For residential properties, Colorado law requires that the "market" approach to valuation is used. The market approach means the Assessor's Office reviews all of the sales of residential properties, analyzes the relationship between the property's characteristics and it's selling price, and then uses that analysis to determine the value for all market-rate residential properties.
The Assessor's Office is an elected position, whose responsibilities include discovering, listing, classifying, and valuing all property located within the county. They are required to reappraise, or revalue, all properties every other year, during the odd years, and mail out Notices of Valuation (NOV) by May 1. The NOV is to inform you of any increase or decrease in your property valuation and advise you of your right to appeal.
You can search and view your Notice of Valuation online through the NOV Viewer with your Schedule Number. This online application includes two very helpful tools. You can find a Calculation Ladder which shows the actual mathematical equation used to value your property. It also includes comparable home sales during the time period.
Mass Appraisal
In order to value more than 30,000 residential properties in Summit County, the Assessor’s Office utilizes standardized mass appraisal techniques. Modern mass appraisal techniques provide accurate value for most all properties. The Summit County Assessor's Office uses multiple regression analysis (MRA) which estimates the value (for all sold and unsold properties) based on sales. You can view lists of all the sales used to establish value on the Assessor’s Current Market Sales Data page.
MRA provides consistent values across a broad range of properties on the County’s tax roll because the same equation is applied to all. Since the Assessor's Office provides the value of a property for the ultimate purpose of levying and collecting property taxes in proportion to the property's value, it’s important that values are fair and equitable. You can read more about the Assessor's analysis on their Real Property Valuation page.
