Assessors predict sticker shock for homeowners

Metro mortgages, rents, taxes will rise with new property valuations

BY ELLIS ARNOLD EARNOLD@COLORADOCOMMUNITYMEDIA.COM

is week, homeowners across the Denver area will be staring at numbers that may come as a shock: eir property values may have jumped by up to 45% — or even higher.

“We do ask property owners to take a good look at the notices they receive,” said Denver Assessor Keith Er meyer, urging homeowners to let their local assessor’s o ces know if they dispute the value they receive.

Driven by a costly real-estate market, home values — as calculated for property tax purposes — have spiked since the last time homeowners received notices of value two years ago. Since then, residential properties in the Denver metro area typically saw value increases between 35% and 45%, a group of assessors from across the Front Range announced April 26.

For owners selling their homes these days, the bump in home prices has been good news. But it also means owners are on the hook for higher property tax bills, Er meyer noted.

Public o cials are openly hoping homeowners will get relief from the state legislature, where lawmakers are expected to take action to lower property tax bills this year.

It’s a fraught equation, though, because local governments depend on property tax revenue, and too much adjustment could threaten cuts to their services.

Property taxes partly fund county governments, but they also fund school districts, re and library districts, and other local entities.

Toby Damisch, who heads Douglas County’s property tax o ce, emphasized the urgent nature of the situation for homeowners and a ordability.

“If the state lawmakers don’t act immediately on this, then it will be a crisis, in my opinion,” Damisch, the Douglas County assessor, told reporters.

Not an isolated problem

Across Colorado, property values have risen signi cantly, Damisch said. In notably a uent Douglas County, residential properties saw increases between 30% and 60%, with a median of 47%.

Other metro-area counties have seen high spikes as well:

• In Denver, the median increase in single-family home property values is 33%, Er meyer said.

• In Je erson County, median single-family residential values increased by 37%, the county said in a news release.

• Arapahoe County’s assessor, PK Kaiser, announced the county will see almost a 42% increase in residential values.

• Broom eld saw a median value increase for single-family residential of 41%, according to Broom eld County’s assessor. How does that all stack up with property value jumps in recent years?

Er meyer recalls talking about median increases that were “largely