Wild Point Ranch property values

Posted 3/17/09

Special to the news The Residents of Wild Point Ranch have raised a concern over the valuation of properties within their subdivision and their …

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Wild Point Ranch property values


Special to the news

The Residents of Wild Point Ranch have raised a concern over the valuation of properties within their subdivision and their resulting tax burden. Specifically some areas of the subdivision have the agricultural tax classification and some lots are eligible for vacant land present worth valuation. Some of the lots that have the agricultural tax classification are scheduled to adjust to market value for 2009.

The assessor is required to discover, list, classify and value all properties within the county by law, according to state statute. The tax classification of a property is based upon the use of the property, regardless of zoning, development, improvements, or future intentions. Property information is gathered through physical inspections, interviews and questionnaires.

The most common property classifications are residential, commercial, vacant and agricultural. There are various methods used to estimate value for different types of property, each method specific to that property’s use. Residential and vacant land values are estimated based on market sales comparisons during state mandated time periods. Extraction, allocation and developmental cost methods are also analyzed with regard to land valuation, based on the filed development plan. Commercial properties also incorporate income and cost approaches to value. Agricultural valuation is determined by considering of the earning or productive capacity of the land through ranching or farming.

Vacant land within a platted subdivision may also be eligible for present worth valuation. Also known as a subdivision discount, the value of a single lot or tract is influenced by the absorption period and absorption rate for the entire subdivision as well as a present worth calculation rate. All of these influences are based on an analysis of market driven sales information and trends.

Once the actual value of a property is determined, then the appropriate assessment rate is applied in order to determine the assessed value. The assessed value is then multiplied by the mill levy for the corresponding tax district to determine the dollar amount of property tax due. The mill levy is the combination of levies of the various taxing entities that service each tax district.

All property in Colorado is revalued every odd year. Notice of Values are mailed out by May 1 of that year. Once the property owner has received it, they have the right to protest the valuation of their property. Any appropriate corrections will be made by the Assessor’s Office at that time.

This information is made available to help the citizens of Elbert County understand the process that takes place in the Assessor’s office. If you have any further questions, please call the Assessor’s Office at 303-621-3101.


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