New property tax bill is radically altered leads to huge tax increases and allows local governments to grow 20 times inflation.
Wow! You can always hand it to the politicians to take a simple property tax…
Our legislative branch and Governor have touted a new proposal to drastically reduce property taxes after they have skyrocketed due to increasing values and the elimination of the Gallagher amendment. Unfortunately the new bill will not help the overwhelming majority of property owners in the Colorado Mountains. Fortunately you can appeal and regardless of what you hear that everything is going up, the mountains present a unique opportunity to appeal and win.
The new proposal is just coming out as I am writing this article; below are the details I have seen so far:
The new legislation does very little if anything for Colorado ski resort property owners:
I’ve read countless newsletters from various mountain realtors stating basically to not waste your time with an appeal of your property taxes as basically everything has gone up. This is a true statement, but the mountains are very unique which gives a big opening for appeals.
First, if you are in a uniform condo/townhome an appeal will be difficult as there is little if any variation in the units. Single family homes on the other hand create a unique environment for an appeal.
In any Colorado ski town, there are huge variations amongst single family homes. Many older homes have had gut remodels while others remain dated and languish. Furthermore, there can also be enormous differences in values based on very small changes in location or even orientation of a house. For example, does the house have mountain views or is it facing the airport? All these nuances create a perfect opportunity for an appeal.
I live and work in the mountains and my property reassessment basically doubled, but the value I calculated on 6/30/22 was about 30% less than the assessed value so I appealed with a strong case. Why such a huge variation in values?
Based on the information above, you have options to appeal as overall the assessments in the mountains might be correct, but they can be wildly off on individual properties. It is worth the time to appeal to the county as you likely have some ammunition to back up an assertion of a lower value. I have appealed on all my properties for the reasons above and I have a high probability of a substantial reduction which would save thousands a year.
Valuing a property in the Colorado Resort Communities is difficult due to the unique qualities in mountain towns. For single family homes, the value is very “squishy” and not as rigid as a townhome due to the myriad of variables in mountain towns. Property owners can use the uniqueness to effectively appeal their taxes saving thousands of dollars a year. Remember, the values determined this year are set for the next two years of taxes so the savings will be doubled.
Also, you only have until June 5 to get your appeal in. If you miss this window, you are out of luck. If you end up appealing in a Colorado ski town, I’d love to hear how it went. I’ll keep you posted on my appeals as well.
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Written by Glen Weinberg, Owner Fairview Commercial Lending. Glen has been published as an expert in hard money lending, real estate valuation, financing, and various other real estate topics in Bloomberg, Businessweek ,the Colorado Real Estate Journal, National Association of Realtors Magazine, The Real Deal real estate news, the CO Biz Magazine, The Denver Post, The Scotsman mortgage broker guide, Mortgage Professional America and various other national publications.
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