El Paso County Colorado Property Tax Appeals Process
El Paso County Colorado Property Tax Appeals Process.
Did you receive your Notice of Valuation for your El Paso County Taxes?
Did your El Paso County property taxes increase?
Do you agree with the value assigned by the El Paso County Assessor?
Did you know you can appeal the value assigned to your property to the El Paso County Assessor?
Seeing your property taxes increase is a catch-22. On the one hand, it is nice to see your property appreciate, but on the other hand, you are faced with paying higher property taxes.
2015, like all odd years, is the reappraisal year for El Paso County property taxes. This reappraisal affects the property taxes paid in 2016. The percent of actual value for residential property is determined by State Legislature. For the current tax cycle, the percent of actual value is 7.96%.
To understand how your property taxes are calculated, you need to know your mill rate. This is the value multiplied by the assessed value. The mill rate can be different for each neighborhood. It includes the taxes for the county, roads, library, schools, etc.. You can research your mill rate by visiting the Assessor's website, enter your property address, select the schedule number and then select “County Treasurer Tax Information” just below your properties market value, then "Display Tax Statement."
How it works:
Say your residential property is valued at $200,000, and your mill rate is 0.077226
$200,000 X .0796 (percent of actual value) = $15,920 (Assessed Value)
$15,920 X 0.077226 (mill rate) = $1229 (annual taxes)
The important thing to note, is that an appeal is not a complaint about paying higher taxes, it is an attempt to correct the market value of your property, which may be inaccurate or unfair. By justifying a lower market value for your home, your property taxes will be decreased.
An example of when you might want to appeal the value of your home; Say for instance you live in a neighborhood that is ten years old and your property is being compared to homes sold in a new planned community neighborhood with a golf course and pool only one mile away that are selling for $100,000 more than homes in your neighborhood. You will want to submit comparable properties found in only your neighborhood at the lower value.
There is a small window to submit appeals, 1 May - 1 June 2015. Appeals must include comparable properties sold during the 24 month period of July 1 2012 - June 30 2014. The El Paso County Assessor will only accept the market value approach for comparable properties.
The best way to obtain comparable properties to support your appeal is to contact a reputable real estate agent familiar with the market value approach for comparing properties. Murray & Associates is happy to provide you with a list of comparable properties sold within this two year period that you can use to support your appeal to your property taxes.
For more information on the appeals process, visit the El Paso County Assessor’s Appeals Process.