Primary sources for this information are real property deeds and declarations, subdivision maps, building permits, and local building contractors. Other primary sources are declarations filed by owners of taxable personal property and appraisers who conduct on-site inspections to gather land and building characteristics. This information is stored by the assessor, updated, and maintained for current and future use in the assessment process. An estimate of value is accomplished by an appraisal. The assessor is required to equitably value all property in the county according to the current Colorado statutes.
Real property is reappraised by the assessor's office every odd numbered year.
The value determined by the assessor for the year of reappraisal is generally used for the intervening year also. The actual value of real property is based on its value as of the appraisal date, which is June 30th of the year prior to the reappraisal year. However, the property is valued in the condition that it was in on January 1st of the current year. The three approaches for appraising property are the market approach, the cost approach, and the income approach. To appraise property using these methods, the assessor and his staff must review information gathered on individual properties, know what similar properties are selling for, and how much it would cost for replacement.