Many jurisdictions perform reassessments of all real property located within their boundaries to determine full and fair market value as of the applicable assessment date. Reassessment can occur annually or on a regular cycle every few years. For example, reassessment takes place annually in Kansas, every odd year in Colorado and Missouri, and every four years in Illinois (reassessment is every three years in Cook County, Illinois). The assessment date for real property is usually January 1, however, a handful of states do have assessment dates throughout the year.
Upon completion of reassessment, taxpayers will receive a Notice of Value from the jurisdiction, typically sent in the spring. Any errors or omissions found in the Notice of Value should be addressed by the applicable appeal deadline, which varies by jurisdiction. An appeal may also be pursued if the reassessment does not reflect current market value, is not uniform with similar properties or is based on inaccurate property details.
Specific appeal deadlines to be aware of may include:
- Colorado – June 1
- Illinois – 30 days from the date of the notice
- Kansas – March 31 or 30 days from the date of the notice
- Missouri – ranges from the third Monday of June to the second Monday in July
If the Notice of Value is correct, no further action is needed. Payment of the assessed real estate tax is usually completed upon receipt of a tax bill, however; some jurisdictions allow installment payments. Bills can be received throughout the year with various due dates.
If real estate valuation raises concerns or uncertainties, RubinBrown’s State and Local Tax (SALT) professionals can assist you in resolving those concerns. We are available to provide a detailed consultation regarding the valuation of your real estate and assistance in the appeal process.
Any federal tax advice contained in this communication (including any attachments): (i) is intended for your use only; (ii) is based on the accuracy and completeness of the facts you have provided us; and (iii) may not be relied upon to avoid penalties.
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