Park County, CO – Park County Assessor Monica Jones, is informing Park County residents that it is very likely that your property has significantly increased in value this year, especially as compared to its value in 2021. Dramatic increases in valuation are taking place across the country, state and especially in Colorado’s mountain communities.
It is understandable that you may have concerns about how this increase might affect your property tax bill, payable in 2024. Property taxes do not necessarily fluctuate at the same rate as assessed values. Your property tax bill is comprised of both fixed and floating mill levies. Park County’s property tax collections for its General Fund, Road and Bridge, Public Welfare and Retirement are limited by the Taxpayer Bill of Rights (TABOR) and can only increase by a small percentage. Most other taxing entities in the County are not limited by TABOR and are subject to a variety of fixed, floating, and revenue targeted mill levies.
The map provides the median residential and vacant land increases for the Assessor’s Office designated Economic areas. This is a median (midpoint) percentage and does not mean that if your property is in a certain Economic area that it will only increase that amount—some of the properties will increase at a lower percentage and some will increase at a higher percentage.
Notices of property valuation will be mailed to property owners by May 1, 2023 or found on the website property summary report. The value listed on your Notice of Valuation (NOV) is an estimate of actual market value as of an effective appraisal date of June 30, 2022. According to Colorado statute, real property in the state is revalued every two years in odd-numbered years. In Park County, the two-year reassessment looks at the 48-months of market data preceding the effective appraisal date.
Need more information? Sales information, interactive maps, and details surrounding the reassessment and appeals process are available online at https://www.parkco.us/73/Assessor. Property owners are encouraged to visit the Assessor’s website to research sales that occurred in their area during the statutory timeframe, and if they feel the value is in error, an appeal can be filed between May 1 and June 8, 2023. The Assessor’s Office offers online appeal applications, written filings either via mail or drop off and walk-in appointments Monday through Thursday, 9 am to noon and 1 pm to 4 pm.
Legislation has provided a $15,000.00 reduction in actual value on residential properties and a $30,000.00 reduction in actual value on commercial properties to help reduce the impact of the increased value.
Please note, the value and estimated tax amount that is listed on your Notice of Valuation (NOV) does not reflect the above reduction but are based on the actual value and the mill levies determined by the taxing authorities in 2022.
Actual tax bills do not correlate directly with the increase in your valuation but are one part of the three-part equation to determine property taxes. The assessment rate, determined by the state legislature, and the tax rate (or mill levy), set by the various taxing authorities, are the other core components of property taxes. Although an estimate of taxes was listed, residents will not know how much their property taxes due in 2024 are until the end of the year when both the tax rate and the assessment rate are set.
The Assessor’s Office offers online appeal applications, written filings either via mail or drop off and walk-in appointments Monday through Thursday, 9 am to noon and 1 pm to 4 pm. Please contact us if you have questions.