DENVER -- Property values around the state are skyrocketing, and home owners are faced with paying more in taxes.
Many homeowners received property valuations in the mail this past week -- and many are shocked.
While a higher valuation is great news for an investment, it will cost more in taxes.
Brenda and Gene Kloke purchased a ranch-style home in Thornton in 1994 for just more than $177,000.
“Basically, the only thing we’ve done to the house was in 2003 when we replaced the carpet,” Gene Kloke said. “Everything else is original.”
The couple knew their property value was on the rise, but had no idea how much their investment would jump in just two years.
“Shock, disbelief,” is how Brenda Kloke describes it.
Their recent notice of valuation showed an increase of $106,000.
“We thought wow how much our house went up,” Brenda Kloke said. “If you’re selling, that’s great, but if you have to live there, not so great.”
The couple said their house payment will go up about $100 per month with taxes and insurance.
“I haven’t had a raise in my retirement and neither has Brenda,” Gene Kloke said. “So it’s hard when you’re on a fixed income.”
Owners have the right to file an appeal if they believe the property valuation is too high. Appeals can be made at any point in May -- and it's a firm deadline.
“If they feel like they’ve been over-assessed, we would like them to tell us and we would like them to tell us why,” Denver County Assessor Keith Erffmeyer said.
To prove a case, look at all sales of comparable homes sold in the area from July 2014 to July 2016. Some counties will have that information available on their websites.
The appeal can be filed on respective county’s websites, by email, mailed to a physical address or in person.
“What we really want people to concentrate on at this point in time is their value because the other things will fall into place accordingly,” Erffmeyer said.
A notice of determination should be received by Aug. 31. If owners still don’t agree with the value, there are more rights, including an appeal to a county’s board of equalization.
Many counties in the state such as Adams County have made the appeal process and information readily available on their websites.