By statute, properties in Colorado are re-assessed every two years and owners are given their new Assessed Valuation in early May.
This year, many Colorado property owners are surprised by the amount their property’s value went up in just two years.
An important reason why many increases are substantial is based on the timing of comparable sales.
By statue, each County will only consider comparable sales used for the valuation between 7/1/2020 and 6/30/22.
This particular 24-month period happens to be one of the most active and robust real estate markets in history.
It can also be confusion that a new valuation received in May 2023 is based on comparable sales from way back in 2020, 2021 and the first half of 2022.
If you do plan to protest, comparable sales during that same 24-month period are the only ones which can be considered.
You may have questions about your new valuation and you may want to protest.
In any case, we are happy to help you.
Simply reach out to me!