Property taxes are an aspect of homeownership that no one looks forward to. Although most counties in our state have set property taxes below 1%, the high cost of homes in our area (and especially Boulder County) can offset this low rate. If you’re experiencing sticker shock with regards to your property’s tax assessment notice, and feel that the value is too high, you may find it helpful to file a property tax protest. If you’re not familiar with this process, we share the details here:
Unless you file a tax assessment protest, you have no say in the amount of property taxes that you owe. Estimates show that approximately 30 to 60% of taxable property is over-assessed, meaning that you may lose hundreds (or more likely, thousands) of dollars each year. If you feel that your property valuation is too high and you’d like the chance to save on taxes, here’s how to file your protest:
After you’ve received your notice of appraised value in the mail, you can disagree with the valuation and contest it via a notice of protest. Many counties have a deadline of May 15, but Boulder County allows protests to be filed from May 1 through June 3, 2019.
Once you’ve completed the filing process, the appraisal district in your county will schedule a hearing. Hearings may be formal or informal. Informal hearings are held with an appraisal staffer or representative of the district, while formal hearings are conducted by the appraisal review board. Regardless of whether your meeting is formal or informal, be prepared with the necessary documents. These include photos, independent appraisals, repair estimates, and records that show a devaluation of your home. After the district representative or review board evaluates your documents, they may offer a revaluation of the property. If you’re still unsatisfied with the new value, you can file a suit in the district court.
While property taxes are a fact of life for homeowners, you’re not without options when it’s time to pay. Protesting your property tax assessment can be a smart move if you feel that your home is unfairly valued, and taking the time to file a protest has the potential to save thousands of dollars.
By Jennifer Egbert. Jennifer is a Realtor at PorchLight Real Estate Group and specializes in Luxury neighborhoods, home builders and current market conditions. Visit jenniferegbert.com, e-mail email@example.com or call 303.619.3373.