Property Tax Appeals Due by June 8: What You Need to Know

By Missy Ruzicka

Sticker shock is one way to describe what many of us felt when we opened our property taxes this past month.

We’ve all heard the rumblings and maybe even let out a few expletives. With our property taxes being the topic of the hour, we thought it would be a good idea to get in touch with one of our resident realtors, Christina Surprenant, who was gracious enough to talk with us and help us pass some important information on for our readers.

For those who have not heard, last month homeowners in Broomfield and across Colorado got their notice of valuation on their houses, which gave us an estimation of our property taxes that will be due for 2024. Since June of 2020 Colorado has seen some insane home prices and a crazy seller’s market. With everyone feeling the squeeze, there is a lot of anxiety going around, Christina will help break it all down, explain how to protest, and offer a few silver linings.

The period of home valuation was July 1, 2020 – June 30, 2022 and home prices jumped in value during this time. Low interest rates, people flocking into Colorado, and a low inventory of houses have resulted in historic high prices. Houses during this time were selling thousands of dollars above the seller’s asking price and driving up the surrounding values.

Now that the housing market has slowed down and interest rates have climbed significantly, some fear their houses would never sell for the current evaluation. Good news, anyone can file an appeal with the Assessor to protest the current year value or the property classification. There are three ways to appeal; mail in the form that came with your valuation, email the assessor’s office, or make an appointment and appeal in person. But note, all appeals must be filed by June 8.

To file an appeal, gather three comparable sales of similar properties in your area during the evaluation time. If you are unsure how to get those, reach out to your realtor to help you. Christina Surprenant’s RE/MAX Momentum office has been very busy pulling comparables for everyone who has reached out. She points out that sending in appeals will show city leaders displeasure in the results. Christina is chair on the Board of Equalization, and they understand the community’s worries, and want to assure that protests will not fall on deaf ears, and the team will also look at all appeals that come into the assessor’s office. You may not hear results of your appeal until August but make sure to get it in by the June 8 deadline.

Now for some silver linings. The valuation is a floating rate that is good for two years, and the next evaluation period might bring our taxes down for 2025. And for senior residents worried about their climbing property taxes there is the homestead property tax exemption which is available to homeowners who are 65 and older as of January 1 of the qualifying year and must be the primary resident and owner for at least 10 years. There is a bill pending, SCR22-002, that should make the ballot this fall which is meant to expand the homestead exemption to be based off the first $300k of a property’s value (up from the current $200k). The exemption would be made “portable” which would allow the senior population to take this exemption with them if they decide to “right-size” their home.