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DANIEL’S

in the 20s” in Denver in 2015, 2017 and 2019.

“Douglas County, we had 30% increases in the 1997 reappraisal as well as the 1999 appraisal. at felt monumental at the time,” Damisch said. “What we’re looking at this year is that’s at the low end.”

Apartment renters affected

While property tax discussions often focus on homeowners, the spike in values could also a ect renters in apartments — sometimes called “multifamily” buildings — though it’s unclear by how much.

Asked whether apartment landlords will raise rent because of increases in property tax bills, Damisch said they may try, “but they can only do what the market allows.”

“And taxes is just one of their cost streams,” Damisch said, adding that landlords have seen increased labor and insurance costs as well.

Er meyer noted: “We’ve seen some historic increases in multifamily in the past that haven’t been met with immediate rent spikes.” e median total property value change for apartment buildings is 20% in Je erson County, according to a news release.

In Douglas County, the median increase in multifamily property values is 25%, Damisch said.

Growing pains

In an expensive real-estate market, it seems like new property developments pop up constantly around metro Denver.

A common concern from existing residents is that new developments will cause their property values to drop. But market forces keeping property values high can also elicit fears of high property tax bills.

Asked about the tension between those two concerns, Damisch ac- knowledged it’s a di cult question.

“Growth has always been, in Douglas County, one of the hottest topics. We’ve had thousands of people moving in for a few decades,” Damisch said. “Once they get here — myself included — they don’t like the growth.”

Er meyer pointed to the shortage of housing in general around the state.

“I don’t think you could disconnect what we’re talking about today from that particular fact,” Er meyer said. “ at’s one of many, many things that contribute to property (values).”

Lawmakers may step in It’s the job of county assessors’ o ces to establish accurate values of homes and other properties to determine how much property owners will owe government enti- ties in taxes — a process meant to ensure that the amount of taxes people pay is fair and equitable.

( e assessor doesn’t set the tax rate but determines the value of the property that the tax rate then gets applied to. Local government entities like counties and school districts set the tax rates. Property tax rates are o cially called “mill levies.”) e law requires the assessors to value properties every two years. e property valuation homeowners will soon receive is based on June 2022 data, near the recent peak in the real-estate market.

So even though home prices have declined since then, property values re ect last year’s exceptional highs.

Also at play is a number called the “assessment rate,” another factor that helps determine how much in property taxes a person owes. e state legislature sets the assessment rate.

JoAnn Gro , Colorado property tax administrator, said she “can pretty well guarantee” that the property tax information homeowners receive next week won’t be

“It’s because your legislature isn’t immune to what’s going on right now,” Gro said. “ ere’ve been lots of discussions … about providing some additional property value adjustment.”

“I truly expect to see some adjustments and some relief in 2023,” she

She also advised the public “to watch every one of your taxing jurisdictions that’s going to have conversations about setting their

Colorado ranks lower

Despite the public concerns over property taxes, Gro noted that “we still have one of the lowest obligations of property taxes of any state.”

Nationally, Colorado has relatively low residential property taxes, according to an analysis by the conservative Tax Foundation. Colorado ranked 47th in property taxes paid as a percentage of owner-occupied housing value in 2020, according to the foundation.

And while businesses pay more, their taxes still appear to be lower than the national average, according to the Colorado Sun. Colorado had the 17th best “State Business Tax Climate” for 2020, according to the Tax Foundation. Colorado had the 14th best “property tax rank” for businesses in 2020, according to the foundation.

Editor’s note: As of press time, Gov. Jared Polis and Democratic legislators said they would announce a “transformative plan” on May 1 to reduce property tax bills and “implement long-term protections” to prevent future increases. e plan would require voter approval in November.