RE/MAX Properties of the Summit, Breckenridge, Colorado
nyearout@colorado.net
http://www.realestate-breckenridge.net
#Breckenridge, Colorado
The property value assessment process explained
The biannual assessment of property in Colorado has occurred. All counties in Colorado revalue all property this year. Notices were mailed May 1. The last day to appeal the value of your property is June 3.
The sales study period for this revaluation is July 1, 2010 to June 30, 2012. Statute requires 18 months of sales be studied. In Summit County we use a full 24 months so that we have consistency between valuation periods.
With all properties, we are allowed to go back as much as 60 months. In a county like Summit where sales in the study period could be insufficient for a particular category of property, going back beyond the two years is sometimes necessary.
With commercial properties we must also analyze the cost and income approach, as well as the sales comparison method. We depend on our taxpayers to provide us with their rental income and expense information to accurately determine a value using the income approach.
Residential properties, by constitutional amendment, can only be valued with the sales comparison approach. Summit County has many unique properties. Unlike metro areas, there are few subdivisions with properties that are very similar. In many of our neighborhoods the properties vary widely in style, size, lot characteristics, view, river or stream amenity, golf course frontage, construction quality and design.
With this variation, sales comparables used for analysis for each home in a neighborhood could vary widely.
It is our goal for our taxpayers to understand this revaluation process. We welcome your call or visit here in the assessor’s office. Our phone number is (970) 453-3480. We are open for customer visits from 8:30 a.m. to 4:30 p.m., Monday through Friday.
Beverly Breakstone, Summit County Assessor
Courtesy of the Summit Daily News
