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— Property Management Quarterly — January 2018

www.crej.com

Taxes

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Universal offers an expansive range of security solutions,

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Distribution/Manufacturing

Facilities

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For more information call

Lorie Libby at 303-901-9037

www.universalpro.com

HELLO

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How can we help you?

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P

roperty taxes can be

one of the biggest

line-item expenses

commercial prop-

erty owners face.

It’s important for property

owners to understand each

state’s specific rules and

regulations surrounding

property taxes, as they vary

across the country. When

it comes to Colorado, there

are some key differences of

which commercial property

owners need to be aware.

Colorado’s property valu-

ation cycle.

Colorado main-

tains a two-year valuation

cycle. All real property is

reappraised every two years

on the odd-numbered year.

Notice of Valuation letters

are mailed to property own-

ers every year on or before

May 1. The actual value and

classification listed on the

Notice of Valuation in 2017

will be the same for 2018.

Commercial valuations are

based on cost, market and

income data during the

18-month

period

prior to the

reappraisal.

For exam-

ple, 2017-

2018 values

are based

on cost,

sales and

lease data

between

Jan. 1, 2015,

and June

30, 2016.

In addi-

tion, Colorado utilizes a

split tax roll. The assess-

ment ratio for commercial

properties is fixed at 29

percent while the residen-

tial assessment ratio can

vary. It currently is 7.2 per-

cent. Because businesses

bear a much greater prop-

erty tax burden, it is crucial

for commercial real estate

owners to ensure the valu-

ation of their property is

correct.

How to file a property

tax appeal.

A property tax

protest essentially is an

evidence-based argument

as to why a property’s

assigned actual value is

incorrect and includes

proof that a reduction to

the actual value is warrant-

ed. If owners chose to file

a protest themselves, rel-

evant forms and deadlines

can be found on the county

assessor’s website. How-

ever, property tax appeals

can be a complicated pro-

cess, so many commercial

property owners choose

to hire consulting firm to

handle their appeals. When

presenting your case for

a property tax appeal, the

more in-depth knowledge

and evidence presented

during the appeals process,

the better.

Colorado’s appeal process

and deadlines.

Colorado has

a three-tiered system for

property tax appeals. If a

property owner disagrees

with the actual value or

classification placed on his

property, the first step is

to file a protest with the

county assessor. The pro-

test must be received by

June 1. The county asses-

sor’s office reviews the

protest and will send a

Notice of Determination by

the end of June or August,

depending on the county. If

the assessor denies the pro-

test or the property owner

Tips to help lower your commercial property taxes

Beth Diehl

Managing

consultant,

Paradigm Tax

Group, Centennial

Because businesses bear a much

greater property tax burden, it is

crucial for commercial real estate

owners to ensure the valuation of

their property is correct.

Please see Diehl, Page 26