is reappraised by County Assessors every two years in the odd-numbered years. The data used to establish these values is taken from the 18 to 60 month period prior to June 30th of the even-numbered year preceding the year of reappraisal. In the intervening, or even-numbered year, only property that meets certain criteria, such as new construction or remodel / addition, is revalued. 

Property owners may appeal their values each year from May 1st through June 8th. The Assessor’s Office reviews the appeals and sends a Notice of Determination on June 30th, which outlines the decision and further appeal rights.

Assessor's Mass Appraisal Methodology

Our goal is to develop a valuation model, using multiple regression analysis (MRA), that estimates value for all properties (sold and unsold) based on the property characteristics of all the sales. Sales comparables are provided via the NOV Archive Search, however MRA utilizes ALL sales in the valuation. Sales data within the data collection period is used to model the relationship between sale price and all significant property characteristics such as location, square footage, quality of construction, etc. This analysis returns value multipliers for each of the significant characteristics, location, square footage, quality of construction, etc. The Calculation Ladder (link via NOV Archive Search) shows the multipliers utilized in valuing your property. MRA allows for consistent values across a broad range of properties on our tax roll because the same equation is applied to all.

Explanation of Apartment Valuation

  • A more in-depth mass appraisal report of apartment valuation is available upon request by emailing [email protected] or calling our office at 970-453-3480.