Credit: Flickr user Maitham Rushaidan

Editor’s Note: Read our UPDATED and EXPANDED blog on this topic — updated March 10, 2021 — at https://blog.jmdenverhomes.com/2021/03/10/just-got-your-property-tax-assessment-dont-panic/.

Did you get your property tax assessment recently? If so, you may very well be making a skeptical face just like this guy!

Property tax assessments are made in odd-numbered years. Every Colorado homeowner should receive notice of their assessed values soon (if you haven’t already). Property tax assessments come with some good and bad aspects.

• The value stated for your property is actually 6 months or more behind actual comparable sold properties. This is a good thing in a rapidly-appreciating market; otherwise, the value would be even higher.
• If the value listed is lower than what you expected (or possibly lower than what you paid for the property), remember again that a low value is a good thing because it’s the figure on which taxes are based.
• If you feel like the assessed value is WAY over what your home is worth, contact me for a second opinion! It *is* possible to appeal the assessed value. Here’s how, according to each metro-area county’s website:
  • Adams County
  • Arapahoe County
  • Denver City and County
  • Douglas County
  • Jefferson County

Regardless, if the value is much higher than it was in 2015, you should expect that your property taxes will be higher as well. If your property taxes are taken out of your mortgage, you should expect your mortgage payment adjust accordingly.

Finally, keep in mind that you can appeal the valuation of your property, but you cannot appeal the various tax rates (mill levies, tax districts, etc.)  that are applied to the value.

As always, we appreciate your trust and your referrals. Reach out any time to jensellsco@comcast.net or 303-204-6494.