Assessed Value Question?

[KYLECODY]

From our public records in CO here is a sample:

Assessment total $33330
Land Value: $110000
Value total: $364200


I always assumed peoples final assessment number was the value total. However with the new figures out everyone says theres are significantly higher than the value total figure.

So is the final number people are taxed on the sum of all 3? or value total + land value...so then what is assessment total??? Confused. Thanks for your help.

 

[Austin]

Kyle:
Ever heard of out-come based education? Could be the assessor’s staff got an honorary high school diploma just to enhance their self esteem. At least they tried and only missed it by 10% one way or the other. Who are we to judge? In a Liberal society who is to say what is right and what is wrong? Is it worth 30,000 to risk offending some one’s self esteem? Remember our strength is in our diversity!

 

[Serge Paquette]

The assessment value is probably a percent of the total value for the property for all properties in the assessed area. Calculate the assessment value to the total value ratio for other properties and if the ratio is constant across the board, they are OK in that respect.

Then they probably multiply the tax rate (mill rate) by the assessment total to get total RE taxes.

 

[Dee Dee]

Kyle,

Get on the assessor's website for the county you are wondering about and you should be able to find the answer to your question.

Most counties around the Denver break down the their 'actual value' into two parts, the land value being one figure, and the value of the improvements (house, outbuildings, etc.) being the second.

 

[Restrain]

Some areas assess at a percentage of market value, some assess at $X per hundred. The $33330 is 7% of the total. Perhaps this is the percentage. Also, the property could be owned by the nephew of the assessor.

 

[Blue1]

Don't try this in California.....(Prop 13) Folks that have held their property for years will likely have a significantly lower assessed value. In fact, some appraisers put "Prop13" in the "taxes" field on the URAR!

 

[Jo Ann Meyer Stratton]

Each state has their own laws and methods for assessment. In Arizona we have Full Cash Value that is used to determine the amount of Primary Taxes which pays the operating expenses of all governing tax authorities. Then we also have Limited Property Values which pays any expenses that have been voted in by the voters, for example building a new high school, called Secondary taxes. The Full Cash Value is broken down into a value for land and a value for improvements, those are added together and a per centage (based on usage--commercial, agricultural, owner occupied residence, etc) is the assessed value that is taken times the tax rate to arrive at the amount of Secondary Taxes. The limited property value is a total figure, cannot not exceed a ten per cent increase each year unless there has been a physical change to the property, can never be higher than the limited value and a percentage of that is the assessment that the Primary Taxes are based on. That was Arizona's answer to trying to avoid a Propostition 13 like Californias in 1981. So one assessment can't increase over ten per cent but the other assessment can increase what ever the voters want it to increase. As it is, Arizona has some of the lowest property taxes, the lowest paid teachers and the least amount of money spent per pupil in the nation.

For example, my house is worth on the open market about $90,000--my limited value and full cash value (because of no physical changes in several years) is $82,842 and my 2002 tax bill was $860.08.

What would be the taxes on a $90,000 house in your area?

 

[Dee Dee]

Jo Ann,
I don't think there are any $90,000 houses left in the Denver area. Maybe a teenie-weenie one bedroom condo.

 

[Jo Ann Meyer Stratton]

I know!! That is why I consider myself very lucky!!! A median price home in the Phoenix area, 175 northwest of me would be about $175,000! So okay I will rephrase my question for all you people not lucky enought to live in Safford!

What would be the taxes on a $175,000 house in your area?

 

[Bob Ipock]

The taxes on a home with a tax value of $175,000
in my area would be about $2468.00 per year if in the city limits and about $1592.00 if in the county with no city services.

Our tax values are based on 100% of market value (that is the law if not the reality)

We just had a new re-evaluation come out in the last few months. These new tax values are very often higher than market value because the data is used was collected about two years ago ... at the TOP of the market and resale values are currently stagnant or declining due to the economy.


My take on local tax values? 1/3 too high, 1/3 too low and 1/3 about right.