Understanding the Latest Home Value Assessments in Colorado

Understanding the Latest Home Value Assessments in Colorado

  • Rob Thompson
  • 06/2/23

Confused about your property taxes and the latest home value assessments in Colorado? Learn about a few contributing factors and find out if an appeal is right for you. 

Housing Market

One factor at play in calculating home values and property taxes is the strength of the housing market. Through 2021, the Colorado housing market saw double-digit appreciation. In the first half of 2022, this trend continued — and then mortgage interest rates increased. 

Mortgage interest rates play an important role in buyer and seller behavior, which in turn impacts the market overall. On 5/27/2022, mortgage interest rates began to increase. As a result, in June of 2022, the housing market in Colorado began to slow down. 

Property Tax and Valuation Processes

Every two years, assessors update home values. The most recent Sales Data Period for residential properties encompasses the time between January 1, 2021 and June 30, 2022.

Property owners received a Notice of Valuation to inform them of the assessed value of their property. 

It’s important to keep in mind that property tax is based on the home valuation and the mill levy. Final mill levies have not been determined and gains in property values don’t correlate directly with increases in tax bills.

Appeal 

There are many cases in which a home valuation does not accurately reflect the details of the home itself. For example, if many of the homes in your area have been renovated, but yours has not, the valuation may come back much higher than the true value of your home. In order to avoid being overtaxed, many homeowners choose to appeal their home valuation. In fact, county assessors expect to see a record number of appeals this year. 

Within the Notice of Valuation, homeowners can find information on how to appeal the valuation. The appeal period is drawing to a close, ending on June 8th, 2023. Once the appeal is submitted, the Assessor will decide and mail a Notice of Determination to you on or before June 30. 

 

If you’re putting together an appeal, I’m happy to provide sales data for the last 6 months to help you justify an appeal. Don’t hesitate to give me a call at 719-337-7254 or 720-498-9592.

Work With Rob

Rob is honored every time a client puts trust in him to navigate one of the biggest financial transactions of his or her life. He takes the obligation very seriously, and he's very proud of the many satisfied clients that he has been able to help. Give him a call to see if his the right agent to help you through this complicated process.

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