Owner’s Brace for Assessor’s Letter
Central Denver Apartment Market Report: Cover page of our 2017 Q2 newsletter
Every two years the collective blood pressure of Denver apartment building owners increases. The Denver County Assessor’s office mails a “love letter” in the form a Notice of Value to property owners in the springtime of each odd numbered year. Property owners who believe the value and/or classification is not accurate have the right to protest.
Greg Johnson and Kyle Malnati, hosted an exclusive event in late April with the goal of educating Calibrate clients and creating a sense of community for apartment building owners. Over 70 Denver apartment owners networked while enjoying food and drinks during the presentation. The “main event” for the evening was a detailed presentation by Denver County’s Assessor, Keith Erffmeyer, which included everything you need to know about property taxes.
A few days later… many of Calibrate Real Estate’s clients were shocked when they received the assigned value of their apartment building (as of 6/30/2016 per statutory guidelines). Each person knew that the value and classification would be used to calculate their 2017 property taxes payable in 2018. The phone lines at Calibrate started to ring with requests for help, we answered the call, and our calendars filled up for the rest of the month with over 100 individual property protests filed for clients.
BONUS: 8 Tips directly from the Denver Assessor if you’re going to protest your valuation
1. DON’T consider the current market
2. DO remember the date of value (6/30/16)
3. DON’T protest the taxes (you technically don’t know what they’re going to tax you)
4. DO consider the value
5. DON’T consider the rate of increase
6. DO review the property characteristics
7. DON’T simply say “the value is too high”
8. DO provide evidence: sales, photos, descriptions of issues negative to the property, estimates of cost to cure, rent rolls, etc.
If you missed this special event in April, we recorded it on our YouTube channel so that you could watch the presentation as you fill out your Denver County Property Valuation Protest forms. To find the video, simply click here.
by Kyle Malnati