April 28, 2017
Assessor’s Office mails Notices of Value to all property owners on May 1
Boulder County, Colo. - The Boulder County Assessor’s Office has completed its reappraisal of all property in Boulder County and will be mailing notices of value to property owners on May 1. For 2017, the actual value for residential, commercial, industrial, and other property types reflects the market value of the property as of June 30, 2016. The previous biennial reappraisal was done in 2015 based on market values from June 30, 2014. (See Assessor's Letter to Residents for more information.)
As many area residents are aware, real estate values have been going up at a significant pace based on high demand for a limited supply of properties for sale. Since the last reappraisal in 2015, Boulder County has seen a high overall positive change in values for residential properties reflecting this trend. Percent increases for residential type properties in this appraisal period range from 10% and higher for the far western portion of the county, to 20 to 30% and higher throughout the cities and eastern portions of the county.
Since the June 30, 2016 market value assessment date, the real estate market in Boulder County has continued at a strong pace. Residential sales figures continue to rise, and many homeowners may find that their homes are worth more today in the current real estate transaction market than our assessments indicate from nearly a year ago. Commercial and Industrial properties are also showing higher changes, from 20% and higher. Apartment complexes have also seen similar increases to residential due to high occupancy and rental rates.
As homeowners around the county consider the percent increases in property values, we feel it is important to point out that percentage increases are relative based on net value of a property. For example a 20% increase on a $300,000 house in Longmont raises the price of that house to $360,000, whereas, an increase of 20% on a $700,000 house in Boulder raises that price to $714,000. Therefore, percent increases will vary in relation to actual dollars quite considerably across the market.
The residential assessment rate adjustment is guaranteed by a 1982 Constitutional Amendment known as the "Gallagher Amendment." Gallagher stabilized residential properties’ share of the statewide property tax base so that residential property owners would not continue to bear an ever increasing portion of the property tax burden. The State Legislature is must reduce the residential assessment rate in 2017 to keep the balance between residential and all other property types. Currently the residential assessment rate is set at 7.96%; all other property has an assessment percentage of 29%. An estimate of 7.20% has been proposed and will be decided by the end of the 2017 legislative session.
Notices of Value
Again this year, residential property owners will receive in the mail a three-fold Notice of Value postcard that includes the property’s basic assessment information and an appeal portion that can be mailed back as an appeal form. Property owners can also appeal their values by fax, in-person, and online through our website.
Property owners can access a more traditional Notice of Value on our website at:www.BoulderCountyAssessor.org. A web based estimate of taxes calculator is available at: http://assessor.boco.solutions/ENOV/. Please keep in mind that this provides only an estimate of taxes. If there are any legislative changes or taxing district elections that raise their mill levies (tax rates) this fall, the tax amount will be different. Anyone who does not have computer access can call our office at 303-441-3530 to request that a traditional Notice of Value be sent to them at no charge.
For taxpayers who choose to appeal online at www.BoulderCountyAssessor.org, there are new tools available to help research sales and attach comparables to their appeals. We hope residents will find these new online tools useful and intuitive. Additionally, we will have remote locations opened for portions of May at the following locations:
|Lafayette||Lafayette Community Services Center
1376 Miner’s Dr. Unit 105 Lafayette
|Residential: May 8- 12
Commercial: May 9
8 a.m. - 4:30 p.m.
|Longmont||Boulder County St. Vrain Community Hub
529 Coffman Street, St. Vrain Conference Rm
Residential: May 15 - 19 and May 22 - 26
8 a.m. - 4:30 p.m.
|Lyons||Lyons Town Hall
432 5th Avenue, Lyons
8 a.m. - 4:30 p.m.
|Boulder||George Reynolds Branch Library
3595 Table Mesa Drive, Boulder
May 9, May 12, May 22, May 26
12:30 - 4:30 p.m.
Programs for Seniors and Disabled Veterans
Property owners who are 65 or older, and have owned and lived in their home for the past 10 years as of January 1, may be eligible for the Senior Property Tax Exemption Program. Disabled Veterans may also qualify for the exemption.
The Colorado Legislature may be funding the Senior Homestead Exemption for 2017 (for taxes payable in 2018.) If you have not been approved already for this program, please call our office or visit our website for an application to apply. We urge you to be prepared ahead of time, so you can benefit from this exemption if it gets funded. The deadline to submit your application is July 15.