Notice Of Valuation Form Explanation

(full form can be found here)

Section 1Section 2

REAL PROPERTY                                                  1
NOTICE OF VALUATION 

THIS IS NOT A TAX BILL

Your property was valued as it existed on January 1 of the current year. The

“current year actual value’ represents the actual value of your property as of

the appraisal date. The appraisal date is June 30, 2006, 39-1-104 (12.3)(a),

C.R.S. The tax notice you receive next January will be based on this value.

 

An assessment percentage will be applied to the actual value of your property
before property taxes are calculated. The assessment percentage for residences

Is projected to be                7.96        %.

Generally, all other property, including vacant and personal property, is
assessed at 29%, 39-1-104(1) and (1.5), C.R.S. A change in the projected residential assessment percentage is NOT grounds for protests or          
abatement of taxes 39-5-121(1), C.R.S.                                                                    

Because these sections may be difficult to read in some browsers, they have been retyped below, in addition to their expanded explanations.
 

Section 1:
Notice of
Valuation

Section States:
REAL PROPERTY
NOTICE OF VALUATION
THIS IS NOT A TAX BILL
Your property was valued as it existed on January 1 of the current year. The "current year actual value" represents the actual value of your property as of the appraisal date. The appraisal date is June 30, 2006, 39-1-104(12.3)(a), C.R.S. [Colorado Revised Statutes]. The tax notice you receive next January will be based on this value.

Expanded Explanation:
The Notice of Valuation is not a tax bill, but it is an official notification of the value that will be used to generate a future tax amount. This value amount represents a market value as of June 30, 2006. The property's physical characteristics are listed as they existed on January 1, 2007.

Section 2:
The
Assessment
Percentage
 Section States:
An assessment percentage will be applied to the actual value of your property before property taxes are calculated. The assessment percentage for residences is projected to be 7.96%.

Generally, all other property, including vacant and personal property, is assessed at 29%, 39-1-104(1) and (1.5), C.R.S. A change in the projected residential assessment percentage is NOT grounds for protest or abatement of taxes, 39-5-121(1), C.R.S. 

Expanded Explanation: 
The Assessment Percentage determines the amount of the property's market value that will have taxes levied against it, and is set by the State Legislature. The assessment percentage for residential improved properties is the only variable rate. Currently, that rate is 7.96%. All other classes of property must generally utilize a 29% assessment rate.

As the mill levies set by taxing entities are not set until later in 2007, it is impossible to accurately predict this year's taxes, especially in a reappraisal year. Amendment 1 (TABOR) governs many revenue and mill levy issues for the taxing entities. Thus, an increase of value in a reappraisal year does not necessarily mean a tax increase for the following year. The formula for taxes is as follows:

Market Value  x  Assessment Percentage  x  Mill Levy        = Taxes
(set by Assessor)       (Set by State Legislature)          (Set by Entities)

     $134,997       x                 7.96%                x   ???              = Taxes

    Assessor:
    Mark Lowderman

    Location:
    27 E. Vermijo Avenue
    2nd Floor
     Colorado Springs, CO 80903-2208

    Telephone:
    (719) 520-6600

    Fax:
    (719) 520-6635

    Hours:
    8:00 AM - 5:00 PM
    Monday - Thursday
    Offices closed:
    Friday - Sunday, weekly

    Send any concerns or comments to:
    asrweb@elpasoco.com

    Copyright 2007
    El Paso County, CO