Your Home Value: A Guide to Successfully Protesting Property Values in Colorado

Letters from the assessor have been making their way into Denver county homeowner mailboxes.  According to an article from Denverite, Denver Assessor Keith Erffmeyer thinks the increase is the highest he has seen in his nearly 30 years in office. Denver saw a 33% median increase in home values from July 2020 to June 2022, with some surrounding Front Range counties seeing even bigger jumps in residential values, from 40% in Larimer County to 47% in Douglas County.

The rise in assessments is not just a result of growing home prices.  In 2020, voters repealed the Gallagher amendment that would have automatically reduced reassessed values, in order to better fund local services and help businesses paying sky high property taxes.

Your 2023 assessed property value reflects the value of your property between July 1, 2020 and June 30, 2022.  If the valuation isn’t in line with your expectation, you have the option to appeal (protest) the assessment. Here’s what that looks like:

Understanding the Assessment Process

In Colorado, the Assessor's Office determines the value of your property based on various factors such as market conditions, property characteristics, property classification, and recent sales in your area. The assessed value is used to calculate your property taxes.

Why Protest Property Values?

Protesting property values is an option for homeowners who believe their property has been overvalued. By initiating a protest, you have the opportunity to present evidence that supports a lower assessment, leading to a potential reduction in property taxes. 

If any of these are true you may consider an appeal:

1. Incorrect property characteristics

2. Estimated value is too high

3. Inaccurate property classification

Methods of Protest

The Denver Assessor's Office provides several methods for homeowners to protest property values:

1. Online: Visit the Denver Assessor's Office website (denvergov.org/assessor) to file your protest electronically. This convenient method allows you to submit all necessary documents and evidence online.

2. By Mail and Email: If you prefer a traditional approach, you can complete the "2023 Property Value Protest Form" available on the website and mail it to the Assessor's Office. Alternatively, you may also email the completed form and supporting documents to the provided email address.

3. In-person: In certain situations, an in-person hearing may be required. To request an appointment for an in-person hearing, follow the instructions provided on the Assessor's Office website.

Supporting Your Protest

To increase your chances of a successful property value protest, gather relevant evidence to support your claim. Consider the following:

1. Comparable Properties: Your realtor can provide a comparative market analysis (CMA). These reports include data on recent sales of similar properties in your area and can help to identify any discrepancies between the assessed values and your own. Provide evidence of these discrepancies to strengthen your case.

2. Property Improvements: If your property has experienced any significant issues or undergone changes that affect its value, document these improvements and present evidence to support a lower assessment.

3. Professional Appraisals: Hiring a licensed appraiser to assess your property can provide an unbiased expert opinion. Include the appraiser's report as part of your supporting evidence.

4. Photographs and Documentation: Collect photographs and any relevant documentation that showcases the condition of your property. This visual evidence can help substantiate your claims.

Important Dates and Deadlines

Ensure you stay within the specified timeframe for filing your protest. The deadline for filing a protest is currently June 8th, but it's advisable to check the Assessor's Office website for any updates or changes.

In summary, protesting property values in Colorado is a proactive step that homeowners can take to ensure fair assessments and potentially reduce property taxes. By familiarizing yourself with the assessment process and gathering strong supporting evidence from your realtor, you increase your chances of a successful protest. Remember to adhere to the specified deadlines and utilize the available methods, whether online, by mail/email, or in-person. Take control of your property value and protect your investment by engaging in this important process.

Have any other considerations?  Make sure to drop them in the comments.

If you're in the market to buy/sell a home, or you just want to chat about real estate, let’s connect!  We're happy to share market resources, vendor referrals or anything else that would be helpful in your journey.

Michelle Fitzgerald
Real Estate Broker, Realtor®

email: michelle@michellesellsdenver.com
Instagram: https://www.instagram.com/michelle_sellsdenver/