Understanding Property Tax Reassessments in Summit County
What They Are, How They Work, and Why It Matters in 2025
If you own property in Summit County, you’ve likely received or will soon receive a notice about your property's tax reassessment. But what exactly is a tax reassessment, and how does it affect you? Here’s a breakdown to help you navigate what it all means—and what you can do if you have questions or concerns.
What Is a Property Tax Reassessment?
In Colorado, property is revalued for tax purposes every two years. This process is known as a reassessment cycle, and we are currently in the 2025–2026 cycle. The values determined during this cycle will be used to calculate your property taxes for the next two years.
For the 2025–2026 cycle, properties are being valued based on the real estate market as of June 30, 2024. This date is important because it serves as the appraisal date, meaning the Assessor’s Office looks at the market and sales data leading up to that point to determine your property’s value.
Important Dates to Know
- Appraisal Date: June 30, 2024 — the market snapshot used to determine value.
- Assessment Date: January 1 of each tax year when your property is formally assessed.
- Appeal Period: May 1 to June 8, 2025 — when property owners can appeal their valuation.
How Is Property Value Determined?
Property values are based on sales data from an 18–60 month period prior to the June 30, 2024 appraisal date. This means the Assessor’s Office will only use sales from that period to determine the "actual value" of your home—no matter what’s happening in the market after that date.
While this valuation process is thorough and standardized, it’s not perfect. That’s why property owners have the right to appeal their valuation if they believe it does not reflect their property’s true market value as of June 30, 2024.
How Is This Different From Market Value or an Appraisal?
This is where things can get confusing, so let’s clarify:
- Actual Value (per the Assessor): This is the estimated value of your property based on historic sales data, determined by the County Assessor for tax purposes.
- Market Value: What your property could sell for in the current market. This fluctuates constantly and may differ from the actual value used for taxes.
- Appraised Value: A specific value assigned by a licensed appraiser, often for mortgage or refinance purposes.
- Taxable Value: In Colorado, this is a percentage of the actual value (called the assessment rate) that is used to calculate your tax bill. For example, residential property might be assessed at 6.765% of actual value. Check out https://summitcountyco.gov/services/assessor/understanding_property_taxes_in_colorado.php for more information on calculating your taxable value.
What Should Property Owners Do?
If you believe your property’s assessed value is too high or doesn’t reflect the real market as of June 30, 2024, you can file an appeal between May 1 and June 8, 2025. It’s a relatively simple process and could save you money in the long run if successful.
You can learn more or file your appeal through the Summit County Assessor’s website: Real Property Valuation – Summit County
Tax assessments aren’t always perfectly aligned with the current market, especially in Summit County where micro markets can vary dramatically from neighborhood to neighborhood. Just because your property value increased doesn’t necessarily mean your taxes will skyrocket but it’s worth keeping an eye on. If you’re unsure how your new assessed value compares to today’s market value, I’d be happy to help you understand your specific property and what options you may have.
