DENVER (KDVR) — Coloradans are feeling the pain from a sharp rise in property tax assessments.
On Monday, Gov. Jared Polis announced a plan that could soften the impact when you pay your property taxes next year. But there is something you can do about it right now: You can file an appeal.
“Homeowners are freaking out!” said Kelly Moye with Compass Real Estate and spokesperson for the Colorado Association of Realtors. “Our phones have been ringing off the hook.”
Moye has already helped 20 clients who had questions about the eye-popping property tax assessments they received in the mail this week.
“They think that what the assessment says is not what it is worth today, and that is accurate,” Moye said. “It’s what it was worth 18 months ago.”
The assessed value is taking the market value from January 2021 through June 2022.
“That happened to be the craziest time in our real estate market that we’ve ever experienced. Houses went up 35%” in value, Moye said.
How to appeal your property tax assessment
But you may still be left feeling like the number on the mailer is overvalued, in which case you can appeal with your county.
Moye recommended calling your real estate agent and asking them to find you comparable home sales from that same time frame.
“And that the comparables show that your house actually should be worth less during that particular time. If you are able to show that, then you have a good case,” Moye said.
She also said to think about anything unusual your home might have that you could potentially use to your advantage in your appeal.
“It backs to a busy road, or maybe there’s an easement behind it that allows you to not be able to build on it. Something that impacts the value that perhaps the county is not taking into account,” Moye said.
Moye said there really is no downside to filing an appeal. If you are successful, it will not hurt your ability to sell at a higher price in the future.
Check with your local county for appeal-related deadlines and due dates.