el paso county 2021 reappraisal…...in el paso county showed a very slight increase in two...
TRANSCRIPT
EL PASO COUNTY 2021 REAPPRAISAL…
HOW ARE PROPERTY VALUES ASSESSED & WHY
IS 2021 SUCH AN IMPORTANT YEAR???---
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)
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???
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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.
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• How does my County Assessor determine my property value? –YouTube
WHY DO WE HAVE PROPERTY
ASSESSMENTS???
• 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 of property tax bills that are mailed by our County Treasurer’s Office. The revenue raised through these property taxes is used to help pay for all public services including:
• Police
• Schools
• Libraries
• Fire Protection
• Etc.
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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.
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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).
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CALCULATION EXAMPLE:• In 2020, El Paso County’s
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 mid-point of Single Family El Paso County homes was valued at about $380,000. As a result, the property tax calculation for a typical residential & non-residential owner is:
• Actual Value * Assessment Rate * Mill Rate (Tax Rate) = Taxes
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Actual Value: Assessment Rate:
Assessed Value: Mill Levy: Est. Taxes:
$380,000(Residential)
7.15% $27,170 80.000 $2,173.60
$380,000(Non-Residential)
29% $110,200 80.000 $8,816.00(+75.34%)
2021 REAPPRAISAL (+15% VALUE INCREASE)…
$437,000(Residential)
7.15% $31,240 80.000 $2,499.20(+$325.60)
$437,000(Non-Residential)
29% $126,730 80.000 $10,138.40(+$1,322.40)
WHY 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.
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HOW IS MY PROPERTY ASSESSED FOR THIS REAPPRAISAL YEAR???
• For single family residential properties, county assessor appraisers study the sales of homes similar to yours which sold within a specific 24-month time frame.
• July 1, 2018 thru June 30, 2020.
• Sales ‘Market’ Comparison Approach
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• For commercial and industrial properties, the cost, market and income approaches are considered and for business personal property, values are based on the asset information submitted directly by business owners.
• Cost, Market, and Income Approaches
RESIDENTIAL NON-RESIDENTIAL
WILL 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
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2021 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).
APPEALING YOUR PROPERTY VALUE???
• 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.
• When appealing, please be sure to explain why you think your value is incorrect; please submit supporting documentation (such as sales of homes similar to yours or information concerning 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
• ABATEMENT15
EL PASO COUNTY 2018 THRU 2020 REAL ESTATE MARKET???
EL PASO COUNTY 2018 THRU 2020 HOUSING MARKET…
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https://greatcoloradohomes.com/colorado-springs-real-estate-market-statistics.php
TOP 25 ‘NATIONAL’ HOTTEST REAL ESTATE MARKETS FOR 2020
• 7. Colorado Springs, Colorado
• Days On Market: 60
• Median List Price: $440,000
• Population Growth (From 2010 – 2018): 2%
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TOP 8 ‘NATIONAL’ HOTTEST US HOUSING MARKETS BY ZIP CODE…
1. 80911: Colorado Springs, 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.
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HOW 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
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• 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.
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VALUATION AUDIT……
.95% 1.05%
RESIDENTIAL VALUE
CHANGES???
22• Residential County Wide Average:
• Single Family
• Condo
• Townhome
• Manufactured (Mobile) Home
• (+15 - 20%)
NON-RESIDENTIAL (VACANT LAND)
VALUE CHANGES???
• 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%.
• Dry Grazing – Dry grazing land in El Paso County represents the largest number of acres in the county. Overall, there is no increase or decrease for Dry Grazing land.
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NON-RESIDENTIAL (COMMERCIAL)
VALUE CHANGES???
• Non-Residential County Wide Average:
• Apartment Buildings(+25%-30%)• 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)
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2021 RESIDENTIAL REAPPRAISAL(COMMISSIONER DISTRICT 3)
• July 1, 2018 thru June 30, 2020
• 24 Month Reappraisal Sale Count = 3,590
• Highest Sale Price = $3,098,055
• Lowest Sale Price = $120,000
• Median Sale Price = $400,000
• Total Sales = $1,586,970,057
• 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
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VIRTUAL 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???
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Thank 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)