DENVER (KDVR) — With higher home prices comes higher taxes.
As Colorado has swollen in population and its housing prices have skyrocketed along with it, so too have county incomes from property taxes.
Counties have not yet calculated tax rates, but valuations have gone up in all of the Denver metro counties since they were last evaluated two years ago.
On average, Denver metro counties saw valuations rise 8%.
Jefferson and Boulder counties, respectively at 10% and 11% increases, had the highest valuation bumps, while Arapahoe and Elbert counties had the lowest.
Counties have made hay since property values started rising in the early 2010s. Most of the counties in the Denver metro area have seen 50% more property tax revenue in 2020 than in 2013.
With home values jumping over the last year and this being the year property taxes are being assessed, homeowners are now wondering how much more will they be paying in taxes?
Keith Erffmeyer, a Denver county assessor told us, “the values on their property assessments are as of last summer June 30, 2020 so the experience right now that you all have been covering is past that date and is not reflected in those assessments.”
These assessments only happen every two years so the current market will be reflected in the next assessment in 2023.
Erffmeyer also wanted homeowners to know they can appeal the current assessments, which arrived in the mail at the beginning of the month.
“There are instructions usually with the notice or on the website on how to do that or simply contact the assessor. If you are not sure you need to or want to appeal, assessor offices around the state would be more than happy to converse with you about your property value prior to you appealing it.”
You only have until June 1 to make that appeal. In 2019, there were over 13,000 appeals made and 43% did receive a reduction in value. This year just 456 appeals have been made so far.