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PROPERTY TAXES 101
An interactive workshop with
the goal of providing a clear
understanding of the
property tax system!
Property Taxes 101
2009 tax roll year
Introduction – who am I?
David B.Wissel, Park County Assessor
Certified General Appraiser #CG01315752
I began working for the Park County Assessor’s Office on 6/18/1979
I was appointed Assessor on October 6, 1980, still serving!
Other Community Activities:
Vice Chairman, Upper South Platte Water Conservancy District – 1985
Chairman, Park County Land & Water Advisory Board – 2002
President, Headwater Authority of the South Platte (HASP) - 2007
This is an informal workshop setting, ask
questions, OK? We’ll be done by 9 PM!
PARK COUNTY GEOGRAPHY
PROPOSED AGENDA
Introduction – Opening Remarks
Review & history of the property tax
Constitutional amendments
1982 Amendment #1 forward
Appraisal methods
a. Cost Approach
b. Income Approach
c. Sales comparison (market) approach
Value changes in 2009
Performance Standards - SBOE
Proposed Agenda (cont’d)
Appraisal Standards – USPAP
Annual Calendar of Assessment
Available data & services from our Office
Questions – review what isn’t clear
Adjourn & go home!
CODE OF THE WEST
“Good old fashioned country common horse sense…”
1. Live each day with courage
2. Take pride in your work
3. Always finish what you start
4. Do what has to be done
5. Be tough, but fair
6. When you make a promise, keep it
7. Ride for the brand
8. Talk less, say more
9. Remember that some things are NOT for sale
10. Know where to draw the line
STAND TALL & SHOOT STRAIGHT!
What Does the Assessor Do?
“The Assessor is responsible to locate, identify, and
value all taxable property within the boundaries of
each county.”
We create the tax roll each year, which we deliver to
the Treasurer’s Office to collect
We manage and administrate the property tax
system, including ownership, location, legal
description(s), and value
We offer a significant amount of public data, with a
helpful and friendly staff of outstanding
professionals!
EXECUTIVE LEADERSHIP
TEAM
APPRAISAL STAFF TEAM
ADMINISTRATIVE STAFF
TEAM
MY 30 YEAR JOURNEY IN THE
PROPERTY ASSESSMENT
BUSINESS
• In order to know where the path leads, I believe it is
most helpful to know where you came from, as history
is doomed to repeat itself. That is why we start with
past actions and events that have affected this system.
• When I entered this Office, as an entry level employee
in the summer of 1979, all property in Colorado was
appraised at 30% of the total actual value, except 38
exceptions…
• I haven’t seen it all, but I have seen significant changes
over these many years…I don’t know it all, but I
continue to learn and grow, and roll with the flow!
WHY DO WE KEEP
PROPERTY VALUES
CURRENT?
The basis for all of our effort as the Assessor’s
Office is to equally distribute the $5.7 Billion
dedicated to Kindergarten – 12th grade (K – 12)
education, from the State of Colorado, out of a
$19 Billion total budget
If we don’t achieve equalized values throughout
and within the State, then the fair distribution
of these funds won’t be accomplished…
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PROPERTY TAXES 101
Constitutional amendments
1982 – Amendment #1
Referred to the people by the general assembly – studied by a
citizens committee
Gallagher amendment – residential property pays only 45% of
the total property tax, all other property will pay the other
55%
Residential rate designed to “float”,to insure compliance with
this ratio - the current rate is 7.96%
Initially the residential assessment rate set in 1983 was 21%
Set “all other” property at a 29% assessment rate in the
constitution – no change by law, only by changing the
constitution
1982 Amendment # 1 (cont’d)
State Board of Equalization can issue Reappraisal orders for
non-compliance with mandated appraisal related performance
standards
Payback of excess K-12 school aid by all county residents, not
just the property owners within that school district exclusively
Designated the Cost & Market approaches only for residential
property appraisals
Prescribed the appointment of the Property Tax Administrator
by the newly re-structured State Board of Equalization, outside
the State Personnel system
1992 – TABOR (Taxpayers
Bill of Rights ) AMENDMENT
Bruce began his petition (initiative) efforts in 1988, (lost)
& 1990 (lost) – finally successful as this initiative
passed in 1992 with a 53% yes vote
Mandated multi-faceted changes to the property tax
system – enabling statutes had to address new
conflicts with existing statutes and this amendment!
Eliminated the Cost approach, now only the Market
approach can be used for residential property
appraisals
Mandated 2 types of spending & revenue caps!
Interesting fact: Statutory property tax limits were already in place!
At that time, the limit in State law (as now) was 5.5%, plus a local
growth factor, above the previous years revenue, per taxing entity
RESTRICTS THE RATE OF GROWTH OF ALL STATE &
LOCAL GOVERNMENT REVENUES TO THE LOWEST
POSSIBLE LIMIT- BASED ON THE DENVER / BOULDER
CPI INDEX, PLUS A GROWTH FACTOR
THE MOST RESTRICTIVE TOTAL DOLLAR AMOUNT OF
THESE TWO BUDGET CALCULATION METHODS MUST
BE USED – BOTH REVENUES & EXPENDITURES
LOCKS IN ALL EXISTING “TAX POLICY” LAW, AND
REQUIRES STATE WIDE VOTER APPROVAL TO
CHANGE THOSE FACTORS
1. Ratchet effect – voter approval is required by each taxing
authority for all tax increases, regardless of economic
conditions, or when total assessed values decline
2. Set specific requirements for pro / con statements, notice, &
ballot language “shall property taxes be increased…”
3. All fiscal / tax issue elections only held each year in
November
4. State government revenue & spending limits fixed at 6%*
* Current legislation to repeal this historic revenue limit has passed the 2009 General Assembly
• The residential assessment rate, as clearly stated in 1982 by
Gallagher, can not be increased without statewide voter
approval.
2009 Residential rate should have been 8.85%
WILL COLORADO HOMEOWNERS EVER VOTE
THEMSELVES A TAX INCREASE??
1994 - REFERENDUM A
SINGLE SUBJECT
Limits the offering or approval of ballot issues by the
people of Colorado, by Initiative or Referendum, to a
single subject
2000 – REFERENDUM A
HOMESTEAD EXEMPTION FOR
SENIOR CITIZENS
Reduces the total actual value of a 65 years of age
property owner, who has lived in the same primary
residence for 10 years, by 50% of the first $200,000 of
actual value - $100,000 maximum benefit
IMPORTANT SENIOR’S CITIZENS
INFORMATION ABOUT REFERENDUM A!
MAY 1, 2009 – “TIME OUT” LEGISLATION HAS BEEN
PASSED AND SIGNED BY THE GOVERNOR, IN THE
CURRENT GENERAL ASSEMBLY (SB 09-276)
IN THE NEXT FISCAL YEAR STATE BUDGET,
REFERENDUM A WILL NOT BE FUNDED, (“TIME OUT”),
AGAIN, BEGINNING IN 2009 (PAYABLE IN 2010)
If funded in future state budgets, another law will need to be
adopted to continue to fund the “back fill” by the State for the
taxing entities who don’t receive their total property tax dollars
We encourage you to continue to apply for this benefit, regardless of the actions of
the Legislature. We have the forms on our web site
2003 – AMENDMENT 23
K – 12 EDUCATION FUNDING
• Requires the State to fund K – 12 Education funding at the rate of
inflation plus 1% for years 2001 – 2002 through 2010 – 2011, and
then at the rate of inflation each year thereafter.
• These increases in mandated revenue are exempt from the state
spending limitations. Funds are required to be placed in the State
Education Fund…
• Interesting facts: Park County has 2 school districts – South Park &
Platte Canyon. South Park is almost exclusively funded by local
property taxes, while Platte Canyon gets 60% of their total funding
from Denver…
2005 - REFERENDUM C
• Authorizes a “time out” until 2010 for the
statutory requirement of the State to refund excess
revenues, above the statutory revenue limits.
• Voters agreed to suspend their individual refunds,
if any, placing these funds into new state spending
• Re-sets the State and local government spending
limits at the expiration of the Referendum in 2010
REFERENDUM F –
DISABLED VETERANS
HOMESTEAD EXEMPTION
• Enables in our Constitution a similar process to
reduce the total actual value of honorably
discharged, completely disabled resident
veterans the same as the Senior Citizen
discounts – 50% of the first $200,000 in value
• Does not contain the 10 year residency
requirement
Appraisal Methods
Sales Comparison Approach (Market
Value)
How are other similar properties selling?
Influences in value are identified from the market – buyers &
sellers set prices! We determine “typical” value – not cost to build
Income Approach to Value
What can the property command in rent? Income stream is
capitalized, (rate derived from the market), equals value estimate
Cost Approach to Value
What is the reproduction or replacement cost of this
building, as it exists today (accrued depreciation). Bricks &
sticks!
Gallagher and TABOR
• Residential Rate • Ratchet down effect
• Designed to float – • TABOR spending limit
formula – based on
meet the 45% share Denver Boulder CPI –
plus local growth factor
• All other property (designed to be a low #)
assessed at 29% • Requires most restrictive
method be used, based
on the prior years
• Res rate now at spending & revenue
7.96% limits! No method for
adapting to changing
economic conditions!
Difference in
Assessment
Percentages!
• Residential property • Vacant land/commercial
• Actual (market) value • Actual (market) value
– $100,000 – $100,000
2009 assessment rate Fixed assessment rate
7.96% 29%
= The assessed value: = The assessed value
$7,960 $29,000
Multiply * the total mill levy Multiply * the total mill levy
= The total property tax = The total property tax
amount due amount due
Residential
Versus All Other?
Assessed value
$7,960
30
*Mill levy
0.075805 25
$603.41 taxes
All other property 20
RES
Assessed value
15
$29,000 All
*Mill levy 10 Other
0.075805
$2,198.35 taxes 5
3.64 times difference in 0
assessment rate! 1982 2009
Where is the value
in Park County?
Major property classes 50 RES
• Residential 45
40 LAND
• Vacant land 35
• Commercial 30 COM
25
• Public utilities 20 Public
• Agricultural 15 Utilities
10 AG
• All other types
5
All
0
% of Tax Roll Other
GENERAL FUND EXPENDITURES
2009 BUDGET
PARK COUNTY
Transfers
6%
Debt Service
0%
Capital
0%
Operating
33%
Personnel
61%
STAFFING BY
DEPARTMENT
Other Admin
13% 10%
Assessor
Treasurer 5%
3%
Dev Svcs
8%
Clerk
Road &
4%
Bridge
24% Human Svcs
5%
Sheriff
28%
Who Brings in the $$’s?
Park County General Fund
Dev Services Other
Sheriff
Assessor 16% 4% 12% Clerk
0%
10%
Admin
1%
Treas
57%
Who Spends the Money?
Park County General Fund
Dev Services
8%
Other
Sheriff 25%
38%
Clerk
4%
Treas
Admin 3%
16% Assessor
6%
PARK COUNTY JAIL
12/31/2008 Revenue $1,822,490
12/31/2008 Expenditures (2,839,671)
Projected Decrease in Fund Balance ($1,017,181)
Budgeted Revenue 2009 $1,758,280
Budgeted Expense 2009 (2,601,887)
Net Decrease in Fund Balance ($843,607)
Projected Decrease in Fund Balance ($1,860,788)
Notice of Valuation Important Information
2009 Reappraisal Sales Data Collection Period
PARK COUNTY
Appraisal Date June 30, 2008
Park County Collection Period
Sales Period Begins
**Assessment Date
CURRENT DATA
Appraisal Date
Present Date
COLLECTION PERIOD
FOR TAX YEARS
Previous Data Collection Period 2009 & 2010 SALES AFTER
For Tax years 2007 & 2008 June 30, 2008
CANNOT BE USED
June 30, 2002 – June 30, 2006 June 30, 2004 – June 30, 2008 ***
* *
*SALES FROM PREVIOUS YEARS ** Values are based on condition and
MAY BE USED IN 6-MONTH level of property completion as
INCREMENTS of the Jan. 1 Assessment date.
*** A requirement of statute.
VALUE CHANGES 2009
2009 REAPPRAISAL PROJECT - CHANGE BY ECONOMIC AREA
NET
ECONOMIC 2008 ACTUAL 2008 2009 2009 CHANGE
AREAS VALUE ASSESSED VALUE ACUTAL VALUE ASSESSED VALUE %
ECON 1 $1,338,373,525 $130,941,239 $1,380,037,748 $135,080,500 3%
ECON 5 $355,969,812 $64,388,508 $401,668,530 $72,661,913 13%
ECON 6 $879,903,493 $114,931,437 $1,093,178,375 $141,791,006 23%
ECON 7 $445,475,220 $57,614,807 $494,035,718 $64,692,679 12%
ECON 8 $317,581,657 $39,253,511 $358,221,399 $42,195,413 10%
VALUE CHANGES 2009
PARK COUNTY - COUNTY WIDE CHANGES BY MAJOR REAL PROPERTY TYPE
2008 2008 2009 2009 NET CHANGE
PROPERTY TYPE ACTUAL ASSESSED ACTUAL VALUE ASSESSED VALUE %
AGRICULTURAL $136,272,452 $14,985,510 $153,514,831 $16,908,560 13%
COMMERCIAL $96,008,669 $27,842,516 $105,471,018 $30,586,556 10%
INDUSTRIAL $2,821,951 $818,354 $3,340,281 $968,693 18%
NATURAL RESOURCES $12,567,913 $3,644,479 $16,127,254 $4,676,942 28%
PRODUCING MINES $113,021 $32,776 $110,058 $31,916 -3%
RESIDENTIAL $2,577,147,723 $205,140,960 $2,832,307,303 $225,452,380 10%
STATE ASSESSED $51,554,000 $14,944,900 $51,534,000 $14,944,900 0%
VACANT LAND $516,813,081 $149,884,820 $627,751,422 $182,041,110 21%
TOTALS $3,393,298,810 $417,294,315 $3,790,156,167 $475,611,057 14%
VALUE CHANGES 2009
SCHOOL DISTRICT RE-1 PLATTE CANYON
2008 2008 2009 2009 NET CHANGE
PROPERTY TYPE ACTUAL ASSESSED ACTUAL VALUE ASSESSED VALUE %
AGRICULTURAL $21,222,162 $2,044,020 $22,687,957 $2,182,410 7%
COMMERCIAL $34,021,563 $9,866,288 $37,686,973 $10,929,250 11%
INDUSTRIAL $1,436,720 $416,644 $1,672,389 $484,993 16%
NATURAL RESOURCES $161,048 $46,710 $119,966 $34,800 -25%
RESIDENTIAL $1,202,834,618 $95,745,480 $1,239,231,012 $98,642,840 3%
STATE ASSESSED $20,349,558 $5,901,380 $20,339,698 $5,898,520 0%
VACANT LAND $59,976,167 $17,392,930 $59,918,204 $17,377,040 0%
TOTALS $1,340,001,836 $131,413,452 $1,381,656,199 $135,549,853 3%
SCHOOL DISTRICT RE-2 SOUTH PARK
2008 2008 2009 2009 NET CHANGE
PROPERTY TYPE ACTUAL ASSESSED ACTUAL VALUE ASSESSED VALUE %
AGRICULTURAL $115,050,290 $12,941,490 $130,826,874 $14,726,150 14%
COMMERCIAL $61,987,106 $17,976,228 $67,784,045 $19,657,306 9%
INDUSTRIAL $1,385,231 $401,710 $1,667,892 $483,700 20%
NATURAL RESOURCES $12,406,865 $3,597,769 $16,007,288 $4,642,142 29%
PRODUCING MINES $113,021 $32,776 $110,058 $31,916 -3%
RESIDENTIAL $1,374,337,841 $109,397,450 $1,593,076,291 $126,809,540 16%
STATE ASSESSED $31,233,752 $9,057,820 $31,194,312 $9,046,380 0%
VACANT LAND $456,836,914 $132,491,890 $567,833,218 $164,664,070 24%
TOTALS $2,053,351,020 $285,897,133 $2,408,499,978 $340,061,204 19%
VALUE CHANGES 2009
TOWN OF ALMA
2008 2008 2009 2009 NET CHANGE
PROPERTY TYPE ACTUAL ASSESSED ACTUAL VALUE ASSESSED VALUE %
COMMERCIAL $4,306,168 $1,248,776 $5,183,846 $1,503,319 20%
RESIDENTIAL $30,275,588 $2,409,930 $36,444,557 $2,901,080 20%
STATE ASSESSED $1,408,431 $408,451 $1,408,431 $408,451 0%
VACANT LAND $4,207,815 $1,220,270 $7,352,435 $2,132,250 75%
TOTALS $40,198,002 $5,287,427 $50,389,269 $6,945,100 31%
TOWN OF FAIRPLAY
2008 2008 2009 2009 NET CHANGE
PROPERTY TYPE ACTUAL ASSESSED ACTUAL VALUE ASSESSED VALUE %
AGRICULTURAL $8,564 $2,480 $8,500 $2,480 0%
COMMERCIAL $23,607,235 $6,846,097 $26,750,906 $7,757,675 13%
INDUSTRIAL $227,358 $65,930 $232,782 $67,510 2%
RESIDENTIAL $64,544,266 $5,137,880 $75,560,988 $6,014,590 17%
STATE ASSESSED $4,243,970 $1,230,800 $4,243,970 $1,230,800 0%
VACANT LAND $9,180,099 $2,662,100 $10,502,792 $3,045,830 14%
TOTALS $101,811,492 $15,945,287 $117,299,938 $18,118,885 14%
CAA Public Relations Efforts
9 Line Call In – Early AM,
May 5, 2009
PERFORMANCE STANDARDS
STATE BOARD OF
EQUALIZATION
Our standards are based on the International Association of Assessing
Officers (IAAO) Standard on Ratio Studies, but are twice are rigorous.
They have served the citizens well since 1983.
In 1993, I chaired a committee of the Colorado Assessors’ Association
which reviewed, and then adopted the current standards for appraisal
level, as well as assessment uniformity.
Our assessment level of value (LOV) must be between .95 – 1.05, and the
Co-efficient of Dispersion (COD), must be no greater than 15.99 for
Residential, and 20.99 for Non-Residential properties. Requires additional
standards for other property types.
Inter and intra- county equalization is critically important to the
distribution of over $6 billion in annual K – 12 education funding
APPRAISAL STANDARDS
• Since 1990, all Appraisers employed by a County
Assessor must obtain, and maintain a license from the
Colorado Board of Real Estate Appraisers (BOREA),
within 2 years of becoming a staff appraiser. Must
become at a minimum Registered Appraiser, or higher
levels of Licensed, Certified Residential, or Certified
General Appraisers.
• The County must provide, by law, for these credentials,
(SB 1989-34), requiring our Office to demonstrate
competency, experience, and formal appraisal education,
and are USPAP compliant
• I was a founding board member, and served the first 6
years on the BOREA, as the Assessor member. It was an
honor to help establish a uniform program, applied to all
appraisers equally – regardless of where they practice
Annual Calendar
1 January – Assessment date
15 April – Personal property declarations mailed to taxpayers
1 May – Notices of valuation sent – changes in value
1 June – Real property appeals end
15 June – Personal property NOV’s mailed
30 June – Real Property Notices of Determination mailed
5 July – Personal Property appeals end
10 July – Personal Property NOD’s mailed
Annual Calendar (Cont’d)
1 August – County Board of Equalization (CBOE) meets
25 August – Preliminary abstract of assessment filed with the
DPT & the Preliminary district certifications mailed
10 October – State Board of Equalization reviews annual
audit reports, and each county abstract of assessment
22 November – Final certification of values mailed
15 December – Entities report levy and budget data to board
of county commissioners
22 December – County Commissioners certify levies and
revenues
1 January, start all over again!
Available Data - Services
Main Office
P.O. Box 636
501 Main Street, Fairplay, CO 80440-0636
We can be contacted by Telephone, Fax, or Snail
Mail
719.836.4394 Appeal line (Only during Appeal Season, May & June, OK?)
719.836.4331 Normal Business Line
719.836.4193 Direct Office Fax Line
Office Web site: www.parkco.org
Email: Dwissel@parkco.us
Questions & Review?
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Thank you very much for spending your time
with ME! I appreciate it!
Let’s Adjourn and GO HOME!
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