COLORADO SPRINGS, COLO. -- You may not like paying property taxes, but you might be able to have a say in how much you pay.
If you are a homeowner in El Paso County, you can expect to receive your 2011 home valuation this week.
El Paso County re-values the monetary value of your home every two years, and your property tax is based on that valuation.
But, if you think your house is overvalued compared to the rest of the neighborhood, then you can appeal to pay less.
Money Coach Bill Stanley says, the first thing you need to do is compare the prior year value with the current year value.
"To support your appeal, you must provide information on what is called 'the market approach to value'", says Stanley. "Provide a list of similar properties in your neighborhood that have sold in the previous 18 months."
To find out sale prices, as well as the value of your neighbor's home, go to the Public Record Real Estate Property Search and enter an address or an owner's name.
Stanley say,s on the appeal you also have the opportunity to add other information you wish the assessor to consider.
You must submit the appeal between May 2 and June 1.
The cou will be notified you in writing of its decision by June 30.
Stalnely says, if you then disagree with the valuation there is a procedure to carry the appeal further.
And he speaks from experience.
"Two years ago, I appealed the valuation of my home," says Stanley. "I listed two home sales. I added that I have a nice house in a nice neighborhood, but it is not the most expensive house on the block as their valuation indicated. I suggested they drive through the neighborhood and take a look themselves. I was able to put down my estimate of what the house was worth."
A month later, Stanley says he received a "Notice of Determination" that the value of his house had been lowered by almost $44,000 to the price he had suggested.
His advice -- pay attention to all your tax statements to make sure your fair share is fair indeed.
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