Notice of Valuation to be mailed first week of May
Published on May 01, 2023
Property owners will be receiving their Notice of Valuation (NOV) postcards from local Assessors starting on May 1, 2023. Assessors are required to value property every two years so the change in value reflects the change in the real estate prices that occurred between June 30, 2020, and June 30, 2022. During those two years, the real estate market was extremely active across the state. The Weld County market was no different as real estate values in Weld County increased significantly.
“If you think about the real estate market activity prior to June 30, 2022, then you will remember record low interest rates and bidding wars that drove home prices up,” said Weld County Assessor Brenda Dones. “That activity resulted in the median Weld County sale price increasing from $390,000 in June 2020 to $515,000 in June 2022. That 32% increase is indicative of the increase property owners will see on their notices.
Dones explained the market has softened since June 30, 2022, due to rising interest rates, but assessors are barred from considering current market activity. Assessors value property every two years, and the current change in the market will be reflected in the next valuation, not this one. The rate of appreciation in value does not mean property taxes will increase at the same rate. Although the value is the starting point for calculating property tax, there are other factors impacting tax.
Last year, legislators enacted a law that exempts the first $15,000 of residential value and $30,000 in commercial value. In addition, the assessment rates, which are the percentage of the property that is taxed, were also reduced by about 3%. On Monday, May 1, the legislature announced a bill that could increase the exemption amounts and reduce the rates even more if passed. The other impact to tax occurs when local taxing districts set the mill levies. That process happens in December and only then will the property taxes be calculated.
For now, property owners are encouraged to review their NOV carefully, knowing the value is reflective of what the property would have sold for on June 30, 2022. The Assessor’s Office has an online sales search tool to see neighboring property sales and to also see the characteristics of the property.
Property owners who do not agree with their value may appeal it through the Assessor’s Office. Appeals must be submitted or postmarked by June 8, 2023. The Assessor’s Office offers many appeals options:
- Calling (970) 400-3650 or (720) 652-4255 to make an appointment to speak with an appraiser over the phone.
- Emailing appeals@weld.gov.
- Filing an online appeal.
- Mailing or faxing an appeal to the Assessor’s Office. Instructions will be on the NOV and the Assessor’s webpage.
“Values in the NOV become property tax next year after local governments set their mill levies,” Dones explained. “That’s why those with concerns about their value should let us know so we can review them and get it right.”