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Three things you need to know about your NOV

Posted on 05/16/2019
Three things you need to know about your NOV

Earlier this month, the Weld County Assessor mailed 145,000 Notice of Valuation (NOV) postcards to owners of real property. The notice represents the value of property as of June 30, 2018, and captures a two-year change in value from June 30, 2016, as required by state law. Here are three things you need to know.

#1: All property types, except agricultural land, saw particularly strong increases in property value and the new values reflect the strong economy in the region.

Residential properties were appraised using market sales that occurred from January 1, 2017 through June 30, 2018. During that time, the average sale price in Weld County continued to increase due primarily to a shortage of affordable housing and strong demand. Increases in value were a result of increases in sale prices. Commercial and industrial properties were appraised using cost, market, and income data through the June 2018 period and saw significant increases in value. This was driven by increases in sales prices, lease rates, and decreases in vacancy. Agricultural land was valued using a constitutional production-based formula based on typical farming and ranching practices and utilizing the landlord’s share of typical base crops and expenses for the specified ten-year period, which for 2019 is 2008-2017. Most values saw minimal increases or dropped in value because of lower commodity prices and higher expenses.

#2: The Assessor debuted a new online tool found on the Weld County property portal to assist residential home owners in finding sales prices of comparable homes in their area.

“This online tool allows home owners to see sales prices of property located in the same area on a map,” said Weld County Assessor Brenda Dones. “Only market sales that occurred from January 1, 2017, through June 30, 2018, were used for valuation.”

#3: If property owners do not agree with their assessed property value, they may protest the value through June 3rd. To do so, find comparable property sales using the new “similar sales” search button on the property portal and include any pertinent information regarding your estimate of the property value with the protest material. Only information from 2017 and the first six months of 2018 can be included. This assists the appraiser in evaluating the protest. The protest must be postmarked or electronically filed by midnight on June 3, 2019. Protests may be made by:

• Using the online appeals option at https://www.co.weld.co.us/apps1/assessor/appeal/.

• Emailing appeals@weldgov.com.

• Completing a written protest delivered in person, by mail or fax; instructions are included in the NOV or may be found on the Assessor’s page at www.weldgov.com.