Property Tax Assessment Tools For You and Your Clients

2019 can be a confusing year for property value and taxes.

The Notice of Valuation (NOV) you receive in May of 2019 represents the value of your property as of June 30, 2018.

The Property Taxes you pay in 2019 are your 2018 taxes, calculated from your property value as of June 30, 2016.

Assessment Rates and the Gallagher Amendment

• Property Actual Value x Assessment Rate = Assessed Value
• Assessed Value x Total Mill Levies = Taxes Due
• The Gallagher Amendment is in the Colorado Constitution, and it contains a formula for calculating the Assessment Rates for all properties in Colorado
  1. • Commercial Property = 29% (fixed)
     • Business Personal Property = 29% (fixed)
     • Vacant Land = 29% (fixed)
     • Agricultural Property = 29% (fixed)
     • Oil and Gas Production = 87.5% (fixed)
     • RESIDENTIAL PROPERTY = 7.2% (variable)
  • One goal of the Gallagher Amendment is to maintain the following ratio:
    • 45% of all property Assessed Value in the entire state is RESIDENTIAL
    • 55% of all property Assessed Value in the entire state is NON-RESIDENTIAL

• Read your Ballot Questions
  • • If the RESIDENTIAL ASSESSMENT RATE drops next year:
      • It is a tax cut for residential property owners
      • It can be a financial hardship for local governments
    • Local governments can and do ask to raise your taxes, and it is always worth taking the time to consider. There are many varieties of mill levy increases…
    • AMENDMENT 73
      • Fixes Assessment Rates for School Districts only at 7% RES and 24% Non RES
      • Uses Income Tax to fund schools

  New Assessor website in September!

   

  Contact Information:

  Jim Yellico

  JYellico@garfield-county.com

  970-945-9134, Office

  970-987-3129, Mobile