Questions and Answers for the Assessor
- How do I contact the Assessor's office?
- How is my property value determined?
- How do I know what my taxes will be?
- Who sets the mill levy?
- Who sets the assessment rate on residential property?
- Will I be penalized if I don't let the Appraiser in when an inspection is requested?
- What will happen to my assessment if I improve my property?
- When are properties revalued?
- When is the assessment date?
- What time frame does Pitkin County use for sales comparisons when revaluing properties?
- What is the Senior Property Tax Exemption in Colorado and how does this affect my taxes?
- What’s the difference between the Assessor and Treasurer?
How do I contact the Assessor's Office?
|Telephone: ||970-920-5160 |
|Fax: ||970-920-5174 |
|E-Mail: ||email@example.com |
|Mail: ||Pitkin County Assessor, Tom Isaac, 506 E. Main St. Ste. 202, Aspen, CO 81611 |
|Office Location: ||Pitkin County Courthouse, 506 E. Main St. Ste. 202, Aspen, CO 81611 |
How is my property value determined?
The actual value assigned to residential properties is based on sales that occurred in the 24 - month period from July 1, 20xx to June 30, 20xx. Those sales indicate the market conditions in various parts of Pitkin County, and the market value of specific types of properties. Five years of sales activity are analyzed for those types of properties that are few in number or of an unusual nature. For most nonresidential property, we consider comparable sales information, construction costs, depreciation, and the income approach to value. The value is as of January 1st of each year considering the physical and legal condition.
How do I know what my taxes will be?
The exact amount of taxes is an estimate until the tax rate or levies have been certified and approved by the Board of County Commissioners. Each individual taxing authority according to Colorado law provides the tax rate or levies to the Board of County Commissioners by December 15th and the Board of County Commissioners certify the mill levy by December 22nd. In the following January, official tax notices are mailed by the County Treasurer based upon these approved levies. Therefore, as soon as possible after January 1 of each year, you may be able to contact the County Treasurer's Office for the exact amount of property tax. The Assessor does not levy or collect taxes, we value your property.
Calculating taxes in Colorado is a 2 step process. If the property is residential, then the assessment rate is 7.96% (established by the State). Generally all other property including vacant land, commercial, agricultural, and natural resources is assessed at 29%. 39-1-104(1) and (1.5) (a), C.R.S. The mill levies are determined by specific taxing entities (fire departments, open space, schools, etc). Mill levies may change every year depending on both budget calculations and ballot issues in the November election.
Actual Value x Assessment Rate = Assessed Value
Assessed Value x Mill Levy = Tax Bill
If you have $1,000,000 actual value of real property and the mill levy is 45, what will the taxes be?
$1,000,000 x 0.0796 = $79,600
$79,600 x 0.045 = $3,582 tax amount
Who sets the mill levy?
Mill levies are set each year by taxing authorities: school districts, the county, cities, fire, water and sanitation districts, and others. These entities provide tax-supported services and are listed on your tax notice.
Who sets the assessment rate on residential property?
The Colorado Constitution requires that a specific relationship be maintained, on a statewide basis, between the assessed value of residential property and the assessed value of non-residential property. The state legislature sets the residential assessment rate once every two years to maintain that relationship. The current assessment rate for all residential properties is 7.96%. All other properties are assessed at 29% of actual value.
Will I be penalized if I don't let the Appraiser in when an inspection is requested?
No. When an interior inspection is not allowed, the appraiser will attempt to update the records by looking at the property from the outside and using other available information. To ensure an accurate assessment of value, it is to your advantage to allow the appraiser inside your property when an inspection is requested.
What will happen to my assessment if I improve my property?
Improvements or changes to a structure generally increase the value of property.
Examples of typical changes that can increase the value of your property:
• Added rooms or garage
• Additions to the square footage of your home
• Substantial modernization of kitchens and/or baths
• Central air conditioning
• Extensive remodeling
Examples of changes that do not effect your value:
• New or repair of your roof
• New furniture
• New carpet
• General repair and maintenance of your property
When are properties revalued?
All properties are revalued every 2 years in odd numbered years.
When is the assessment date?
Properties are valued as of the assessment date which is January 1st of every year. This means that the status of properties as they stand on Jan. 1st — their legal and physical condition — is how they will remain for that tax year. The tax notice received next January will be based on this value.
What time frame does Pitkin County use for sales comparisons when revaluing properties?
Pitkin County uses sales data from a 24-month period ending June 30 of even numbered years to establish real property value. If data is insufficient during this time period, assessors may go back in 6-month increments up to 5 years to find sales data.
What is the Senior Property Tax Exemption in Colorado and how does this affect my taxes?
Title 39 Article 3 Part 2 CRS
In 2000, Colorado voters amended the State Constitution with the adoption of Section 3.5 of Article X. The amendment and subsequent legislation created a property tax exemption for two groups of people:
a) Qualifying seniors
b) Surviving spouses of senior who previously qualified
For those who qualify, 50% of the first $200,000 in actual value of their primary residence is exempted. The state will PAY the exempted property tax. Qualified individuals must file a completed application by July 15th of the year for which the exemption is requested. Applications are available in the Assessor's Office.
The senior citizen exemption in Colorado is also called the homestead exemption.
Seniors must be at least 65 years old on January 1 of the year the application is filed.
They must have owned and lived in their homes for at least 10 consecutive years.
A surviving spouse of a senior who qualified for the exemption may also apply.
The application deadline is July 15 of every year. For information, or to obtain an application, please contact the assessor at (970) 920-5160. Note: Seniors who have previously applied and been granted the exemption do not need to apply again.
What’s the difference between the Assessor and Treasurer?
The Assessor determines value while tax bills and the collection of taxes are the responsibility of the Treasurer. The Assessor’s office is responsible for the valuation and assessment of all taxable real and personal property in the county, according to the provision of the Colorado Revised Statutes. All taxable property within the County limits is discovered, identified, classified, and valued by the Assessor.