Moffat County Assessor’s Office: Re-Appraisal is coming
Greeting from the office of Moffat County Assessor, Chuck Cobb.
This message is to bring our local property owners up-to-date on an important event that is currently happening here in Moffat County and throughout the state. This big event happens every other year in Colorado and every Assessor across the state is required to participate in it. This event is…Re-Appraisal!
In compliance with Colorado Statue, during every odd numbered year, all Assessors across the state are required to re-value all residential, commercial, industrial and vacant land property with-in their respective counties. Re-appraisal is the end result of months of data analysis that will ultimately determine new assessed values for your property for tax years 2021 and 2022. To help us determine your new appraised values we are required to research prior sales history for real estate throughout the county during a specific time period which is called the “collection period.”
For this year’s re-assessment, we have been collecting and analyzing sales data that took place from July 1, 2018 through June 30, 2020. This collection period is only for residential and vacant land properties.
For commercial/industrial properties we will be using data collected from July 1, 2018 through June 30, 2020, with an option to go back as far as five years if insufficient data is available in the collection period. Only sales data during this period can be considered for use in our re-appraisal analysis, any sales after June 30, 2020 cannot be used.
Many of you may already be aware, but just in case you haven’t heard, the real estate market (especially in the residential sector) has been very robust over the past three years. We are seeing sales volume and sales prices running much higher than in our previous re-appraisal. And yes, these sales prices are going to have a direct effect on your future property values.
Early indicators are reflecting higher values from what we saw in our previous re-assessment in 2019. In addition to sale prices during our collection period, here are a few other factors that may also influence changes in the value of your property. Your property is valued on how it looked on January 1st of this year. So if you made any improvements to your property prior to January 1 of this year such as home additions, significant remodels, added new structures such as garages, shops and sheds this will have an effect on your value as well. These improvements are generally based on building permits pulled, post sales questionnaires and random audits of properties across the county. Conversely, if you have reported any demoed or destroyed improvements on your property this may have an effect on your value as well.
This coming May, you will receive a “Notice of Value” (NOV) from the assessor which will reflect any changes in value for your property. From May 1st thru June 1st, or referred to as the “protest period”, you have the right to challenge this new value if you feel it is not a fair representation of the value of your property based on our June 30, 2020 assessment date and what your property looked like as of January 1st of this year.Much of this information about your property can be found on our website at https://moffatcounty.colorado.gov/government/elected-officials/county-assessor, then click on Property Ownership Data base.
If you decide to protest, you may be required to submit comparable sales data or an appraisal for your property (which they must also be with-in our collection period) to support your protest. Our office may also request an in person audit of your property to insure that we have your property inventory and conditions correct.
Back in 2019, we saw an increase of residential values of 15% on average and once again we are anticipating residential values could see double digit increases once again.With these expected increases, residential values are just now returning to pre-recession highs and in some cases will even exceeding them due to this strong market. This chart below is a good representation as to what we are seeing with many residential properties. This is a value history of a single family home in the Woodbury subdivision.
As indicated by the red line, in 2009 it carried an actual value of $229,649, in 2015 it bottomed out at $178,272 and for 20192020 had a value of $207,911.
It was purchased in 2018 for $228,375 and just sold again this month for $249,000. We can’t use the most recent sale for our re-appraisal because it didn’t fall with-in our collection period but the sale in 2018 can be used.
So what will the value of this home be for 2021 is yet to be determined, but I would suspect it is going to be higher. This illustration is also a good indicator on just how robust our market is currently. On a side note, even though the value of this property is once again approaching its historic high, the taxes paid on this property in 2020 are $242 lower than in 2010 as indicated by the blue line. This chart is a typical pattern for many properties throughout our county.
As we near conclusion of our re-assessment process, it is clear that we are going to see an increase in property values for residential properties across our county. No matter where your residential values will fall for this reappraisal, it is always our aim to value your property fairly and equitably based on the information we have available.
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