Colorado had unprecedented property tax increases in 2023. Even if you did not protest your 2023 valuation, you may still be able to get relief from your Colorado property taxes in 2024.
Colorado Residential Property Valuation Method
County assessors use recent market data to value residential real estate for the purpose of levying property taxes. By law, Colorado assessors only value residential property every odd year (e.g. 2023). Assessors review the data from the previous two years to determine the market value of property over time and adjust sales dates to a common “Appraisal Date.” For example, if a property sold on January 30, 2021, for $1,000,000, and the sales data indicates an appreciation rate of 2% per month, the adjusted sale price as of June 30, 2022, would be $1,340,000. Assessors then account for property differences (lot size, age, construction quality, view, etc.) and mass-appraise all properties using this data. However, due to the scale of the assessor’s endeavor, this can yield inaccuracies.
Notices of Valuations
On May 1st of each year, assessors mail “Notices of Valuation” to all property owners with their property’s new valuation. During even years (e.g. 2024) the valuation does not change unless, for example, the property was recently renovated.
Can You Protest Property Taxes in Colorado?
Every year, property owners have until June 8 to submit a “tax protest.” If they are unsatisfied with the assessor’s response to the protest, they may appeal to the county board of equalization by July 15.
If a property owner does not protest, they may request a “tax abatement” within two years. An abatement is a request to reduce your tax bill if you believe your property was overvalued. For example, in January 2024, treasurers issued owners tax notices for the taxes due from tax year 2023. Owners who did not protest their 2023 valuation can petition for a tax abatement until December 31, 2025.
How Do I Dispute a Property Tax Increase in Colorado?
There are several options available to challenge your valuation in 2024:
- If you didn’t protest in 2023, you can potentially file tax abatement to challenge your 2023 tax bill or tax protest your 2024 valuation.
- If you protested in 2023, you can still file a tax protest in 2024.
- Request an inspection or review if you believe the assessor incorrectly characterized your property.
Colorado Property Tax Protests and Tax Abatements
Garfield & Hecht, P.C., has extensive experience with property tax protests, abatements, and requests for review. We carefully analyze county sales data and property characteristics and collaborate closely with our clients to obtain property tax reductions. While we have had significant success in obtaining property tax reductions for our clients, we cannot guarantee a particular outcome.
Contact us to learn more about how a property tax protest or tax abatement can potentially reduce your property taxes.
Andrew Atkins, aatkins@garfieldhecht.com
Trent Lauridson, tlauridson@garfieldhecht.com
