The Fremont County Assessor’s Office is preparing to mail Notices of Valuation to Fremont County property owners on May 2nd. For property tax purposes, real property is reappraised every other year in Colorado. The reappraisal occurs in odd numbered years, so 2005 is a reappraisal year for county assessors. Appraisers in the Fremont County Assessor’s Office have been particularly busy since January not only preparing for the reappraisal year, but adjusting commercial property values in line with a state-mandated reappraisal that was ordered last fall.
On October 4, 2004, the Colorado Board of Equalization ordered Fremont County to reappraise all commercial property under the supervision of the Colorado Division of Property Taxation.
The reappraisal order followed an analysis demonstrating that Fremont County commercial property values, which were lowered substantially in 2004, were not conforming to market data or state board approved standards. Because of those discrepancies combined with the 2005 reappraisal of properties, some commercial property owners in Fremont County will see a significant increase in their property values when the valuation notices are mailed.
Appraisers in the County Assessor’s Office, working under guidance of the state officials, say an overall increase in commercial and industrial properties can be expected because the values for the previous year were substantially below market levels.
The Commissioners note however, that those percentage increases also represent new residential and commercial construction which added value to the overall assessed valuation. The numbers take into account new growth, not simply adjusted values on existing properties. That means the property tax burden is distributed to more property owners.
Once property owners receive their notices of valuation, if they disagree with the assessed value, they may file a protest in person or by mail with the Fremont County Assessor’s Office through May.