A Colorado property owner receives a Notice of Valuation showing a dramatic increase in her property's actual value. She files a timely protest with the county assessor, but the assessor upholds the original valuation. She then appeals to the Board of Assessment Appeals (BAA), which also upholds the valuation. Frustrated, she asks her broker what further options she has. Which of the following correctly identifies her remaining legal options under Colorado law?
Correct Answer
A) She may appeal the BAA decision to the Colorado Court of Appeals, or alternatively seek a refund through the county treasurer if she can demonstrate the tax was illegally levied
Under Colorado law, after the Board of Assessment Appeals (BAA) issues a decision, the property owner may appeal to the Colorado Court of Appeals (C.R.S. § 39-8-108.5). This is the next step in the judicial review process. Additionally, if a property owner believes a tax was illegally or erroneously levied, they may seek a refund through the county treasurer under C.R.S. § 39-10-114. These are the legitimate further remedies available after exhausting the BAA process. The property owner has not exhausted all remedies after the BAA — judicial review remains available.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A transfer tax is a tax imposed on the transfer of ownership of real estate.
Reconciliation is the final step in the appraisal process where the appraiser analyzes the value indications from all applicable approaches and arrives at a single final opinion of value. It is not a simple average of the three values.
The comparable sales approach estimates a property's value by comparing it to similar properties that have recently sold in the same market area. It is the most widely used and reliable approach for appraising residential properties.
More Valuation Questions
Maria owns a home in Boise, Idaho that serves as her primary residence. She wants to reduce her property tax burden by taking advantage of Idaho's homeowner exemption. Under Idaho law, what is the maximum amount of assessed value that can be exempted from property taxation under the homeowner's exemption?
A New Hampshire licensee is listing a 75-acre parcel that has been in the Current Use program for 15 years. The seller informs the licensee that he enrolled the land himself and has never paid a Current Use enrollment fee. The buyer intends to keep the land as open space and wants to maintain its Current Use status after closing. Which of the following statements most accurately describes the situation the licensee must disclose and advise upon?
Leilani is a licensed Hawaii real estate salesperson helping a buyer purchase a property registered in the Land Court system in Honolulu. When discussing property taxes, the buyer asks whether the Land Court registration of the property affects how it is assessed for property tax purposes compared to a property in the Regular System (Bureau of Conveyances). Which response is most accurate?
A homeowner in Portland receives her annual property tax statement. The county assessor lists her property's Real Market Value (RMV) at $480,000 and her Maximum Assessed Value (MAV) at $310,000. Which value will the county use to calculate her property tax bill?
Highest and best use means the use that is:
- → Dorothy, age 72, owns her home in Henrico County, Virginia. Her annual household income is $28,000 and her net worth (excluding her home) is $85,000. She applies for Virginia's elderly and disabled property tax relief program. Which statement best describes how Virginia's program works?
- → Which formula best represents the cost approach to appraisal?
- → Which appraisal method is most commonly used for residential properties and relies on recent sales of comparable properties?
- → The sales comparison approach to appraisal is most commonly used for which type of property?
- → Susan sells her luxury waterfront home in Kirkland for $2,000,000. Using Washington's current graduated state REET schedule under RCW 82.45 (1.1% on the first $525,000; 1.28% on the portion from $525,000.01 to $1,525,000; 2.75% on the portion from $1,525,000.01 to $3,025,000; 3% above $3,025,000), what is the state REET owed on this sale (excluding any local REET)?
- → James owns a farm in rural Tennessee that qualifies for the Greenbelt Law. Under Tennessee's Greenbelt Law, how is agricultural land assessed for property tax purposes?
- → Highest and best use:
- → The sales comparison approach adjusts for differences by:
- → In the sales comparison approach to appraisal, adjustments are made to which properties?
- → The market approach (sales comparison approach) to property valuation is most reliable for:
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Previous Question
A Colorado broker is helping a client purchase a rural property that includes both a residential dwelling and irrigated agricultural land. The county assessor has classified 5 acres as residential and 95 acres as agricultural. The broker's client asks whether the agricultural land will be valued at market value like the residential portion. Which of the following most accurately describes Colorado's valuation methodology for the agricultural portion of this property?
Next Question
Which of the following best describes Colorado's approach to a statewide real property transfer tax?