3 Things You Should Know About Commercial Property Values in Colorado
Assessors throughout the state of Colorado released values on properties on May 1, 2019. Here are three key pieces of information every property owner and manager should know about when looking at your notice of value.
- There are pitfalls in using technology for assessment: Assessors follow a process of mass appraisal to determine assessed values, classifying lots of “similar” buildings together. Our job is to explore each property individually and identify if the model has over-estimated the value you pay taxes on.
- Assessments are based on a specific time, not current value: The notifications of value that assessors shared are from a base period of January 2017 – June 2018, not today’s value. If the market has been increasing in your area, the assessor’s value should be a year old and your notice of value should reflect that. Be cautious: you may be paying too much because the value correlates to today’s value, not June 2018.
- If you’re concerned about your value, you may have a case, but you need to file by June 3: Assessors evaluate a host of information as part of an appeal including cost sales comparison and income approaches. If you’re unsure about next steps and interested in finding out more, we can help. Our team has been appraising and appealing commercial real estate for more than 30 years in Colorado and other states. Simply reach out via the form below and we’ll be in touch ASAP.
