ASSESSSORS

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 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 a ected

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 acknowledged 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 entities 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 realestate 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 accurate.

“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 added.

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

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.

Thu 5/04

Colorado Rockies vs. Milwaukee Brewers

@ 1:10pm / $6-$300

Coors Field, 2001 Blake St., Den‐ver

Parent/Tot - Our Home (Bilingual) @ 3pm

May 4th - May 18th

Eagle Pointe Recreation Center, 6060 E. Parkway Dr., Commerce City. 303-2893760

All Levels Bird Walk @ 7am

Standley Lake Regional Park & Wildlife Refuge, 11610 West 100th Avenue, Westminster. standley lake@cityofwestminster.us, 303425-1097

Bouquets & Botanicals (Flower Arranging Event) - The Family Jones @ 11am 9490 Co Rd 25, Fort Lupton, CO 80621, USA, Brighton

Pollinatorpalooza: Hummingbirds @ 4pm

Anythink Wright Farms, 5877 East 120th Avenue, Thornton. mhibben @anythinklibraries.org, 303-4053200

Handmade Greeting Cards @ 11pm Eagle Pointe Recreation Center, 6060 E. Parkway Dr., Commerce City. 303-2893760

Wed 5/10

Damn Yankees @ 2pm

Snacks and spells: Saltmarsh @ 4:30pm

Anythink Huron Street, 9417 Huron Street, Thornton. swhitelonis@any thinklibraries.org, 303-452-7534

Fri 5/05

Let's Grow Together (Bilingual) @ 3pm May 5th - May 19th

Eagle Pointe Recreation Center, 6060 E. Parkway Dr., Commerce City. 303-2893760

Man VS Food - Latke Love (5/5) @ 4:30pm

Offsite, 6060 E Parkway Drive, Commerce City. 303-289-3760

Sat 5/06

Handbuilding: Come Play In Mud @ 4pm

May 6th - May 27th

Bison Ridge Recreation Center, 13905 E. 112th Avenue, Commerce City. 303-2893760

Monster Energy Supercross @ 6:30pm / $20-$75

Empower Field At Mile High, 1701 Bryant St., Denver

Adams County Foster Care 5K Run/Walk and 1 mile fun run @ 7:30am / Free-$45

Riverdale Regional Park, 9755 Henderson Road, Brighton

Sun 5/07

Moonstruck Melodies @ 11am

Cristos Coffee Boutique Roastery & Cafe, 149 S Briggs St, Erie

CO-ED Sand Volleyball @ 10pm

May 7th - Jun 25th

Fort Lupton Recreation & Parks De‐partment, 203 S Harrison, Fort Lupton. 303-857-4200

Arvada Center, 6901 Wadsworth Blvd., Arvada

Mon 5/08

Pixies @ 7:30pm

Mission Ballroom, 4242 Wynkoop St, Denver

Thu 5/11

5/8 Growing Naturally Nature Play

@ 9am / Free Bird Conservancy's Environmental Learning Center, 14500 Lark Bunting Lane, Brighton. 303-6594348 ext. 53

Tue 5/09

Century Casino @ 2:15pm Fort Lupton Recreation & Parks De‐partment, 203 S Harrison, Fort Lupton. 303-857-4200

Birding by Canoe! Day 1 @ 9am / Free

Barr Lake State Park, 13401 Pica‐dilly Rd, Brighton. 303-659-4348 ext. 53

Wildlife Series: Grizzley Country Heart of Yellowstone(5/11) @ 7pm Eagle Pointe Recreation Center, 6060 E. Parkway Dr., Commerce City. 303-2893760