EL PASO COUNTY ASSESSOR’S OFFICE

2023 APPEALS BRIEFING

PRESENTED BY:

• Matthew Arvidson, Chief Deputy Assessor
• 1675 W. Garden of the Gods Rd., Ste. 2300, Colorado Springs, CO 80907
• 719-520-6614 (Desk)
• 719-306-4175 (Cell)
• MatthewArvidson@elpasoco.com

Mass Appraisal Process

Sales Verification

Time Trending

(Next Slide)

Modeling (MRA)

Neighborhood, Design, GLA, Basement Area, Basement Finish, Garage Area, Porches, Land Size, Land Attributes

Capture Contributory Value of Characteristics and Mirror Back on Population

Time Trending – North County

Time Trending – Central

Time Trending – South County

Appraisal Date: The Unfortunate Timing and Truth

State Audit

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and

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Measures of

Statistical Compliance

• Annual Audit
• Contracted Independent Auditor
• State Board of Equalization
• Cost of Reappraisal Order

• Ratio Studies
• Median Ratio Between 0.95 and 1.05
• Neighborhood Level
• Coefficient of Dispersion (COD)
• Less than 14.99 for Residential
• Less than 20.99 for Commercial and Vacant Land
• Price Related Differential (PRD)
• Between 0.98 and 1.03

El Paso County conducted a conservative reappraisal. A median ratio of 0.96 was targeted. Time trends were tapered prudently in the interest of property owners.

WHEN IS MY PROPERTY ASSESSED???

• Appraisal Date: Under Colorado Law, all real property (land, buildings, improvements, etc.) must be re-appraised every 2 years. This occurs each odd-numbered years (2021, 2023, 2025 etc.). The Assessor’s Office studies the sales of properties which sold during the statutory 24-month study period ending June 30^th of the year prior to the reappraisal. The new 2023 values will be based on properties sold between July 1, 2020, and June 30, 2022.
• Assessment Date: Properties are valued based on how exists (characteristics / state of completion) as of each January 1^st.

HOW ARE MY PROPERTY TAXES CALCULATED???

• The Assessor’s Office DOES NOT set property taxes or collect payments; we are tasked with establishing fair and equitable valuations.
• To calculate taxes, Assessor ‘Actual Value’ is adjusted by the appropriate Assessment Rate to determine its Assessed Value. Hotels, Motels, and B&Bs are multiplied by 27.9% (0.279). , Renewable Energy Production is multiplied by 26.4% (0.264), Agricultural Property is multiplied by 26.4% (0.264), Commercial, Vacant Land, and Industry is multiplied by 27.9% (0.279). Multi-Family Housing and all other Residential Property (Single-Family) is multiplied by 6.765% (0.06765). These Assessment Rates are for property tax year 2023.
• The Assessed Value (less any exempted amount) is next multiplied by the applicable Tax Rate. In Colorado, tax rates are expressed as a decimal fraction of a dollar for every one dollar of Assessed Value. Known as millage or mills, one mill is 1/1,000^th of a dollar or 0.001 (1/10^th of a penny).

CALCULATION EXAMPLE

• In 2023, El Paso County’s average Millage or Mill Rate is 80.000 Mills or a tax rate of 0.080000 for every $1 of assessed value.
• As of June 30, 2022, the median sold home price, or mid-point of Single-Family Home in El Paso County homes was ~$500K ($499,190).
• As a result, the property tax calculation for a typical residential & non-residential owner is:

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Actual Value *

Assessment Rate *

Mill Rate (Tax Rate)

= Taxes

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HOW IS MY PROPERTY ASSESSED?

• For single family residential properties, county assessor appraisers study the sales of homes like yours which sold within a specific 24-month time frame.
• July 1, 2020, thru June 30, 2022.
• Sales Comparison (Market) Approach

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• For commercial and industrial properties, the cost, market and income approaches are considered and for business personal property, values are based on the asset information submitted directly by business owners.
• Cost, Market, and Income Approaches

RESIDENTIAL

NON-RESIDENTIAL

WILL MY PROPERTY TAXES GO UP???

• Not necessarily because of our TABOR Amendment… As mentioned, your Assessor does not set property taxes or mill rates…
• Residential and/or Non-Residential assessment rates are set by the State Legislature.
• Mill rates are provided in Mid-December from our local taxing entities, such as the City, County, School Districts, Fire Districts, Library, etc… It is these elected taxing authority board members that determine their yearly mill levy for their following year budgets…
• TABOR AMENDMENT

RELIEF FROM THE LEGISLATURE OR BALLOT…

• Assessments rates have been reduced from last year; further reductions are being proposed through various measures at present.
• Senate Bill 22-238 provided for reductions of $15,000 for residential and $30,000 for commercial.
• Current estimates on NOVs do not account for Senior Homestead / Veteran Exemptions, nor do they account for the $15k/$30k provided above.
• Current legislation is proposing increasing the residential relief from $15k to $40k and making the Senior Homestead Exemption portable. But at trade off…

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2023 NOTICE OF VALUE (NOV)…

• Notices of Value (NOV) were mailed on May 1^st.
• Mailed to all property owners except for government exempt property.
• Your NOV will contain the prior actual value, the current actual value, and the net change.
• The Assessor’s Office provides current year tax amounts along with an estimate of probable 2023 property tax amounts (payable in 2024)
• The 2023 payable in 2024 property tax amounts CANNOT be determined until levy rates are submitted in December 2023.
• The Notices will also state the applicable rate of assessment, the Residential Rate is 6.765%, and 27.9% for Commercial and Vacant Land for tax years 2023 and 2024..

APPEALING YOUR PROPERTY VALUE

• You have the right to appeal your property value (not your taxes) if you believe if it is incorrect. When you received your NOV, there were instructions along with it explaining how you may submit an appeal either in writing, in person, or on-line.
• When appealing, please be sure to explain why you think your value is incorrect; please submit supporting documentation (such as sales of homes similar to yours or information concerning condition problems with your home, etc.). This will assist the appraiser in making a review of your value.
• Links:
• Assessor Home Page
• https://assessor.elpasoco.com/
• Parcel Search Page
• https://property.spatialest.com/co/elpaso/#/
• Agent Authorization Form (Word & PDF)
• https://assets-assessor.elpasoco.com/wp-content/uploads/Letter-of-Authorization.docx
• https://assets-assessor.elpasoco.com/wp-content/uploads/Letter-of-Authorization.pdf

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Important Links…

Potential Tax Savings Calculations

Agent commissions are usually in the 30% of tax savings range.

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And a warning… Sometimes the Assessor’s property characteristics are in error in favor of the property owner. Appeals may inadvertently make that evident. As a general rule, we do not increase values as a result of an appeal. However, we do correct our inventory and updated characteristics will be used to determine value in future tax years.

Good Outcomes

Our characteristics are wrong in the property owner’s favor

Comparable support a lower value

Appeals Process: A Broader Perspective

• Assessor Level Appeals
• Filed with the Assessor Between May 1 and June 8.
• Decision Letters (Notice of Determination, NOD) will be issued on or before June 30.
• County Board of Equalization (CBOE)
• If you disagree with the Assessor’s Decision, instructions are on the back of the NOD.
• Filed with the Clerk to the Board by July 15.
• Board of County Commissioners Hires Hearing Officers.
• Higher Level Appeals (If matter is not yet resolved to satisfaction)
• Colorado Board of Assessment Appeals
• District Court ($)
• Binding Arbitration ($)
• Each Level Becomes Increasingly Formal

QUESTIONS???

Thank you!

• Matthew Arvidson, Chief Deputy Assessor
• 1675 W. Garden of the Gods Rd.,

Suite 2300, Colorado Springs, CO 80907

• 719-520-6614 (Desk)
• 719-306-4175 (Cell)
• MatthewArvidson@elpasoco.com