Vail Daily column: Time for new valuations
2015 is a new valuation year. Every odd-numbered year, all real property in Colorado is appraised. May 1, all property owners will be mailed a notice of valuation from Eagle County. The basis of value is the appraisal date June 30, 2014. Sales, income and cost data is gathered from the 18-24 months prior to the June 30 appraisal date for the valuation of all property. The assessor’s goal is equalization of property value. The Colorado property tax system is designed to fairly and equitably distribute taxes according to the value of the property.
Colorado law requires a two-year re-valuation period for all real property. The assessor is required to mail and notify you of your new value in May. The notice of value describes the property you own, gives the actual value for both the prior and current year. For this year’s reappraisal, residential property values typically changed within a range from below 5 percent to well above 40 percent, depending on location within the county. Commercial property either did not change or increased as much as 48 percent, again dependent on location within the county.
As a property owner and taxpayer, you have specific rights, remedies and responsibilities in the assessment process. You have the right to examine the assessor’s property records. If you disagree with your property value, then you have the right to appeal with the assessor. You have the responsibility to provide accurate information to the assessor about the property you own to help the assessor estimate the most correct value.
When you receive your notice of valuation postcard, study it carefully! Additional information can also be found on the county website. Our records on land and buildings are public information, and you may examine them at any time. The deadlines for appeal are placed on each notice for your reference or can be found on our website. You can visit the website at http://property.eaglecounty.us/assessor to further check elements of each property such as the land size, building square footage, number of bedrooms and bathrooms, garage stalls or outbuildings, to ensure that the our records are correct.
Your property was valued as it existed on Jan. 1, 2015, which represents the “current year actual value”; however the value is based on the market as of June 30, 2014. The tax notice mailed to you in January 2016 will be based in part on this value and in part by the mill levies determined by the various tax jurisdictions.
The assessment process provides the base for generating property tax revenues which pay for schools, roads, fire protection, police protection and other local services. The taxes you pay are determined by each tax district in the county and the specific revenue needs in each of those districts. Property taxes are not determined by the assessor’s office.
Please contact the Assessor’s Office with any questions at 970-328-8640 or visit the Eagle County website at http://www.eaglecounty.us for more information.
Mark Chapin is the Eagle County assessor.
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