Here in Boulder County, homeowners have been enjoying a rise in property values. The flip-side of the coin is apparent when Notice of Values (NOV) are mailed out, as they were beginning May 1st. You see, when property values rise, so do taxes. By how much is determined not just by your actual value, but additional factors such as the assessment rate (percentage used to determine your assessed value) and your county’s mill levy percentage.
For example…
Property tax for residential property per $1,000,000 of actual value:
| $1,000,000 | Actual value |
| X 7.96% | Assessment rate for residential property |
| = $79,600 | Assessed value |
| X 7.4% | Mill Levy |
| = $5,890.40 | Property tax for residential property per $1,000,000 of actual value |
While you cannot appeal your taxes (and you will not win an appeal just because you think your taxes are too high), you can appeal your property’s estimated market value on grounds that the property record is incorrect, or your property value is too high or low. If your valuation is the point in question, be prepared to demonstrate that comparable properties to yours are valued differently.
Boulder County residents can file an appeal between May 1st and June 1st. Post marks and submissions must be before 11:59 PM on June 1st.
Be sure not to miss the window of appeal if you feel your property is valued incorrectly or there is an error in classification. Boulder County’s Real Property Appeals Process is detailed on their website.
Even if you reside outside of Boulder County, it is prudent to review your NOV. Mistakes have been known to happen regardless of your location and rising/falling property value trends. Check your NOV to determine the contact information for your county assessor’s office.