To Br Anon
I will do my best to respond to your questions - time permitting. I'll try to get back to you on remaining questions.
Regarding assessments. State law provides the guidelines regarding how property assessments are done. Each individual county assessor does make his or her own laws. The Broomfield city council has consistently lowered the City's mill levy when property assessments increase to match the property tax revenues prior to an increase in assessments. Regarding school districts, they will be forced to do the same thing because TABOR provides that school district revenues can not exceed certain amounts.
It should also be noted that state law requires equity in assessments between commercial properties and residential properties. This law has had the effect of lowering residential property assessments. Before the subject law, both residential property and commercial property were assessed at about 30% of market value. Now, commercial property is still assessed at about 29% or 30%, but residential property is assessed at about 9%. The state's projections are that the assessment rate for residential property will decrease even further.
By BBW
I will do my best to respond to your questions - time permitting. I'll try to get back to you on remaining questions.
Regarding assessments. State law provides the guidelines regarding how property assessments are done. Each individual county assessor does make his or her own laws. The Broomfield city council has consistently lowered the City's mill levy when property assessments increase to match the property tax revenues prior to an increase in assessments. Regarding school districts, they will be forced to do the same thing because TABOR provides that school district revenues can not exceed certain amounts.
It should also be noted that state law requires equity in assessments between commercial properties and residential properties. This law has had the effect of lowering residential property assessments. Before the subject law, both residential property and commercial property were assessed at about 30% of market value. Now, commercial property is still assessed at about 29% or 30%, but residential property is assessed at about 9%. The state's projections are that the assessment rate for residential property will decrease even further.
By BBW