Every two years, during the first week of May, assessors across the state mail out updated property valuations to homeowners. You likely just received yours and may have been a bit surprised to see your value has jumped up by five, even six figures from 18 months ago!
That’s much tamer than 2017, when the median gains in residential value ranged from 17% in Douglas County to 40% in Adams County or 2019, when the median gains ranged from 13% in Boulder County to 24% in Adams County.
How can you best prepare for your appeal?
- Characteristics: If the county property / public record claims a home has four bedrooms when it has only three, or the square footage is overstated, that would make for a solid appeal based on characteristics.
- Condition: If the other homes in the neighborhood are all renovated, while yours could serve as a stage set for “That ’70s Show,” then consider a protest, although that battle will be more subjective and tougher than one based on hard facts.
- Comparables: If the characteristics as reflected in the public record and condition are correct, the best information you can provide are similar sales in the base period to support a value reduction. The key with comparables is to find home sales with similar characteristics and in a similar condition. And while sales across a two-year period can be used, the closer to June 30, 2020, but not a day after, the better. Some counties list the comparable home sales the assessor used to determine a value. Try to find better ones and support why they are better.
Want to appeal and feeling overwhelmed with the above?
You’ll be happy to know, as your “Real Estate Advisors for Life,” we are here to help! Give us a call, text or email and we would be happy to assist you evaluate your current valuation, access the property’s public record and help get you better data to submit with your appeal.