Did you property taxes visit a dispensary this year?

If you own a home in Colorado, you should have received your 2023 Real Property Notice of Valuation in the last week.  AND, you may have noticed that the value of your home has increased significantly since the last valuation you received.  The median increase in home values across the state was 40% since the last time assessors determined property values, which was two years ago. Mile High City, amirite?

Here's the good news and the not-so-good news.  Overall, we've benefited from the increase in home values.  YAY, says our net worth!  However, when home values go up, so do the taxes you pay based on those values.  BOO, says our checkbook!

Each county determines the value of residential property using the market approach based on the most accurate knowledge they have and that includes home sales data and value increases that can be gleaned from permits pulled for improvements.  It's not a perfect system so you do have the opportunity to protest if you feel like they've overshot the mark.  All protests and supporting evidence must be received by the Assessor by June 8th and I have a feeling they are going to be busy.

Here's where I come in. If you would like some help pulling comps to gut-check the values, I'm on it.  I can supply you with a market analysis that you can include with your protest.  While I can't guarantee that I will be able to find comps to help your case, I'm happy to look.  At least you can rest easy knowing the value of your home!