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Notices of Valuation to be mailed May 1

Posted on 04/28/2017
NOV postcards will be mailed May 1st

On May 1, 2017, the Weld County Assessor will mail Notices of Valuation (NOV) postcards to owners of real property. The postcard notice provides the new actual value for 2017, which will be used in the calculation of property taxes to be paid in 2018. The detailed NOV will be posted online in the Property Portal section at Specific property information, including characteristics and sales history, is also found in the Property Portal section as well as the complete Property Report. It is possible to search by name, address, account number or parcel number.

Property owners should review the NOV carefully. The value on the NOV should reflect market value as of June 30, 2016, except for agricultural land.  Residential properties, which include single family homes, homes on agricultural land, multi-family properties, condominiums, and manufactured homes, were appraised using market sales from January 1, 2015, through June 30, 2016.  By State law, it is illegal to consider any market information which occurred after June 30, 2016, in the 2017 valuations.

This reappraisal cycle saw particularly strong increases in residential values, due primarily to a shortage of housing and strong demand. In addition, Northern Colorado has been mentioned many times in the national press as one of the strongest residential markets in the whole country. There is no set percentage increase, as this is a large diverse county with many residential sub markets. Location is a very important factor. The amount of increase is not the way to judge the accuracy of the property appraisal. The best way to judge the accuracy is to compare the value against sales in the area during the study period, adjusted for appreciation to June 30, 2016.

Colorado is not a current value state. The values shown on the NOV represent market conditions as of June 2016, not current conditions. We cannot make adjustments to property values due to current market conditions, refinancing appraisals dated after June 30, 2016, or property sales which closed after June 30, 2016. These issues and their effects on property values for taxation will be taken into account during the next reappraisal in 2019.

An increase in the market value of a home does not necessarily mean an increase in taxes. The residential assessment rate is projected to be 7.2% for 2017-2018, the first drop in the residential rate in over 12 years. Between 2003 and 2016 the residential assessment rate was set at 7.96%, based upon the requirements of the Gallagher and TABOR amendments to the State Constitution. The 2017 reduction in the residential assessment rate will help residential homeowners by reducing the taxable portion of the appraised value. In addition, there are tax limitations in Weld County’s Home Rule Charter, State Statutes and the State Constitution, which prevent windfall tax increases.

Agricultural land was valued using a constitutional production based formula utilizing the landlord’s share of typical base crops and expenses for the specified ten-year period, which for 2016 is 2006-2015. The income and expense data for the 2017 agricultural land valuations were published by the State of Colorado. The typical landlord’s income is capitalized using a statutory rate of 13%. The values for agricultural land are based on typical farming and ranching practices and not based on the actual productivity or income of individual farms. The values determined for agricultural land do not reflect the market value of the land nor do they reflect current agricultural conditions. The ten year rolling average does not take the impacts of the current crop year or commodity prices into account.

Commercial and industrial properties were reappraised using cost, market and income data from the January 2015 through June 2016 time period. Again, by law, the appraisal date is June 30, 2016 and does not take current sales, lease rates or vacancy data into account. Commercial and industrial properties are assessed at 29% of their actual value.

The NOV is the first step in the process of developing the actual tax dollars due on the property. The taxing authorities, such as the county, cities, fire districts, and school districts will use the assessed value in establishing their budgets and mill levies or tax rates in December. The taxes that are based on the new 2017 valuations will not be due until 2018.

If the property owner disagrees with the value, they may protest the value during May 2017. The best way for property owners to protest their values is to MAIL, FAX (970) 304-6433or E-MAIL or the online appeals option at Property owners should include any pertinent information regarding their estimate of the property value with the protest material. Only information from 2015 and the first 6 months of 2016 can be included. This will assist the appraiser in evaluating the protest. The protest must be postmarked or electronically filed by midnight on June 1, 2017. Instructions for completing a written protest are included with the NOV or may be found on our website. 

In person protests will be scheduled by APPOINTMENT only between 8:30 a.m. and 4:00 p.m. Call (970) 400-3650 to schedule an appointment. Appointments will be scheduled at the Assessor’s Office in Greeley. Those who come in to protest without an appointment will be asked to schedule one, and we cannot guarantee that they will be seen that day. No valuation decisions will be rendered at the protest hearing. Property owners who wish to protest in person may do so through June 1, 2017.

Our decisions on each protest will not be completed until June 30, 2017. Notices of Determination will be mailed by that date to property owners who protested their value. All decisions will be rendered in writing.