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.
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- → The income approach to appraisal is most commonly used for which type of property?
- → Which formula correctly calculates the capitalization rate?
- → External obsolescence in Oklahoma:
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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?