COMMERCE CITY, Colo. (KDVR) — It looks good to see the property value of your home go up but you’re either using that extra wealth or taking the hit on your property taxes.
“When I hear that there’s a chance it could go up even more than where I used to live, it just seems unreal,” Adam Buhr said.
Buhr bought a home in Commerce City and moved from Westminster thinking he’d save on property taxes.
“Real estate prices have gone up about 36% between the last assessment period and this assessment period,” Nathan Hart, with HomeSmart Realty, said.
That boost in prices means people like Buhr will pay more in taxes, and for some of his neighbors, a lot more.
“I’m hearing from some of the people in my neighborhood that they’re concerned because their property value is almost twice as much as what they paid for it,” Buhr said.
Hart told property owners at his workshop, Wednesday night, when home prices go up, their property is either making or costing them money.
“The truth of the matter is if you’re not getting ready to sell or if you don’t want to pull out some of the equity from your home. then it doesn’t really matter. As long as you’re still living there, all it does is really raise your property taxes,” Hart said.
“It would mean that I would have a lot harder time paying my bills,” Buhr said. “I probably wouldn’t get much of a chance to save like I usually intend to.”
High stakes for homeowners like Buhr.
“Maybe I could make it clear what the property is worth,” Buhr said.
That’s the point, according to Hart. You’re allowed to dispute the county’s valuation of your property when their assessment arrives in your mailbox.
One of the easiest ways to do just that: compare it to what homes in your neighborhood sold for, also known as “comps.”
“If the assessed value is higher than what the comps show then they should appeal that and it’s a real simple process. You can do it online, you can mail it or you can go in and appeal that in person,” Hart said.
In Adams County, there have been 5,457 applications for appeals on property values. The county said that is fewer than expected.
The deadline to appeal the valuation of your home is June 8 but you can still file during the abatement process that ends on Jan. 1, 2024.