- About Your Notice of Determination
- Sample Notice of Determination
- Sample Notice of Determination for Condominiums
An abatement is used to correct taxes that have been levied erroneously or illegally due to erroneous valuation for assessment, irregularity in levying, clerical error, or overvaluation.
- AC—Air conditioning
Examples: Poor or Good
Ability to enter and exit property and the degree of effort, time, cost, required to reach a site; indicates ease of entrance into or upon a property.
Volume of traffic (vehicles) that travels past a property or location.
- 200-500—traffic volume range in hundreds
- 1,K+—traffic volume range over one thousand
- 10-20K—traffic volume range in thousands
- 30K+—traffic volume range over thirty thousand
Actual Value After Review
The value placed on the subject property after comparison and review of the comparable sales adjusted sales price.
That value determined by appropriate consideration of the cost approach, the market approach, and the income approach to appraisal.
Actual Year Built
Original year of construction
Meeting or touching at some point, or across a street, alley or other right of way.
Adjusted Sale Price
See: Time Adj. Sale Price
“Proximity to airport”
The location of a property relative to the airport (a complex for the takeoff and landing of aircraft) can affect the property’s value.
The property’s location has any advantages or dis-advantages that can affect its value. This is can be element of comparison between properties.
- AbutsRR—Abuts railroad
“Proximity to railroad”
The location of a property relative to the rail road affect the property’s value (a set of rails and easement where trains travel. Similar to traffic, the hours at which a train travels and the number of time it is used to pass a property).
- Rocky Mtn—Rocky Mountain
June 30 of the year prior to the odd-numbered reassessment year; the actual value listed on the Notice of Valuation is based on the market as it stood on this date.
Approaches to Value
Systematic procedures used to derive value indications in real property appraisal. (See also cost approach, income capitalization approach, sales comparison approach.)
Examples: Bungalow, Dutch Colonial, Craftsman, Four Square, Mediterranean, Queen Anne, Pueblo Revival, Mission, Art Deco, Neo-Classical, Usonian
The character of a building’s form and ornamentation which identifies the style of the design and could influence its desirability on the market.
Status of the property as of January 1 of every year.
Also known as: Finished Basement
Area fully or partially below ground level basement area that has any three of the following: ceiling tile, interior doors, stud walls, drywall, paneling, finished lighting fixtures, bathroom, resilient flooring, carpet, or individual wiring.
- GrdnL—Garden Level
Area fully or partially below ground level that is unfinished
- GrdnL—Garden Level
Examples: Full, three quarter, and half
Number of baths in the property. A “full” bath includes both bathtub and shower. A three quarter includes shower only. A Half Bath has no shower or tub.
- 3Q—Three-quarters bath
- F—Full bath
- H—Half bath
A bedroom is a sleeping room with an escape window and a closet.
- 1—Number of bedrooms
The rate of return on a real estate investment property based on the income that the property is expected to generate. It is used to estimate the investor’s potential return on his or her investment. Capitalization rates convert net operating income into value.
County Board of Equalization – A non-judicial board that reviews assessments to see that all districts are assessed at a uniform level of value; authorized to raise or lower the assessments to achieve a uniform basis of taxation.
Similar property sales, rentals, or operating expenses used for comparison in the valuation process; also called “comps.”
The physical condition of the property
Used to indicate location within condo building, such as: end unit or exterior unit. Identifies the location if that location is superior or inferior to other units.
- BusySt—Busy street
A form of fee ownership of separate units or portions of multi-unit buildings that provides for formal filing and recording of a divided interest in real property.
Geographic location within a building or complex; for example (including but not limited to) near busy street or parking lot or open space or pool facing…etc.
The grant of a property right stipulating that the described land will remain in a certain state and precluding future or additional development.
A. Touching along a common boundary for at least 15 feet.
B. The contiguity of land areas shall not be affected by the existence between them of a road or alley; a public or private right-of-way; a public or private transportation or utility right-of-way; a river, creek, stream, or other natural or artificial waterway; or an intersecting mining claim.
C. The contiguity of land areas shall be assumed to be disrupted by the existence of a freeway, expressway, principal arterial, and minor arterial, and by lands contained within the legal boundaries of any municipality.
A real estate valuation method that surmises that the price a buyer should pay for a piece of property should equal the cost to build an equivalent building. In cost approach appraisal, the market price for the property is equal to the cost of land plus cost of construction, less depreciation.
Similar to a porch but uncovered
“Enclosed porch area”
Similar to a porch but with side walls enclosed (partial lower walls, with windows or screen); not heated.
A shelter covered with a roof affixed to the entrance of a house.
A loss in property value from any cause; the difference between the reproduction or replacement cost of an improvement on the effective date of the appraisal and the market value of the improvement on the same date. In regard to improvements, depreciation encompasses both deterioration and obsolescence.
The plan’s intent is as far as function or use of the condominium.
- 1 Sty Condo—1 story condominium
- 1 Sty Twnhm Condo—1 story townhome-style condominium
- Multi Sty Condo—Multi story condominium
- Multi Sty Twnhm Condo—Multi story townhome-style condominium
Examples: Ranch, Multi story, Bi-level, Split level, Condo, Paired home, Apartment, Modular, Manufactured home, Studio, A-frame, Townhome, Duplex/Triplex
The plans intent is as far as function or use of the property. The above examples are a number of types of designs found in our area.
- 1 Sty Townh—1 story townhome
- 4 Square
- A Frame
- Bi Level
- Multi Sty Townh—Multi story townhome
- Multi Sty—Multi story
- Split level
- Victorian Eclectic
A sale where one party is under pressure, either internally or externally, to complete the sales transaction. Examples may be estate sales, short sales, or REO sales.
Two or three attached dwellings with separate entrances and at least one common wall between units
- Duplex—A house plan that has two living units attached to each other
- Triplex—A house plan that has three living units attached to each other
An interest in real property that conveys use, but not ownership, of a portion of an owner’s property. Access or right-of-way easements may be acquired by private parties or public utilities. Governments dedicate conservation, open space, and preservation easements.
Groups of neighborhoods within the county that have similar trends in the market. For example, sales and resales within an economic area will reflect similar influences, such as areas with higher foreclosure activity or areas where the market has remained stable. In Boulder County, we use economic areas in establishing market trends for mass appraisal purposes.
The effective date of the appraisal of the subject property is June 30, 2016, as the property existed on the January 1, 2017 or 2018 assessment date. This is a retrospective appraisal.
Effective Gross Income
The amount of income produced by a piece of property, plus miscellaneous income, less vacancy costs and collection losses.
Effective Year Built
The age of a building, adjusted for significant renovations.
“Elementary school district”
Elementary School attendance area for this property.
- Bear Creek
- Blue Mountain
- Coal Creek
- Crest View
- Eagle Crest
- Gold Hill
- Indian Peaks
- Longmont Estates
- Mountain View
- Red Hawk
- Rocky Mountain
The unit on the end of a multi-unit building.
Joined to another structure on one side only by a common wall.
- EndUnit—End Unit
The process by which an appropriate governmental body attempts to ensure that all property under its jurisdiction is assessed equitably at market value or at ratio or ratios as required by law.
Rock or soil that shrinks or expands excessively with changes in moisture content.
Examples: wood shake, stucco, brick veneer, log, moss rock, vinyl, cedar
The material or components used to cover the outer walls of the structure.
- Blk Stc—Block stucco
- Br Blk—Brick block
- Br Ven—Brick veneer
- Cmt Board—Cement board
- Faux St—Faux Stucco
- Fr Asb—Frame Asbestos
- Log—Log exterior
- Metal—Metal exterior
- Moss Flg S—Moss Rock or Flagstone
- Ptd Blk—Painted Block
- Vinyl—Vinyl exterior
- Wd Shk—Wood shake
Examples: forced air, hot water, radiant floor, space heater
The type of system used to heat the property.
- Elec—Electric Heat
- Gravity—Gravity Heating
- Ht Wtr—Hot Water Heating
- Radnt Flr—Radiant floor
- Stm—Steam heat
- Wall Furn—Wall Furnace
- F Air—Forced Air
Examples: whole house, swamp cooler, attic fan
The type of system used to cool the property.
- AC—Air conditioning
Extra building features = Swimming pool, tennis court, gazebo, agricultural out buildings, fencing, patio enclosures, greenhouses
See: Basement Finished
Finished Square Footage
Total square footage of livable, heated area
Items that were once movable chattels but have become physically incorporated in a building or affixed to land.
At which level the floor sits within a building.
- 2nd Floor
- 3rd Floor
- 4+ Floor—4th Floor and above
- Main Lvl—Main level
- Top Floor
The legal process in which a mortgagee forces the sale of a property to recover all or part of a loan on which the mortgagor has defaulted.
Open car storage with roof only, and count of cars it can hold (1, 2, or 3).
Examples: Attached, detached
Enclosed car storage space and count of cars it can hold (1, 2, or 3).
“Proximity to golf course”
The location of a property relative to golf course (on, across, or near); A golf facility that often includes features such as grading, landscaping, an irrigation system, a clubhouse with food and beverage service, a pro shop, and storage.
- Fox Hill
“Proximity to open space”
The location of a property relative to a common area or recreation area (on, across, or near); facilities used in common by a number of people and often owned by the general public, e.g., schools, parks, playgrounds. Also used for properties adjacent to county or city open space.
- Open Sp—Open space
A person to whom property is transferred by deed or to whom property rights are granted by a trust instrument or other document.
A person who transfers property by deed or grants property rights through a trust instrument or other document.
A way to group similar condos by their location, type, or an attribute or feature.
Highest and best use
The reasonable, probable, and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum profitability.
Contributory value of the improvement to the total value of the property
Buildings or other relatively permanent structures or developments (such as fixtures, fences, and water rights) located on or attached to land.
An appraisal method that allows investors to estimate the value of a property by taking the net operating income of the rent collected and dividing it by the capitalization rate.
“Proximity to lake”
The location of a property relative to lake (lake front, or lake view located on, across or near the property).
- Lake Fr—Lake frontage
- Lake V—Lake view
“Proximity to stream”
The location of a property relative to a stream (stream front or stream located on, across or near the property).
- Creek Fr—Creek front
- Near Str—Near stream
- Yr Round—Year round
Examples: obstructed, good, very good, excellent, exceptional
The scene or prospect viewed from a site or property; the ability to view open space, mountains, water (pond, lake or stream) and the degree to which those things are visible, e.g. 90°, 180°, 360°.
- V Gd—Very Good
Street grading, street surfacing and paving, curb and gutters, street lights, street signs, sidewalks, crosswalks, water mains and lines, water meters, fire hydrants, sanitary sewers, storm drainage facilities, culverts, bridges, public utilities, or other such installations designated by the Planning Commission or Board of County Commissioners.
Groupings of parcels that have similar market factors contributing to the value of each parcel.
Land Size SF/Acres
Land size in acres (used on larger parcels), typically used in unincorporated areas.
Land Size SF
Land size in square feet (43,560 sf to 1 acre.), typically used in urban areas.
The market value of a vacant parcel or the contributory value of land to the total value of the property.
Above grade, or partially above grade, finished square footage of the residence(s) on the property. Includes 1st floor, 2nd floor, as well as finished loft area. May also indicate a 2nd home with finished above grade area. Does not include any areas that are finished below grade or finished partially below grade living areas (see basements).
- 1008—square footage
Also known as: Sales Comparison Approach
A. A method of determining the appraisal value of a property based on the selling price of similar properties. OR
B. A set of procedures in which a value indication is derived by comparing the property being appraised to similar properties that have been sold recently, applying appropriate units of comparison, and making adjustments to the sale prices of the comparables based on the elements of comparison. The sales comparison approach may be used to value improved properties, vacant land, or land being considered as though vacant; it is the most common and preferred method of land valuation when comparable sales data are available.
A group of neighborhoods that are similarly subject to a set of one or more economic forces that influence market demand.
The most probable price which a property would bring in a competitive and open market under all the conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1) buyer and seller are typically motivated, 2) both parties are well informed or well advised, and acting in what they consider their best interests, 3) a reasonable time is allowed for exposure in the open market, 4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto, and 5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.
The process of valuing groups of properties as of a given date using standard methodology, employing common data, and allowing for statistical testing.
Maximum Adjusted Sale Price
Highest end of a range of value.
Mean Adjusted Sale Price
The average; the sum of the values of a set divided by the number of values.
Median Adjusted Sale Price
The middle (or central) of a range of numbers or data set (not an average).
A tax rate expressed in tenths of a cent; e.g., a tax rate of one mill per thousand means $1 of taxes per $1000 of assessed value.
Minimum Adjusted Sale Price
The lowest end of a range of value.
Multiple Regression Analysis (MRA) is a statistical method to predict the market value of all properties as of the appraisal date, based on actual sales in comparable areas (market areas). MRA models create adjustments based on the contributory value of characteristics such as quality, age, architectural style, and square footage.
Examples: Fourmile Fire or Cold Springs Fire
Land and/or improvements effected by a fire that may require a market value adjustment.
Examples: effected by the 2013 flood
Land and/or improvements effected by a flood that may require a market value adjustment.
- Fld Zn—Flood zone
Examples: Major flood, high severity burn area
Disaster caused by nature that damages or destroys a property.
A geographic area established by commonality based on land uses, types and age of building, the desire for homogeneity, or similar factors.
The sum of all the adjustments for differences between the subject and the comparable sales, to the time trended sale price of the comparable sale, expressed as a percentage and/or dollar amount.
Net Operating Income
The annual income generated by an income-producing property after taking into account all income collected from operations, and deducting all expenses incurred from operations.
Notice of Determination
The Assessor must notify the property owner of their determination regarding any appeals filed (in May of each year for real property, between June 15–30 for business personal property). The “NOD” is mailed no later than the 31st of August each year. This provides the property owner with the opportunity to continue their appeal of the value to the CBOE.
Notice of Valuation
The Assessor must notify the property owner of any change in value. The “NOV” is mailed no later than the 1st of May for real property and June 15th for personal property each year. This provides the property owner with the opportunity to appeal the value.
Significant decline in the competitiveness, usefulness, or value of property due to physical condition, functionality of the property, or economic factors.
Characteristics that are not covered by other categories, that are not a commonly found feature.
Systems supplying electricity to or within the house
- SolHW—Solar hot water
Such as tool sheds, storage sheds, workshops
Part Own/Part Blt
An improvement that is under construction; state of completion as of January 1.
Owning only a percent of the property; divided or undivided right in real estate that represents less than the whole.
Pass Through Expenses
A lease agreement on a property where the tenant or lessee agrees to pay all real estate taxes, building insurance, and maintenance (the three “nets”) on the property in addition to any normal fees that are expected under the agreement (rent, utilities, etc.). Also known as triple net expenses.
Identifiable portable and tangible objects that are considered by the general public to be “personal”, e.g., furnishings, artwork, antiques, gems and jewelry, collectibles, machinery and equipment; all property that is not classified as real estate. Personal property includes movable items that are not permanently affixed to, and part of, the real estate.
The owner or the owner’s agent who is filing an appeal or an abatement
Potential Gross Income
The total rent a property could generate that is 100% leased at market rent
Examples: poor, fair, good
The extent to which the main improvements (home or cabin) are secluded, or would be secluded when built, from traffic, neighbors etc.
Examples: good, excellent
A segment of an underground rock stratum or a formation that breaks through the surface of the earth and forms a visible protuberance.
Examples: level, sloping, hilly, steep, very steep
The relief features or surface configurations of an area. E.g., level, hills, valleys, slopes, lakes, rivers. Surface gradations are classified as compound slope, gently sloping land, hilly land, hogwallows, hummocks, rolling land, steep land, undulation land and very steep land.
- V Steep—Very steep
Examples: Low, Fair, Average, Good, Very Good, Excellent, and Exceptional, A “plus” (+), or “plus plus” (++)
Reflects attributes from the building’s interior, exterior and overall design which contribute to additional market appeal. For example, attributes such as above-average interior trim, custom kitchen design, or unique architectural embellishments add to the property’s quality rating. The “plus” ratings distinguish higher quality differences in properties as demonstrated in the market
- Avg +—Average +
- Avg ++—Average ++
- Good +
- Good ++
- V Good—Very Good
- V Good +—Very Good +
- V Good++—Very Good ++
- Excel +—Excellent +
- Excep ++—Exceptional ++
“Replacement cost new less depreciation”
Used when calculating value using the cost approach to value.
Type of remodel that would impact the market value of the property.
- Full Remodel
Examples: cosmetic, replacement, partial, full
Refers to the interior of a specific unit and the level at which it has been remodeled, updated or upgraded.
Rent Loss Concessions
Rent loss due to vacancy, fire, flood, etc. Rent concessions or rebates expended in order to persuade a tenant to sign a lease.
The date of report is as stated on the appraiser’s certification.
Sale Adjusted Value
The comparable sales price after all adjustments (including time) have been applied, calculated by adding the Net Adjustments to the time-adjusted sale price. The adjustments represent differences between the subject property and the comparable sales.
Sales Comparison Approach
See: Market Approach
A statistical value used to determine how close data points are to a mean value. A statistical measure of the extent of absolute dispersion, variability, or scatter in a frequency distribution; obtained by extracting the square root of the arithmetic mean of the squares of the deviations from the arithmetic mean of the frequency distribution. When the data are normally distributed, one can calculate the percentage of observation within any number of standard deviations of the mean from normal probability tables. When the data are not normally distributed, the standard deviation is less meaningful, and one should proceed cautiously. Source: International Association of Assessing Officers (IAAO).
Examples: Landfill, voltage lines or towers, power substation
Stigmatized property may shunned due to its physical condition, features, or adverse public perception; the identification of a property with some type of opprobrium (environmental contamination, a grisly crime), which exacts a penalty on the value of the property.
- Volt Lines—Voltage lines
Determined by Land Use.
Property located in a place with extreme building restrictions, such as building codes, a cliff face or lake bottom.
“Accessory dwelling unit”
Examples: above or below grade and within the primary residence (e.g. Mother-in-law apartment).
A separate finished living area within the a home that has a complete living area including a kitchen and bathroom.
“Studio square feet”
Examples: separate from the primary home (e.g. carriage house)
A finished space typically separate from the main house, such as over a garage or in a second building. Does not have a kitchen but could contain a half bath.
- 826—area in square feet
- Abv Grd Acc—Above Grade Access
- Bel Grd Acc—Below Grade Access
Group of condo complexes that have similar market factors (such as location, size, or similar qualities) contributing to the value of each.
A submarket within a subpool; an attribute for intra-condo project marketing areas.
The act of dividing large tracts of land into smaller parcels that are easier to sell or otherwise develop, usually via a plat.
Sun/Hist D & L
Examples: Southern exposure, full sun, partial sun, no sun
The amount of sun exposure found on the main building site of the property.
- No Sun
- Part Sun—Partial Sun
- Full Sun
Hist D & L
“Historical designation & landmark”
Examples: east, west, landmark
A building or structure that is officially recognized by a local, state, or federal governmental agency as possessing significant historic value and deemed worthy of preserving.
- Hist Dist—Historical District
- Local—Locally recognized historical designation
Business equipment, furniture, and fixtures
Time Adj. Sale Price
“Time Adjusted Sale Price”
The price at which a property sold, adjusted for the effects of price changes reflected in the market between the date of sale and the appraisal date.
Colorado statutes require that sales prices be adjusted for time to an appraisal date of the last date of the study period. Time adjusted sales prices reflect market conditions on that date.
Examples: holding tank, none
A key component of a septic system, a small-scale sewage treatment system common in areas that lack connection to sewage services provided by local governments or private corporations.
Examples: cistern, no well, non-potable, seasonal
An excavation or structure created in the ground by digging, driving, boring, or drilling to access groundwater in underground aquifers.
- No Well
- WSys (imp)—Water system (improvement)
- WTap (Vac)—Well Tap (Vacant land)
Year Blt/Eff Year Blt
Eff Year Blt
“Effective Year Built”
Construction year of a property, adjusted for significant renovations or remodeling, that effectively update the year of construction.
Original year of construction; the year the home was built.
The public regulation of the character and extent of real estate use through police power; accomplished by establishing districts or areas with uniform restrictions relating to improvements; structural height, area, and bulk; density of population; and other aspects of the use and development of private property.
Established and regulated by municipalities in the case of cities and towns, and Boulder County Land Use in the case of unincorporated Boulder County.