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.
