Real Estate News You Can Use

Taxes

If you live in Colorado, you should've received a postcard in the mail entitled "2023 Real Property Appeal Form". This is a reassessment of your property value which, by Colorado law, occurs every two years. This most recent period concluded last year and your assessment is as of June 30, 2022. And if you've noticed anything, you can see the assessed values have INCREASED! Sometimes by a scary amount. 

The new values reflect the changing real estate market in Colorado and are used to calculate your new tax amounts. County assessors are required to revalue ALL properties every two years - that's a big job! Algorithms identify comparable properties, automated adjustments help calculate a value, taxes are recalculated, and postcards are mailed. If you're shocked because "there's NO WAY my property could've sold for that much in June 2022!", then you're in luck. In addition to sharing a new property value, the form also gives you a very easy way to appeal the new value. 

Before we talk about appeals, let's also talk TAXES. If you want to calculate your new property tax amount (payable in 2024), use this link for instructions, or follow this example:

(1) Use your postcard to find your market value and the assessment rate. Multiply these two. For instance, we have a property in Lakewood where the market value (or "Current Year Actual Value") was listed as $619,257. My postcard also says the assessment rate is 6.765% for residential property, which gives me an assessed value of ($619,257 x 6.765% =) $41,892.74.  

(2) Multiply the assessed value by the total mill levies. You'll need to look up the mill levy on your county's website, since each county differs. Mills represent where taxes go, like schools, roads, fire protection and more. My property is in Jefferson County and the total mill levies are 90.6390. Continuing with our example, my 2023 taxes payable in 2024 are ($41,892.74 x 90.6390% =) $3,797.12. If you want, a few counties are linked here: Jefferson County, Denver County, Adams County, Arapahoe County, Douglas County and Clear Creek County.

Now that you have an updated value for your property, and a tax amount that will be paid in 2024, it's time to truly answer that "no way!" question. If you still feel your valuation is too high or other information is inaccurate, you can easily appeal! Either find information on the postcard about how to do this, or reach out as I can easily walk you through the process. I'm also happy to pull comparable properties or a CMA - Comparable Market Analysis - for your property. However, YOU MUST APPEAL BY JUNE 8th!!! This is the absolute last day to file an appeal, regardless of county (and the county links for an appeal include: Jefferson County, Denver County, Adams County, Arapahoe County, Douglas County and Clear Creek County). From there, the county will review your appeal and make a decision by August 15th.  

***And please note!!!*** You should make sure to do your own research and calculations. My numbers are provided here for example and explanatory purposes, but keep in mind tax rates, mill levies and all sorts of other numbers (e.g., you might even have a special taxing district in your area!) WILL absolutely change based on time (before year-end) and your specific scenario (such as neighborhood metro districts). Please consult the sites linked here and others so you have a true picture of your own taxes. Or, let me know and we can schedule a consultation!

Service Providers

You probably know I have a lot of exceptional service providers! If you need someone for plumbing, roofing, electrical, etc. work, let me know! I even have folks who do windshield replacement, dog training, 1031 Exchanges, water testing, lawyers, moving companies, asbestos testing and more. 

This month I'd like to highlight Sergio Gomez, owner of Sure Discount Plumbing. 

​​​​​​​If you need a plumber for any reason, keep Sergio in mind! He's a good friend of mine, but also an absolutely excellent and extremely skilled plumber! He's been in business for over two decades in the Denver area and can easily assess and resolve issues related to burst pipes, leaky sinks, damaged mains, gas lines and more. Also, he's cost efficient, charging fair and reasonable rates! As a personal story, I called a large company for emergency work when I first moved to Denver (and didn't know better). The company ended up quoting me $4,200! A neighbor recommended Sergio and, after a second assessment, Sergio offered to do the job for $660. Not bad!! 

Feel welcome to reach out to Sergio when you need. His best number is 303-717-6720.

Moving to Sellstate ACE

In recent news, Beth Anne accepted the Managing Broker role at Sellstate ACE, the regional headquarters for Colorado's Sellstate offices! She's extremely excited to bring all agents in the two ACE offices knowledge of business planning, marketing tactics, client service, home valuation and more. This also increases the service she'll bring to all clients, with a larger team of supportive agents and greater visibility to real estate insights and solutions.

Charity

What's happening with Beth Anne? She continues to work with various charities and devote her time to a larger cause!

Specifically of late, Beth Anne has been working with the the Veterans Association of Real Estate Professionals - Denver Chapter - on several events. Proceeds from the events go to local, Colorado-area veterans and their families to help veterans transition from homelessness to their own apartment or home, make the holidays happy with toy donations, or generally provide funds where needed. If you're interested in being involved or donating, reach out!

Additionally, Beth Anne is becoming more involved with the Women's Council of Realtors in Denver. This is a group she was involved with in the past, even as President of the local Mile High Network! Who knows what the future will hold.