Residential property is valued using only the market approach to value. In this approach, the value of the subject property is based on an analysis of comparable sales. For tax years 2011 and 2012, the comparable properties must have sold between January 1, 2009 and June 30, 2010. However, if insufficient data existed during that timeframe, data from each preceding six-month period (up to a period of five years preceding June 30, 2010) may be utilized.
Most non-residential property, including personal property, is valued by consideration of the market approach, the cost approach, and the income approach to value. Please see “Property Valuation and Taxation for Business and Industry in Colorado” for additional information regarding non-residential property.
In May of every reappraisal year, Notices of Valuation are sent out by the 1st of May (June 15th for Personal Property). As the property owner, it is your responsibility to watch for these Notices, and to protest any inaccuracies on the Notice.