Taxes Anyone?

Posted by Phil Boren on Tuesday, May 12th, 2009 at 11:24pm.

It's an odd-numbered year and that means reassessment time again. Many of you received your NOV (Notice of Valuation) from the County Assessor, and you may be questioning the value. We have an "ad valorem" tax-base system here, which means that taxes are assessed "according to value". In an escalating market, which we've had in the past, the assessor's valuation can actually lag the market and tax payers are happier; in a more challenging or declining market, the assessor has a much more challenging job.

First, a few facts: The law requires the assessor to value each property as of June 30th of the prior year, using market data from the previous 12 months. So, the NOV that you just received is a value assessment as of June 30th, 2008, using market data from the time period starting January 1st, 2007 and ending June 30th, 2008. That normally causes some confusion.

The other part of the assessment equation are the specifics on your property, i.e., the size, age, condition, lot size, etc. If any of those components is inaccurate, it can further complicate the issue. You may want to review your statement right away; you only have a short time to appeal if there are errors. It is important to have an accurate record, since the ultimate assessed value will determine how much you pay in taxes.

If you need more information on this process or would like help with your appeal, please feel free to contact us. We'll be happy to review your situation and see if we can help.

Phil Boren
Direct: 303-441-5647
Email: pboren@remax.net
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