Real Property Valuation
In the state of Colorado, real property is reappraised by County Assessors every two years in the odd-numbered years. The data used to establish these values is taken from the 18 to 60 month period prior to June 30 of the even-numbered year preceding the year of reappraisal. In the intervening, or even-numbered year, only property that meets certain criteria, such as new construction or remodel / addition, is revalued. In Summit County, a Notice of Valuation postcard is sent on May 1 in reappraisal years. The Notice of Valuation is sent with the tax notice in intervening years. An NOV postcard is only sent in intervening years if the value is changed. Property owners may appeal their values each year from May 1 through June 1. The Assessor’s Office reviews the appeals and sends a Notice of Determination on June 30, which outlines the decision and further appeal rights.
2016 is an intervening year and most values do not change from the 2015 reappraisal year. Owners are notified of the 2016 values on a tab attached to the 2015 tax notice. Notices of Valuation for properties changing value are sent on May 1, 2016. Per Colorado statute, the Assessor used data from the 18 to 60 month period prior to June 30, 2014 to determine 2015-2016 values.
The Summit County Assessor notifies owners of changes to value via a summary Notice of Valuation (NOV) postcard. Additional information, as well as historical NOV images, can be viewed in the Notice of Valuation Archive.
The documents below explain current reappraisal analyses.