In this post I want to talk about tax appeals and how to appeal your property tax values. Appealing your Denver property tax can save you a lot of money! A lot of people wonder how do I appeal my Colorado property tax value? I got this notice in the mail and it said that my house was worth way more than it actually is?
If that’s the case for you, you can appeal this amount. We actually bought a house in Commerce City Colorado that they valued the tax value at $600,000. The property value is actually three hundred thousand dollars. So they had double the amount that the property was worth! This means that their taxes were double the amount that they actually should be in this case. These people had no idea they could even dispute their property tax value. You will really want to do this every two years when the new values comes out. Often times your house may be a rental property, It may have repair issues, it may have a lot of things going on that makes it not worth what they think it’s worth. They’re valuing your house on properties that have sold recently in the area that are in 2019 remodeled conditions and your property might not be that. You might have an old roof, old furnace, bad foundation, bad flooring, old cabinets, and other costly repairs.
There might be a whole bunch of things that you could write a letter to the assessor and appeal your value of your property and oftentimes you can get the assessed value lowered and then pay less in taxes… saving you money. This is huge and you definitely want to do this every two years when your new assessment come out. What you’ll get is a little notice in the mail that says what your property is worth. When you get that notice, there’s some fine print at the bottom of that letter or postcard depending on the county and it’ll actually spell out how to dispute these this new valuation that you.
Often times you either send a letter or you can do it online. What you want to do is you want to write up a submission that states why you disagree with their valuation. You’re going to send this off to the county assessor and appeal your property tax value. You will want to write about all the things that are wrong with your property. Some examples would be your old cabinets, foundation issues, old windows, outdated kitchen, old flooring, outdated bathroom, and whatever else comes to mind. All the costly repairs that are needed to your home that would make your house something that you would probably sell to a cash investor and not on the market anyway. You will want to explain to them all these different things so you can get your tax value down after you do that.
It might be a month or two and you’ll get another letter in the mail stating what your new valuation is. Now sometimes they won’t drop the value and in that case you’re going to have to do another appeal and likely you’ll have to go to the appeals Tax Court. Another thing you could do at that time is hire an attorney and they could come fight for you, but usually you can do this yourself and it’s not too difficult of a process.
This is definitely something to consider when you get your tax bill at you know at every two years you will have an increase. This is something that people don’t really consider. If you have anybody looking to sell a property or needs help with the evaluation of your taxes. Feel free to reach out to us at LVN real estate. We can help to explain this in more details and if you have any interest in selling your house fast, we can help with that too!
