EL PASO COUNTY, CO — Each year shortly after May 1st the El Paso County Assessor's Office sends out the Notice of Valuation (NOV) for each property owner in El Paso County. With the rising property taxes, much of the state has already seen some filing appeals of their assessments.
Several factors are to blame for this increase. The biggest price increases come from there not being enough homes for sale in our area to meet housing demand.
News5 spoke with residents in Black Forest who say their home values are up by 84%. As the valuations hit mailboxes this week in El Paso County, many homeowners are now choosing to appeal those assessments.
"I opened it up. And I was in complete shock," said Tracie Thomas on her reaction to receiving her notice of valuation from the El Paso County Assessor's Office this week.
Both Tracie and her neighbor, say their home assessment values went up significantly.
"I knew real estate prices had gone up. But I never dreamed it would be going up at 84%," Thomas told us.
After consulting with each other the two are appealing their assessments. For Thomas, this is the first time she is appealing since buying her home 30 years ago.
"I have never appealed before, because I felt like all of the rates were okay, we're willing to pay what we need to pay. 84% is not reasonable," said Thomas.
The El Paso County Assessor's Office told us 1100 property owners have appealed their property tax assessment values within the last four days alone.
According to the assessor's office, that number is slightly higher than normal. The assessor's office says the average residential assessment value in El Paso County is up 44% while commercial values are up 30% to 35%.
Renters are not in the clear either, as the recent spikes could trickle down to them as well. The Olive Real Estate Group Manages Commercial Properties across Colorado Springs say they have been receiving calls from property owners about the increase in their own notices.
"The businesses have the same reality homeowners do," says a spokesperson with the group. "It's going to either, a, come out of their pocket as an owner of a property or, b, it's going to get passed through to their tenant in the form of rent."
Thomas and her neighbor say it's important for people to know their right to appeal and you can.
The assessment appeal process is open from May 1st to June 8th. You can appeal online here by entering your parcel/schedule number (the 10-digit number, located in the upper left-hand area of the NOV) and clicking go.
Complete the online form and upload the required documentation. Following the appeal the assessor's office will respond in writing by the end of June with a Notice of Determination (NOD). If you agree with the new assessment then you do not have to do anything and your property value will be changed. If there are further discrepancies or you disagree you have until July 15th to bring your appeal to the County Board of Equalization.
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