Good news for homeowners in Summit County: property values are continuing to rise – a trend that has been consistent since 2008. According to recent data, homeowners are getting, on average, 97 percent of their listed asking prices. In some areas of the county, properties are selling well over their listed amounts.
The average price of a single-family home is now at a record high at just over $1 million, while the average price of a multi-family home has risen to over $460,000. This bodes well for both homeowners and prospective buyers. Now is a great time to sell, and if you’re thinking of investing in Summit County property, this pattern all but guarantees a return on investment down the road.
Growing property values, however, come with an increase in property taxes – the revenue from which is expected to increase another 7.1 percent in 2018.
“Property tax revenue is seeing a significant increase this year from 2016, which only saw a 1.4 percent increase from 2015,” according to a recent article in the Summit Daily News. “County Manager Scott Vargo attributes the jump to increased property values across Colorado and especially in the mountains and the Front Range.”
While you may already be aware of the property tax hike in Summit County, you probably don’t know that you have the opportunity to file an appeal. In fact – less than 5 percent of homeowners take advantage of this little-known process, and while it can be tedious, it could potentially save you thousands of dollars.
In Colorado, your property tax is determined by evaluating your home’s assessed value as of June 31st, 2016, and the 24 months prior. To successfully appeal your property tax bill, you will need to do some investigating into your real estate assessment. It’s feasible to reduce your bill by appealing the value the County Tax Assessor’s Office assigned to your home (this value is what’s used to determine how much tax you owe). You may also qualify if you are a senior citizen or veteran.
To find out if you could benefit from filing an appeal on your taxes, we are offering a free 2016 market analysis of your property to determine if your tax assessment is too high. After we send you your estimated savings, we can assist you through remaining steps of the process as much or as little as you like! We are happy to act as your agent and file the appeal on your behalf. Our fee is based on a percentage of your savings. If you don’t qualify, you don’t pay, and you will still receive a free market analysis of your property’s value!
If you’re interested in saving hundreds or even thousands of dollars on your property tax bill, call or text us at 954-292-3972 (Karen) or 954-319-2186 (Phillip). We answer the phone! You can also request an analysis by email at email@example.com or firstname.lastname@example.org.