Looking at property taxes for 2017
The Eagle County Assessor’s Office mailed 2017 Notices of Value to all property owners today. The notice states the previous value and new market value and also provides information on the appeals process and deadlines. The basis of the 2017 reappraisal is local market, cost and income data collected from July 1, 2014 through the appraisal date of June 30, 2016.
All 64 Colorado Assessors are mandated to follow the Colorado Constitution and State Statute in setting value for all property. Assessors in Colorado reappraise all property every two years.
In Colorado, residential property can only amount to 45 percent of the total assessed value statewide. All other property (vacant land, commercial, industrial and agricultural) amounts to 55 percent of that total. To maintain this split for 2017, the residential assessment rate recommended by state officials is 7.2 percent. The current rate is 7.96 percent. If this rate had stayed at 7.96 percent, then estimates show homeowners would actually be footing 48.795 percent of state property taxes in 2018.
In other words, if your home is valued at $500,000 by the county assessor, then your taxes last year were based on 7.96 percent of that value, or $39,800; at 7.2 percent your assessed value would drop to $36,000. With a mill levy of 70, for example, your new tax would be $2,520 — down from $2,786 — assuming your property’s value did not change. All other property, including commercial, industrial, agricultural and vacant land, will remain assessed at 29 percent. All other types of property with a market value of $500,000 have an assessment of $145,000. Property taxes for those categories are much higher as a result.
In Eagle County for 2017, the median change in residential property value is 11.0 percent, whereas commercial property went up at a median of 15 percent. Most residential increases above this median were experienced in the middle and western portions of the county whereas some areas in the eastern confines of the county varied from the median or even stayed relatively flat in value.
The assessor estimates your market value based on sales within your neighborhood or area.
It is worth noting that a lower assessment rate may not mean the property tax bill you receive will drop, but it can ease the impact of increasing home values.
Appeals are heard by the Eagle County Assessor’s office beginning today and ending June 1.
For more information regarding the 2017 market values and the appeals process, please visit us at http://www.eagle county.us/assessor or call the office, 970-328-8640.
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