The assessor is required to equitably value all property in the county according to 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 real property is valued as it existed on January 1 of the current year. The appraisal data used to establish real property value, in a reappraisal year, is from the prior 24 month period ending June 30. Residential property can only be valued based on market sales, per Amendment 1 of the Colorado State Constitution. For all other property classifications, the Assessor’s Office must consider the cost, market, and income approach.