"All gave some, some gave all"

As we remember those that served our country by making the ultimate sacrifice, we hope you and your families enjoy the Memorial Day weekend.

We'd also like to share a few updates on some timely personal and business issues

We have received several calls from clients who have received their 2023 Real Property Notice of Valuations
Some are being notified of potential increases of up to 100% in property value
Property values are reviewed/revised every two years (each odd year) for purposes of determining the property taxes you pay
High level, many are seeing large increases due to two main reasons

Study Period

The study period is dictated by law and is always a similar 24 month lookback window.
However, the 24 month window for this assessment (July 1, 2020 through June 30, 2022) happened to coincide with what many view as the peak of the hot housing market in CO.

Repeal of Gallagher Amendment

The Gallagher Amendment had been in place since 1982 but was repealed (by public vote) in the 2020 election
In a nutshell, this amendment used to make sure residential properties did not bear an undue share of taxes when compared to non-residential (commercial) properties. This allowed legislators to vary the assessment rate to avoid large increases like some are seeing
With the repeal of this act, the assessment rate is 6.765% for this tax period
You can appeal your assessed value but must do so before June 8th. We strongly suggest you do so as you have nothing to lose.
In order to help your chances of a successful appeal, you need to include "comps" in the same window as the study period (July 1, 2020 through June 30, 2022) which show your assessed value is incorrect. Unfortunately, you cannot use more recent comps which may reflect some of the slowdown most are seeing (due to higher interest rates and other factors).
If helpful, we can refer you to some of our realtor clients who have offered to assist those that need comps.

As noted in our last newsletter, the filing and payment deadline for Q1, 2023 was extended to May 31st (normally, the due date would have been April 30th)
If you have not done so yet, make sure you (or your third party administrator) have filed the necessary wage reports and remitted the FAMLI premiums withheld from employee paychecks as well as the employer match (if applicable).