Question… Denver Real Estate owners, how is real estate value assessed in Denver County?
On Wednesday evening 4/29/2015, over 70 Denver apartment owners attended a private event hosted by Greg Johnson and Kyle Malnati, multifamily brokers with Madison & Company Properties. The “main event” for the evening was a detailed presentation by Denver County’s Assessor, Keith Erffmeyer. This exclusive event was flawlessly planned by Kyle and Greg’s teammates, Valerie Latham and Ana Malnati. We recorded the event so that you could watch the presentation as you fill out your Denver County Property Valuation Protest forms. For your information, we have also provided links (see below) for Keith’s slideshow presentation and the Denver apartment sales booklet that was given to all event attendees.
The video clip provided above is an excerpt from a 1 hour presentation that we taped on Wednesday 4/29/2015; if you’re interested, you can watch the full presentation on our website (https://kmalnati.wordpress.com/2015/05/01/denver-property-tax-assessment-presentation/). It is also our goal to help you can navigate the content of this video by using the following Table of Contents below:
– 0:01-1:25 – Greg Johnson introduces Keith Erffmeyer, Denver County Assessor
– 1:39-2:45 – Opening: 2015 Revalution of Denver County Apartment Buildings
– 2:48-2:59 – Staff introduction: Greg Feese, April Roybal, Jason Neary, Kim Lust
– 3:00-3:18 – The Denver County Assessor’s office is interested in “getting it right”
– 3:20-3:26 – How is residential real property valued (for assessment purposes)?
– 3:28-5:24 – “Base Year Concept” described for Denver apartment buildings
– 5:25-6:40 – Market Approach for Denver apartment buildings
– 6:41-6:47 – Date of Value = June 30, 2014
HOW IS RESIDENTIAL REAL PROPERTY VALUED IN DENVER? (slide #6)
Denver Uses A Base Year Concept
• Under Colorado law, the Assessor must reappraise all real property every two years.
• For 2015, the property value, which the Assessor determines as the “Actual Value”, must reflect the valuation date of June 30th, 2014.
• The “base period” is the 24-month period from July 1, 2012 to June 30, 2014; that is, sales and other information will be collected from the “base period” to estimate values.
• The specific “Assessment Date” is January 1 each year, based on the data collected from the “base period“.
MARKET APPROACH: Market sales of similar properties which sold during the “base period” are analyzed, compared and adjusted for time (to June 30, 2014) to arrive at a value for the subject property. Amendment 1 requires all residential property be valued exclusively by the market approach.
DATE OF VALUE = June 30, 2014!!!
~Kyle Malnati 303-358-4250
Greg Johnson 303-343-8333
Madison & Company Properties
Madison Commercial Properties
1221 South Clarkson Street, #300, Denver, CO 80210