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100 Acres,Penrose,CO <br /> TAX AND ASSESSMENT ANALYSIS <br /> State statutes in Colorado provide for improved residential property to be assessed at 7.96%and all <br /> other property at 29%of fair market value for the 2011 and 2012-tax years payable in 2012 and 2013 <br /> respectively. Fair market value is determined by an appraisal made by the County Assessor,which may <br /> or may not correspond to the purchase price, even if the property sold recently. The real estate taxes are <br /> determined by multiplying the applicable mill levy, or tax rate, by the assessed valuation. Real estate <br /> taxes are paid one year in arrears in Colorado. Assessments are normally made on January 1,with <br /> reappraisal of market value by the assessor being made every odd numbered year. Per Colorado statute, <br /> the 18-month period beginning January 1, 2009 and ending June 30, 2010 is considered to be the"base <br /> year" level of value for the 2011 reappraisal (taxes payable in 2012). The mill levy is established at the <br /> end of each year and applied to a property's assessed value with tax bills for that year mailed out in <br /> January of the following year. In other words,the assessor's office most recent reappraisal was <br /> completed in mid-2011,which are the new values in effect for the 2011 and 2012 tax years, assuming <br /> no physical changes are made to a property,which would trigger a reassessment. Taxes for the 2011 tax <br /> year were payable in early 2012. Taxes for the 2012 tax year will be determined following <br /> establishment of the new mill levy at year end 2012. <br /> The assessor is responsible to ensure equality among similar type and quality properties based on their <br /> use in the county. The Assessor monitors market value in order to determine market value for separate <br /> property types. Based on the county's cyclical reassessment of properties, it is considered that the <br /> assessed value of the subject property will be consistent with that of other comparable properties in the <br /> county. Thus, its property taxes are also considered similar to other comparable properties in the <br /> county. <br /> The taxes on the entire larger parcel which includes the subject are $6,705 for 2011; however,that <br /> represents a much larger piece of ground than the subject's proposed 100 acres. The taxes would be <br /> considerably less than that but it is unclear what their estimated amount would be. <br /> 13 <br /> ©2012 Grantham Appraisal Service <br /> All Rights Reserved <br />