Colorado Property Tax Reduction Opportunities

Colorado is a booming real estate market1 and, as a result, commercial and industrial property taxes are rising again. While rising values are good for the owner, the increase on Common Area Maintenance (“CAM”) expenses can be significant for both tenants and owners alike. 2017 is a reassessment year and, based on another reassessment cycle of improved market conditions, commercial and industrial property values will increase.

A study completed by the Colorado Department of Local Affairs indicates commercial property values will increase by 11.6% and industrial by 7.2% (on average)2. How does that translate to taxes? The Gallagher Amendment shelters residential owners from property tax increases in a booming market and shifts the burden to commercial and industrial property owners. This increase is not yet known, but some estimates are that the mill levies will have to go up 10% to make up for the assessed value decline in residential properties.

2017 Colorado Real Property Appeals:

  • Notices of Value: No later than May 1, 2017
  • Appeal Deadline: No later than June 1, 2017

A successful appeal in a reassessment year results in two years of property tax savings.

Our team of property tax professionals can help review your notice of value and reduce your property tax liability. A purchase price alone is not sufficient evidence of the Assessor’s valuation. Duff & Phelps will review the facts of your property and give you our no obligation assessment if a value reduction is warranted.

1.Molly Armbrister, "Property values leap by double digits across metro Denver," Denver Business Journal.

2.United States, Colorado Department of Local Affairs, Residential Assessment Rate Study.

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