By Saul F. Rosenthal
Special to The PREVIEW
Q: I just received my 2015 property valuation from my county assessor’s office and was surprised at how much it went up over last year. Why is that?
A: Homeowners are required by law to pay property taxes. When you are renting, you will pay monthly rent, a security deposit and whatever utilities and services are not included in your rent. Owning a home means that in addition to your mortgage, maintenance expenses and utilities, you will need to plan for paying annual real estate taxes.
In Colorado, property taxes are governed by a state agency, the Colorado Division of Property Taxation, which coordinates and administers how property tax law is implemented in all 64 counties in the state. The division sets the values that will be used in the calculation of property bills. This ensures that the state, county, city and local taxes that are assessed on your property are done so in accordance with the law. For detailed guidelines governing valuations, many people have found that sites like https://www.adelaidepropertyvaluations.net.au/ guide them towards a better understanding as to what makes the most difference in value. It will help, to keep in mind that, laws and factors that affect value, change over time. Being up to date is always the best option.
The revenue raised through property taxes is used to help pay for public services, including law enforcement, schools, libraries and fire protection.