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    How to Appeal Your Commercial Property Tax Assessment

    May 5, 2023

    Introduction

    If you’ve received a commercial property tax assessment that you believe is too high, you may wonder how to appeal it. The good news is that you have the right to appeal your assessment, and there are a few things you can do to increase your chances of success.

    Step 1: Understand the Appeal Process

    The first step in appealing your commercial property tax assessment is understanding the appeal process. Colorado has a unique set of rules that apply to your appeal. Check out our FAQ page for some of the basic information.

    In general, the appeal process will involve the following steps:

    1. Gather evidence. 
    2. Analyze your property’s value. 
    3. File an appeal with the local assessor’s office.

    If You’re not satisfied with the decision of the local board of appeals, you can appeal to the Board of Equalization.

    Step 2: Gather Evidence

    The next step in appealing your commercial property tax assessment is to gather evidence to support your case. This evidence may include:

    • Appraisals from qualified appraisers
    • Sales comparables for similar properties in your area
    • Documentation of property defects or any recent improvements you’ve made 
    • Income and expense information
    • Data on capitalization rates

    The more evidence you can gather to support your case, the stronger your appeal will be. Remember, Colorado has a base period from January 2021 through June 2022. All data must come from that time period. 

    Step 3: Examine the Evidence

    Once you’ve gathered your evidence, you must analyze the information to determine your requested value. This means:

    • Prepare a valuation using sales
      • Making adjustments to the comparable sales, especially for time/market conditions
      • Use truly comparable sales
    • Estimate a value based on the property’s actual income
      • Analyze your income statements excluding any non-deductible expenses
      • Apply an appropriate cap rate to your net income
    • Review the assessor’s description of your property for accuracy

    From this analysis, you will determine what a reasonable value 

    Step 4: Prepare an appeal

    We typically prepare a written appeal. Be sure to:

    • Identify your property clearly
    • Be sure to sign the letter as the property owner
    • Be clear and concise
    • Highlight the analysis key points that support your appeal
    • Answer any questions that the assessor may have

    Step 5: Receive a Decision

    In July or August, the assessor will issue a Notice of Determination informing you of their decision. If you’re unsatisfied with the decision, you can appeal to the Board of Equalization.

    Conclusion

    Appealing a commercial property tax assessment can be daunting, but saving money is possible if you are successful. Following the steps outlined above can increase your chances of winning your appeal.

    Please click here if you need professional help with your property tax appeal. We have over 80 years of combined experience in property tax appeals.

     

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    Consultus Asset Valuation

    Since 1991, Consultus has specialized in commercial and personal property tax consulting, expert witness testimony, real and personal property appraisals, highest and best use analysis, brokerage and investment counseling and cost segregation studies.

    Our MAI designed on-staff appraisers make us a unique property tax consulting firm in Colorado. Our valuation team has over 75 years of experience gathered in governmental agencies and national firms. Although our company focuses on western states, we have an affiliation the US Tax Consulting Group that allows us to provide service to clients nationwide.

     

    Address:

    68 Inverness Lane East, Suite 103

    Englewood, CO 80112

    Phone: 303-770-2420

    Fax: 303-770-2430

     

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      Since 1991, Consultus has specialized in commercial and personal property tax consulting, expert witness testimony, real and personal property appraisals, highest and best use analysis, brokerage and investment counseling and cost segregation studies. Our valuation team has over 75 years of experience gathered in governmental agencies and national firms.

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