If you recently purchased your dream home, property taxes may be the last thing on your mind. Taxes are part of homeownership, and you’ll soon be receiving your home’s updated assessed value and the amount of your property taxes from your county’s tax assessor. Whether you’re a new homeowner and curious about what to expect or have owned your home for years and want to know your options if/when your taxes increase, we share the details here:
What Do Property Taxes Fund?
If you’re like many homeowners, you may not be thrilled about receiving your property tax bill in the mail. The amount you’ll owe is based on the value of your home, so the more valuable the property, the more you’ll pay in taxes.
Looking on the bright side, property taxes benefit everyone in your community. Homeowners and landowners pay taxes to fund vital components of life, such as parks, roads, schools, libraries, and more.
What to Expect
More good news for Colorado homeowners is that our state has one of the lowest average residential property tax rates in the nation. In Boulder County, the Assessor’s Office utilizes many tools to calculate your home’s value. The office will use data from recent sales, advanced modeling software, and even information from previous property appeals to determine your property’s assessed value.
Disputing Your Property Taxes
If you feel that the county has overvalued your home and your taxes are too high as a result, you have the right to appeal the valuation. Timing is everything when it comes to appealing your property taxes, and you have a limited window to act.
Once you receive your assessed value and property tax bill, you must submit your appeal between May 1-June 1. Be sure to keep an eye out for the Assessor’s response (Notice of Determination), which will be sent by August 15. This critical document will contain the results of your appeal, as well as additional steps should you disagree with the determination.
If your appeal to the Assessor’s Office is denied or you do not receive the valuation adjustment you had hoped for, your last option is to present your appeal before the Board of Equalization (BOE). The deadline to schedule your appeal and hearing is September 15.
Please note that the Board of Equalization is not affiliated with the Assessor’s Office, so property owners wishing to have their home’s value adjusted must have all evidence on hand at the time of the hearing. Hearings will be conducted remotely and are limited to 20 minutes. Once the hearing has concluded, you will receive a final decision from the BOE by early November.
There’s no denying that property taxes play an important role in funding essential functions within our community. If you’re a homeowner or ready to become one, being aware of what to expect is important. Since homes in Boulder appreciate quickly, it’s wise to expect your taxes to increase accordingly. However, not all hope is lost–you can always follow the steps above if you feel that your home’s value has been unfairly assessed.