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DENVER (KDVR) — Tax assessors raised the alarm Wednesday, warning Coloradans to brace for a potential rise in property taxes this year.

It may not seem like a direct issue for renters, but multi-family properties are seeing a rise in value that could mean higher property taxes for landlords. If the cost is passed onto tenants, rental rates could change, too.

The rise in apartment values is especially notable in Denver and Boulder counties. They’re the only two in the nine-county metro area where apartment and multi-family property values rose higher than for single-family homes.

Apartments and multi-family property values showed a median 45% rise in Denver County, while those in Boulder County rose a median 44%, according to numbers released Wednesday by metro-area tax assessors. Those numbers outpace the median value increase for single-family homes there.

In Adams County, property value increases were nearly the same for apartments and single-family homes: 37% and 38%, respectively.

Apartment values rose in every other metro-area county, but not as high. Single-family home values rose higher in Arapahoe, Broomfield, Douglas, Jefferson and Larimer counties.

The rise in apartment values comes as Denver’s rental prices continue to rise, despite a national drop. Both Denver and Boulder have also been ranked among the hottest markets for incoming renters.

Real estate property is revalued every two years in odd-numbered years.

The current cycle looks at the market from Jan. 1, 2021, through June 30, 2022. All counties in the Denver metro area saw double-digit increases in residential property values, as did regions around Colorado.

Tax notices will be mailed to property owners by May 1.