Whether you own property in Summit County or somewhere else in Colorado, 2023 is a reappraisal year. Colorado law requires Assessors statewide to revalue all real estate in their respective counties as of a specific appraisal date.
The appraisal date for the 2023 reappraisal is June 30th, 2022. Every reappraisal, we disregard the old valuations and start from scratch using sales data collected from the appraisal date of June 30th, 2022 and back five years, for residential properties. In other words, we are not allowed to adjust values up or down by a percentage, but instead, have to analyze sales from a specific data collection period. In the case of the 2023 reappraisal, transactions that occurred between July 1st, 2017, and June 30th, 2022, were used for analysis.
We cannot consider sales or market influences that occurred after June 30th, 2022. Assessor’s Offices utilize mass appraisal methodologies and the market approach to value (for residential properties) in determining your Real Property Valuation.
Source: Summit County Assessor’s Office