The Colorado laws regarding property valuation require that the assessor pass a yearly statistical audit as well as a procedural audit. It is important to note that if the audit is not passed, Garfield County would be required to undergo a re-appraisal of any class of property that did not pass the audit. This would occur at taxpayer expense. The assessor’s office is required by law to report the market value of all real and personal property as of an appraisal date set by statute. For tax years 2021 and 2022, that appraisal date was June 30, 2020.
The procedural audit examines all classes of property. It specifically looks at how the assessor develops economic areas, confirms and qualifies sales, develops time adjustments and performs periodic physical property inspections. The audit reviews the procedures for determining subdivision absorption and subdivision discounting. Valuation methodology is examined for residential and commercial properties. Procedures are reviewed for producing mines, oil and gas leaseholds and lands producing, producing earth and stone products, severed mineral interests, and nonproducing patented mining claims.
Statistical audits are performed on vacant land, residential properties, commercial/industrial properties and agricultural land. Audits are available to the public on this website, as well as in our office.
If you have further questions regarding the audit, please call Jim Yellico, Garfield County assessor, or Lisa Warder, Garfield County deputy assessor at 970-945-9134.