Recently, property assessors for nine Denver metro area counties have released double-digit increases in property valuations, impacting the amount homeowners will pay in property taxes. This assessment is carried out every two years and is one of three factors in calculating state property taxes.
The counties affected by the increases are Adams (38%), Arapahoe (42%), Boulder (35%), Broomfield (41%), Denver (33%), Douglas (47%), Elbert (35%), Jefferson (36.5%), and Larimer (40%). Assessors studied market conditions and transactions from January 1, 2021, to June 30, 2022, to determine the values. Property owners will receive their assessments by May 1 and are encouraged to visit their county assessor’s website to review sales data for their area during the period. If homeowners disagree with their valuation, they can file an appeal between May 1 and June 8. Many assessors offer online appeal applications, while written filings can be mailed or delivered in person.
In addition to property valuations, the state legislature sets the assessment rate while various local authorities determine the tax rate (or mill levy). Therefore, the final amount due for 2024 property taxes will not be known until the end of 2023, when the tax and assessment rates are finalized.
The chart below illustrates the rate changes for the nine metro Denver counties:
If you are a property owner in one of these counties, reviewing your assessment and ensuring its accuracy is essential. Below are the details provided by each county assessor:
Adams County’s Property Values Witnessed Significant Growth Amidst Strong Economic Conditions in Denver Metro Area, Confirms Deputy Assessor Tom Swingle. Property Owners Encouraged to Review Online Accounts for Accurate Property Details, Says Assessor’s Office.
According to Arapahoe County Assessor PK Kaiser, Aurora, Littleton, and Englewood were the areas in the county that experienced the most significant gains in residential property value. The most crucial level of demand and highest percentage increases were seen in single-family residential properties in the lower price tiers. At the same time, the market for higher-value homes was slightly softer, resulting in moderate percentage increases.
Boulder County Assessor Cynthia Braddock stated that Boulder County remains a desirable place to live and work, as reflected in the latest property values that recognize the county’s desirability and the strength of the real estate market during the appraisal period that ended on June 30, 2022. Braddock encourages property owners to review their property information and comparable property sales on the county website and to file an appeal by the June 8 deadline if they find any errors or disagree with the values.
City and County of Broomfield Assessor Jay Yamashita reported that the Broomfield area experienced substantial increases in property values due to a robust real estate market. Yamashita recommends that property owners review their Notice of Valuations as soon as they receive it and contact the Assessor’s Office with any questions regarding the valuation. Sales used for analysis in the valuation process will be accessible on Broomfield.org starting May 1, 2023.
City and County of Denver Assessor Keith Erffmeyer’s office recognizes that some homeowners and business owners may experience a significant percentage change in property value. However, while working hard to conduct a thorough assessment, the office does not know the property taxes. Therefore, Erffmeyer encourages property owners to carefully review their property value assessment and inform the office if they believe their value is inaccurate.
Douglas County Assessor Toby Damisch reported that the area is accustomed to consistent population growth and strong demand for real estate due to its quality of life and robust economic foundations. However, in the current reappraisal period, Douglas County experienced the most significant increase in the residential property market that has ever been recorded. Damisch emphasized that this situation highlights the urgent need for a policy change at the state level that protects Colorado homeowners and businesses.
Elbert County Assessor Susan Murphy stated that the county’s western portion is experiencing growth and becoming a bedroom community to the metropolitan districts along the Front Range. However, she also pointed out that the county’s overall rural lifestyle and quality of life, combined with the shift towards remote work and the transportation options provided by HWY 86, I-70, and HWY 24, continue to make Elbert County an attractive place for real estate buyers.
Jefferson County Assessor Scot Kersgaard stated that 36% is a significant number and may be surprising to those not following the local real estate market. However, for most people, property taxes are not expected to increase by anywhere near 36%. Kersgaard expressed disappointment that the legislature has not yet taken action to moderate the effect that property values will have on taxes. Still, he believes there is every indication that the legislature will do so before tax bills are mailed early next year.
Larimer County Assessor Bob Overbeck commented that the county’s picturesque parks, trails, open spaces, and proximity to Rocky Mountain National Park have contributed to its growing popularity as a “Zoom town” for people who work remotely while enjoying these amenities. He also noted that the county has robust connectivity in urban areas, and connectivity in outlying areas is improving.
Assessors released a map showing the counties that make up the six assessment regions in the state:
The median residential increase rates for each area were also disclosed:
- Region 1: Residential median increases ranged from 25% to 35%
- Region 2: Residential median increases ranged from 20% to 50%
- Region 3: Residential median increases ranged from 40% to 60%
- Region 4: Residential median increases ranged from 30% to 50%
- Region 5: Residential median increases ranged from 30% to 60%
- Region 6 (Denver Metro): Residential median increases ranged from 35% to 45%
You can find the websites of each county assessor below. Please note that each county has a unique process for appeals:
- Adams County: https://www.adcogov.org/assessor
- Arapahoe County:https://www.arapahoegov.com/Assessor
- Boulder County: https://www.bouldercounty.org/departments/assessor/
- Broomfield County: https://www.broomfield.org/3955/Property-Tax-Information/propertytax
- Denver County: https://denvergov.org/My-Property/Property-Tax
- Douglas County: https://www.douglas.co.us/assessor/
- Elbert County: https://www.elbertcounty-co.gov/556/Meet-The-Assessor-Team
- Jefferson County: https://www.jeffco.us/2497/Property-Taxes
- Larimer County: https://www.larimer.org/assessor
Please visit the respective websites for more information on the appeal process in each county.