Starting in May, El Paso County homeowners have been receiving their Notices of Valuation (NOV), marking the biennial reassessment of residential properties. This process is crucial for determining property taxes payable in 2026.
Key Dates and Assessment Period
The valuation reflects the market value of properties as of January 1, 2025. To determine this, the Assessor's Office analyzed sales data from an 18-month period spanning January 1, 2023, to June 30, 2024. This timeframe, known as the "data gathering period," focuses on comparable property sales to estimate current market values, according to the assessor's website at assessor.elpasoco.com.
Assessment Methodology
In Colorado, residential property values are determined solely using the market approach. This means the Assessor's Office estimates a property's value based on recent sales of similar properties, considering factors such as size, location, and amenities. However, this is historical data and does not indicate value in the current sales market.
Understanding Your NOV
The NOV is not a tax bill but a notification of your property's assessed value. If you believe your property's valuation is incorrect or if there are discrepancies in the property details, you have the right to appeal. The appeal period runs from May 1 to June 8, 2025. Appeal online through the assessor's Property Record Search page. Enter your parcel/schedule number (10-digit number, located in the upper left-hand area of the NOV) and click go. This will access your property record as the Assessor has it listed. Complete the online form, upload supporting documentation and press submit.
Should you choose to appeal in writing, the back of your Notice of Valuation is the official Appeal Form. Appeals of your property value may be made by telephone, mail, walk-in, or fax.
Assessment Rates
For 2025, the residential assessment rate is set at 6.25% of the property's actual value. This rate is determined by the State Legislature and is used to calculate the taxable value of your property.
Senior Property Tax Exemption
Qualified seniors may be eligible for a property tax exemption, which exempts 50% of the first $200,000 of the actual value of their primary residence from taxation. To qualify, applicants must be at least 65 years old as of January 1, 2025, and must have owned and occupied the property as their primary residence for at least 10 consecutive years prior to that date.
