Colorado Property Tax Reduction Opportunity
*Note: This article is prepared by a member of KE Andrews, an ad valorem tax and valuation company , representing over $70 billion dollars in property*
2017 is an assessment year in the state of Colorado, and it is a booming state for real estate. The unfortunate news for commercial property owners, is that the tax-burden of all properties is being shifted to them. A Colorado law known as the Gallagher Amendment shelters residential owners from paying too high of property taxes in years where values rise heavily, taxing commercial owners at a higher clip.
The amendment "was designed to maintain a constant ratio between the property tax revenue that comes from residential property and from business property." The assessment rate of Colorado residential properties, dropped from 7.96% to 7.2% for 2017 & 2018, meaning someone will have to make up for that lost value in tax to the government.
A study done by the Colorado Department of Local Affairs shows that commercial property values will increase by a whopping 11.6% and industrial by 7.2%. This means 11% more to pay in taxes. This is a big year with values that can be brought down and reduced. We appeal values in Colorado every single year with real estate and mineral properties. Our relationships will help get a fair value appraisal on your property.
This is a big year and we have until June 1st to file an appeal. If you've received your notice and are unhappy, KE Andrews would be happy to help.
Tony Trahan / KE Andrews / 469-298-1594