Colorado Homeowners See Drastic Hike in Assessed Home Valuation - Your Realtor Can Help!

Coloradans have received a Notice of Value (NOV) from their County in the mail with the assessed value of their home based on home sales from July 1, 2020-June 30th, 2022. Most homeowners will see the value increase drastically from the previous assessment cycle which will affect tax payments in 2024 and 2025. 

What homeowners need to  know:

• Assessments happen every 2 years and are based on the value of June 30th from the previous years. For 2024 and 2025 taxes, property taxes will be based on the value of home as of June 30th, 2022;

• The next tax revaluation happens in the Spring of 2025;

• Property taxes are based on your homes assessed property value. According to Denver Assessor Keith Erffmeyer, the median increase in home values during this assessment timeframe in Denver County is 33%. Other Denver area counties have seen their values increase between 35-50%;

• The Colorado Tax Rate is one of the lowest in the country at 6.765%;

• Your NOV is not your tax bill - that will arrive in January of 2024;

• The Colorado government is working to decrease the tax burden, as they acknowledge that the massive increase in home prices in 2021-2022 will have a major impact on Colorado homeowners. They plan to have a decision by May 8th and we should see a ballot measure in November to help alleviate the tax burden.

What action can you take? 

• Reach out to your real estate agent to help you determine if the assessed value is fair - they are happy to find you applicable comparables for a protest;

• If you determine the assessment is too high, you can protest your property value between May 1st-June 8th of 2023;

• If you cannot afford the tax increase, you may be eligible for a deferment or a candidate for the Denver Property Tax Relief Program;

• Educate yourself and be prepared for a higher tax payment in 2024-2025;

• Write to the State Legislature and your local governments.

Helpful Articles and Websites:

• What Denver homeowners need to know about their property tax assessment, how to appeal and other tax relief sources; Denverite.com

• Denver-area assessors warn of major spike in property taxes as Colorado legislature rushes to provide relief; The Colorado Sun

• Use our calculator to determine what your new property tax bill would be under the Colorado legislature's relief plan; The Colorado Sun

• Denver Property Tax Relief Program; denvergov.org

• Colorado Property Tax Deferral Program: State of Colorado

• Local County Websites with information on protesting/appealing the value:

  • Assessor Level Real Property Appeals Deadline is on June 8, 2023.

• CountyAdams

• Appeals Process: https://adcogov.org/appeals-process

• Online appeal:https://assessornovs.adcogov.org/adamscountynovs

• Arapahoe

• Appeals Process:https://www.arapahoegov.com/assessor#:

• Online appeal:https://co-arapahoe-ptoc.publicaccessnow.com/eFormLibrary.aspx

• Property Search Tool: https://www.arapahoegov.com/187/Property-Search

• Boulder

• Appeals Process:https://bouldercounty.gov/departments/assessor/

• Property Search Tool: https://maps.boco.solutions/propertysearch/

• Broomfield

• Appeals Process: https://www.broomfield.org/164/Assessor

• Online appeal: https://www.broomfield.org/4013/Appeal-Information

• Property Search Tool: https://www.broomfield.org/3950/Property-Search-Links

• Clear Creek

• Appeals Process: https://www.clearcreekcounty.us/562/Protests-of-Value

• Online appeal: https://www.clearcreekcounty.us/DocumentCenter/View/6289/PROTEST-FORM?bidId=

• Denver

• Appeals Process: https://denvergov.org/Government/Agencies-Departments-Offices/Agencies-Departments-Offices-Directory/Department-of-Finance/Our-Divisions/Assessors-Office

• Online appeal: https://denvergov.org/files/assets/public/finance/documents/assessor/2023/2023propertyvalueprotestform.pdf

• Property Search Tool: https://www.denvergov.org/property

• Douglas

• Appeals Process: https://www.douglas.co.us/assessor/

• Online appeal: https://www.douglas.co.us/assessor/online-appeals/

• Elbert

• Appeals Process: https://www.elbertcounty-co.gov/264/Assessor

• Online appeal: https://elbertcountyco-elbert-county-online-services.app.transform.civicplus.com/forms/22549

• Property Search Tool: http://services.elbertcounty-co.gov/assessor/web/

• Gilpin

• Appeals Process: https://gilpincounty.colorado.gov/elected-officials/assessor

• Online appeal: https://gilpincountyco.viewpointcloud.com/categories/1092/record-types/6486

• Jefferson

• Appeals Process: https://www.jeffco.us/658/Assessor

• Online appeal: https://www.jeffco.us/435/Appealing-Real-Property-Valuation

• Property Search Tool: https://propertysearch.jeffco.us/propertyrecordssearch/dashboard

• Larimer

• Appeals Process: https://www.larimer.gov/assessor

• Online appeal: https://apps.larimer.org/assessor/protest/

• Teller

• Appeals Process: https://www.co.teller.co.us/assessor/databasehome.aspx

• Weld

• Appeals Process: https://www.weld.gov/Government/Departments/Assessor

• Online appeal: https://apps.weld.gov/assessor/appeal/