DENVER (KDVR) — Colorado home values shot up across the state during the housing boom. Now, assessors are trying to brace homeowners for new valuations that could lead to higher property taxes.
Nine county assessors broke down these numbers during a news conference on Wednesday. This comes as their offices are sending out notices to homeowners.
The state’s property tax administrator has gone through this process nine times before and explained the massive swing.
“It’s the first time every county is having growth of some kind or another,” said JoAnn Groff, Colorado property tax administrator. “And what has added to that? We’re a very attractive state. I think COVID added to it, where people are moving in because they have more flexibility in their jobs. I believe we have more people moving in. It’s clear we’re under-housed right now.”
Home valuations rise in the Denver area
Here is a breakdown of the median value increase for residential homes in the Denver metro area:
- Adams: 38%
- Arapahoe: 42%
- Boulder: 35%
- Broomfield: 41%
- Denver: 33%
- Douglas: 47%
- Elbert: 35%
- Jefferson: 36.5%
- Larimer: 40%
Douglas County leads the way with a 47% increase over the last valuation done two years ago. These are the median numbers, so some homes may see less of an increase, while others may see more.
Keep in mind that these are valuations and not necessarily how much property taxes will rise.
Colorado housing market sees values rise, too
Assessors on Wednesday called this rise in value unprecedented, especially because it isn’t just happening in pockets of Colorado — the issue is statewide.
Below is a map of property tax assessment districts in Colorado. Each district is seeing its own rise in residential valuation increases.
- Region 1: Residential median increases of 25% – 35%
- Region 2: Residential median increases of 20% – 50%
- Region 3: Residential median increases of 40% – 60%
- Region 4: Residential median increases of 30% – 50%
- Region 5: Residential median increases of 30% – 60%
- Region 6 (Denver Metro): Residential median increases of 35% – 45%
The tone from assessors seemed urgent, asking the state to step in and give taxpayers relief before these taxes are set later this year.
Property owners have until early June to appeal their valuation. That process is based on the county you live in.
There are also things local counties can do to help. The mill levy, or the taxed rate based on your property assessment, is set for this December, with hearings in the summer and fall. Assessors encourage people to pay attention to county budget plans moving into the fall.