EL PASO COUNTY 2021 REAPPRAISAL - HOW ARE PROPERTY VALUES ASSESSED & WHY IS 2021 SUCH AN IMPORTANT YEAR
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HOW ARE PROPERTY
VALUES ASSESSED & WHY EL PASO COUNTY 2021
IS 2021 SUCH AN
IMPORTANT YEAR???--- REAPPRAISAL…
PRESENTED BY: • Steve Schleiker, Assessor • 1675 W. Garden of the Gods Rd., Ste. 2300, Colorado Springs, CO 80907 • 719-520-6527 (Desk) • 719-502-1534 (Cell) • steveschleiker@elpasoco.com
WELCOME!!! • Commissioner District 3 - 2021 Assessor’s Office Reappraisal • “We want to make sure that our customers have complete understanding of the reappraisal process. These meetings are designed to help the public feel more comfortable with their reappraisal experience. The Assessor’s Office will always place their concerns as our top priority”. Steve Schleiker, Assessor
•
COMMON QUESTIONS…
WELCOME!!!
• What is the role of your County Assessor?
• Why do we have property assessments?
• How & when is my property assessed?
• How are my property taxes calculated?
• Why did my property value change when I haven't
made any new improvements to my property?
• Why the value change?
• Will my property taxes go up?
• 2021 Notice of Value (NOV)…
• How can I appeal my property value?
• 2018 thru 2020 El Paso County Real Property
Market???
• Is the Assessor audited?
• 2021 County Wide Residential – Non-Residential
Value Changes…
• Commissioner District 3 Reappraisal
• Town Halls…
• Questions???
4
ROLE OF YOUR
COUNTY
ASSESSOR???
• Your County Assessor is responsible for
valuing all real and personal property,
including mobile homes, residential and
commercial properties and agricultural
land for property tax purposes.
• The Assessor determines the equitable
value of property to ensure that each
taxpayer pays only his or her fair share
of the property taxes billed by the
County Treasurer.
5
• How does my County Assessor determine my property value? – YouTube
• The Constitution and state laws of Colorado have
established real and business personal property
assessment procedures and requirements. The
values determined by the Assessor’s Office for real
and personal property are used in the calculation
WHY DO WE HAVE of property tax bills that are mailed by our County
Treasurer’s Office. The revenue raised through
PROPERTY these property taxes is used to help pay for all
ASSESSMENTS??? public services including:
• Police
• Schools
• Libraries
• Fire Protection
• Etc.
7
WHEN IS MY PROPERTY
ASSESSED???
• Under Colorado Law, all real property (land,
buildings, improvements, etc.) must be re-
appraised every 2 years. This occurs each odd-
numbered years (2017, 2019, 2021, etc.). The
Assessor’s Office studies the sales of properties
which sold during the statutory 24-month study
period ending June 30th of the year prior to the
reappraisal. The new 2021 values will be based
on properties which sold between July 1, 2018
and June 30, 2020.
• New values are set each year for Business
Personal Property owned by businesses based
on the information annually submitted by the
taxpayers on Personal Property Declarations.
8
HOW ARE MY PROPERTY TAXES
CALCULATED???
• The Assessor’s Office DOES NOT set property taxes or collect
payments; however, my office can provide the following general
information about how your most recent property tax bill (2020
payable in 2021) was calculated and how to estimate future taxes.
• To calculate taxes, Assessor ‘Actual Value’ is adjusted by the
appropriate Assessment Rate to determine its Assessed Value.
Non-Residential properties are multiplied by 29% (0.2900) and
Residential Properties, including apartments, and multi-family by
7.15% (0.0715).
• GALLAGHER AMENDMENT
• 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 1/1,000th of a dollar
or 0.001 (1/10th of a penny).
9
• In 2020, El Paso County’s
CALCULATION EXAMPLE: average Millage or Mill Rate
is 80.000 Mills or a tax rate
of 0.080000 for every $1 of
assessed value.
• In 2020, the median price, or
Actual Value: Assessment Assessed Value: Mill Levy: Est. Taxes:
mid-point of Single Family El
Rate: Paso County homes was
$380,000 7.15% $27,170 80.000 $2,173.60
valued at about $380,000.
(Residential) As a result, the property tax
calculation for a typical
$380,000 29% $110,200 80.000 $8,816.00
(Non-Residential) (+75.34%) residential & non-residential
owner is:
2021 REAPPRAISAL (+15% VALUE INCREASE)… • Actual Value * Assessment
$437,000 7.15% $31,240 80.000 $2,499.20 Rate * Mill Rate (Tax Rate) =
(Residential) (+$325.60) Taxes
$437,000 29% $126,730 80.000 $10,138.40
(Non-Residential) (+$1,322.40)
10WHY THE VALUE CHANGE???
• In order to determine new values for Residential Property
(including Single-Family, Multi-Family and Apartments) all 64
County Assessors are required by law to use only the market
approach to value. For 2021 property values, the sales prices
of homes similar to yours which sold between July 1, 2018
thru June 30, 2020, were studied. If the sale prices of those
homes went up. then the assessed value of your home likely
showed an increase.
• Your Assessor does not determine the local real estate
market. The market is dictated by a willing buyer and
willing seller.
11HOW IS MY PROPERTY ASSESSED
FOR THIS REAPPRAISAL YEAR???
RESIDENTIAL NON-RESIDENTIAL
• For single family residential • For commercial and industrial
properties, county assessor properties, the cost, market and
appraisers study the sales of income approaches are
homes similar to yours which considered and for business
sold within a specific 24-month personal property, values are
time frame. based on the asset information
submitted directly by business
• July 1, 2018 thru June 30, 2020. owners.
• Sales ‘Market’ Comparison • Cost, Market, and Income
Approach Approaches
12WILL 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; however, with the ‘partial’
reppeal of the Gallagher Amendment the
assessment rates are frozen at 7.15%
(Residential) and 29% (Non-Residential)…
• 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
132021 NOTICE OF VALUE (NOV)… • Notices of Value (NOV) will be mailed on Friday, April 30th. • NOVs will be 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 is providing current year tax amounts along with an estimate of probable 2021 property tax amounts (payable in 2022) • The 2021 payable in 2022 property tax amounts CANNOT be determined until levy rates are submitted in December 2021. • The Notices will also state the applicable rate of assessment, the Residential Rate is 7.15%, and 29% for Commercial and Vacant Land for tax years 2021 & 2022 (Gallagher Amendment).
• You have the right to appeal your property value
(not your taxes) if you believe if it is incorrect.
When you receive your NOV, there will be
instructions along with it explaining how you may
submit an appeal either in writing, in person, or on-
line.
APPEALING YOUR • When appealing, please be sure to explain why you
think your value is incorrect; please submit
PROPERTY supporting documentation (such as sales of homes
similar to yours or information concerning
VALUE??? condition problems with your home, etc.). This will
assist the appraiser in making a review of your
value.
• ASSESSOR WEBSITE
• https://assessor.elpasoco.com/
• COMPER
• ON-LINE APPEALS
• ABATEMENT
15EL PASO COUNTY 2018 THRU 2020 REAL ESTATE MARKET???
EL PASO COUNTY
2018 THRU 2020 HOUSING MARKET…
17
https://greatcoloradohomes.com/colorado-springs-real-estate-market-statistics.phpTOP 25 ‘NATIONAL’ • 7. Colorado Springs, Colorado
HOTTEST REAL ESTATE • Days On Market: 60
MARKETS FOR 2020 • Median List Price: $440,000
• Population Growth (From 2010 – 2018): 2%
18TOP 8 ‘NATIONAL’ HOTTEST
US HOUSING MARKETS BY 1. 80911: Colorado Springs,
ZIP CODE… Colo. ...
2. 43068: Reynoldsburg,
Ohio. ...
3. 14617: Rochester, NY. ...
4. 04106: South Portland,
Maine. ...
5. 66614: Topeka, Kan. ...
6. 03051: Hudson, NH. ...
7. 01602: Worcester, Mass. ...
8. 22152: Springfield, Va.
19HOW MANY PROPERTIES HAVE
SOLD IN
EL PASO COUNTY?
• The total number of deeds worked by the
Assessor’s Office during the statutory 24-month
study period (July 1, 2018 thru June 30, 2020) was
49,757.
• 1,757 Vacant Land Sales
• 3,448 Townhome Sales
• 1,622 Condominium Sales
• 32,775 Single Family Residential Sales
• 800 Commercial Property Sales
• 10,075 were Non-Sale / Quit Claim Deeds
• Commissioner District 1 = 21.43% of sales
• Commissioner District 2 = 30.20% of sales
• Commissioner District 3 = 13.60% of sales
• Commissioner District 4 = 22.19% of sales
• Commissioner District 5 = 12.58% of sales
20VALUATION AUDIT……
• Just like many other private and public organizations,
the El Paso County Assessor’s Office is audited
annually by an independent firm contracted by the
Colorado Legislative Council. The study – or audit –
ensures that each Colorado county is valuing property
fairly and equitably.
• The property assessment audit conducts a two-part
analysis: A procedural analysis and a statistical
analysis.
• The procedural analysis includes all classes of property
and specifically looks at how the assessor develops
economic areas, confirms and qualifies sales, develops
time adjustments and performs and plans periodic
physical property inspections.
• Statistical analysis is performed on vacant land,
residential properties, commercial / industrial
properties, agricultural land, agricultural residences
and outbuildings, other agricultural properties and
personal property.
.95% 1.05%
21RESIDENTIAL
VALUE
CHANGES???
22
• Residential County Wide Average:
• Single Family
• Condo
• Townhome
• Manufactured (Mobile) Home
• (+15 - 20%)• Vacant & Agricultural County Wide Average:
• Vacant Residential Land
• (+15% - 25%)
• Vacant Commercial Land
• (+15% - 20%)
• Irrigated Land – Overall, irrigated land values
in El Paso County showed a very slight
increase in two subclasses and a very slight
decrease in two subclasses with an average
decrease of – 1%.
• Dry Land – Overall, the dry land in El Paso
County decreased approximately – 3% due to
the decrease in the published wheat
commodity price for 2021.
• Meadow Hay –The income or rental rate
increased 4.7% and the fence and water
expense increased 5%. Based on the rental
rate and expenses mandated to be used the
Meadow Hay land increased approximately +
4%.
NON-RESIDENTIAL • Dry Grazing – Dry grazing land in El Paso
County represents the largest number of
(VACANT LAND) acres in the county. Overall, there is no
increase or decrease for Dry Grazing land.
VALUE CHANGES???
23NON-RESIDENTIAL • Non-Residential County Wide Average:
(COMMERCIAL) • Apartment Buildings(+25%-30%)
VALUE CHANGES??? •
•
5-8 Multi Family Units (+25%-30%)
4 Plex Multi Family Units (+25%-30%)
• Distribution Warehouse (+20%-25%)
• Storage Warehouse (+20%-25%)
• Retail Store (+15%-20%)
• Neighborhood Shopping Center (+7%-12%)
• Restaurant (+5%-10%)
• Fast Food Restaurant (+5%-10%)
• Service Garage (+4%-8%)
• Office Building (+15%-20%)
• Medical Office (+15%-20%)
• Industrial Manufacturing (No Change)
• Storage Hanger (No Change)
• Mini Warehouse (No Change)
• Industrial Condominiums (No Change)
• Tavern / Pub (No Change)
• Motel (No Change)
• Hotel (No Change)
24•
2021 July 1, 2018 thru June 30, 2020
• 24 Month Reappraisal Sale Count = 3,590
RESIDENTIAL • Highest Sale Price = $3,098,055
• Lowest Sale Price = $120,000
REAPPRAISAL • Median Sale Price = $400,000
• Total Sales = $1,586,970,057
(COMMISSIONER • Commissioner District 1 = 21.43% of sales
DISTRICT 3) • Commissioner District 2 = 30.20% of sales
• Commissioner District 3 = 13.60% of sales
• Commissioner District 4 = 22.19% of sales
• Commissioner District 5 = 12.58% of sales
25VIRTUAL TOWN HALLS… Tuesday, April 6, 2021, 6 p.m. to 7:30 p.m. - Commissioner District 1 (Northern El Paso County, including Town of Monument, unincorporated areas of Northern El Paso County, including Woodmoor and Black Forest) •Link to April 6 Town Hall: http://bit.ly/AssessorTownHallApril6 Thursday, April 8, 2021: 6 p.m. to 7:30 p.m. - Commissioner District 2 (East Colorado Springs, Cimarron Hills, Falcon, Peyton, Calhan, Ramah) •Link to April 8 Town Hall: http://bit.ly/AssessorTownHallApril8 Tuesday, April 13, 2021: 6 p.m. to 7:30 p.m. - Commissioner District 3 (Central and Western El Paso County, including Town of Green Mountain Falls, City of Manitou Springs, Towns of Palmer Lake and Monument, westside and downtown areas of Colorado Springs, Ute Pass and areas south of Cheyenne Mountain State Park) •Link to April 13Town Hall: http://bit.ly/AssessorTownHallApril13 Tuesday, April 20, 2021: 6 p.m. to 7:30 p.m. - Commissioner District 4 (Southern and Eastern El Paso County, including the Towns of Fountain, Security/Widefield, Hanover, Ellicott, Rush, Yoder and the south-southeast areas of Colorado Springs as well as the unincorporated area of Stratmoor Hills) •Link to April 20 Town Hall: http://bit.ly/AssessorTownHallApril20 Thursday, April 22, 2021: 6 p.m. to 7:30 p.m. - Commissioner District 5 (Central El Paso County, including most of the City of Colorado Springs) •Link to April 22 Town Hall: http://bit.ly/AssessorTownHallApril22
QUESTIONS???
27Thank you! • Steve Schleiker • El Paso County Assessor • 1675 W. Garden of the Gods Rd., Ste. 2300 • Colorado Springs, CO 80903 • 719-520-6527 (Desk) • 719-502-1534 (Cell) • steveschleiker@elpasoco.com
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