Colorado property owners may wish to protest their property taxes. This GT Alert provides considerations for protesting a Colorado property valuation.
1. Organize
It is not too soon for Colorado property owners to start thinking about protesting their property valuations. Owners should begin gathering information about their property now, including 2019 and 2020 income data, rent rolls, leases existing during the base period (Jan. 1, 2019 through June 30, 2020, for the 2021 tax protest), any unique information about each property (such as having an irregular shape), and comparable sales data. If there is new construction on the property, construction costs should be gathered.
2. Who should prepare the protest?
Property owners could file the protest themselves, or they may wish to hire an attorney or tax agent. This decision should be based on a number of factors including experience, property complexity, and fee structure. The property tax protest process is complex and deadline-oriented, so it is important to have a plan.
3. Calendar the filing date.
Note: 2021 property tax protests must be submitted or postmarked no later than June 1, 2021.
Property owners who plan to work with an attorney or tax agent should reach out to them in advance of the filing deadline for an evaluation. There is typically no fee for an initial consultation, as property tax protest cases are frequently done on a contingency basis.