Colorado Homeowners See Dramatic Home Value Increases

During the first eight years of homeownership, one Colorado resident’s home increased in value modestly—it took just two years for the home’s value to advance 18%. The 20-year-old one-story ranch home went from $298,330 in June 2018 to $351,130 in June 2020, reports the Denver Post. The homeowners had done no remodels or upgrades during that time. Another homeowner who purchased in March 2020 experienced a $15,000 value increase in just 7 months. Colorado’s property tax administrator says assessors are “gearing up” for a busy season, but some homeowners are choosing to refute the values they believe are inflation related.

Property owners unhappy with their new valuations have until the end of May to file an appeal with the county assessor. Typically, that can be done online, over the phone or in person, although many metro counties require making an appointment to come in because of COVID-19. But it’s free, other than the time required.

“Don’t protest your taxes. We don’t know what the taxes are yet. We are talking about the property value, not taxes. And don’t look at the percentage change,” advised Denver County Assessor Keith Erffmeyer.

Zero in on the property value that the assessor has come up with, and try to determine if it accurately reflects what was going on as of June 30, 2020.

“It’s important for property owners to understand that we do not adjust values from one reappraisal to another by a uniform percentage — we start over every two years with new sales data that is reflective of the real estate market in that time frame,” said Douglas County Assessor Lisa Frizell.

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