The Denver Post reported today that homeowners across metro Denver should brace themselves for notices of property valuation arriving soon in the mail that will weigh heavily on property taxes during the next two years.
How Much of a Denver Property Tax Increase?
That's the news from sevenmetro-area county assessors, who on Tuesday held a news conference to announce spikes in median home property valuations, ranging from about 17 percent for single-family homes in Douglas County to 40 percent for all homes in Adams County.
In those counties as well as in Arapahoe, Boulder, Elbert, Jefferson Denver property tax increases willvary greatly, depending on factors such as neighborhood popularity, amount of new construction and affordability.
Read the rest of the articleat The Denver Post, and see maps for the entire Denver Metro area here:http://www.denverpost.com/2017/04/25/metro-denver-property-value-assessments/
First the good news. A report from the Lincoln Land Institute showed that Denver ranks 47th lowest of the 50 largest U.S. cities for residential property taxes and 19th for commercial property taxes. And among 25 neighboring jurisdictions on the Front Range, Denver's mill rate ranks toward the bottom (8th lowest).
Nevertheless,there is a process in place for you to appeal your property tax valuation. The process varies from county to county.Word to the wise, though by appealing your tax valuation, you might be opening your property up to an even larger increase in value.
You can appeal your property valuation if you choose.
STEP ONE: VISIT YOUR COUNTY'S ASSESSOR'S OFFICE WEB SITE:
Denver: https://www.denvergov.org/content/denvergov/en/assessors-office/protesting-your-property-value.html
Jefferson: https://jeffco.us/assessor/appeals/
Douglas: http://www.douglas.co.us/assessor/appeals/
Adams: https://www.adcogov.org/property-assessment-process
Arapahoe: http://www.co.arapahoe.co.us/FAQ.aspx?QID=109
Boulder: https://www.bouldercounty.org/property-and-land/assessor/appeals/process/
STEP TWO: COMPLETE THE DETAILED INFORMATION THAT IS REQUESTED.
Provide comps that match your house. The websites above have adequate search capabilities to allow you to choose comps that justify a lower assessment.
- Select comps that are the same style and similar square footage.
- Pick comps that are not too old. Usually sales newer than three years are acceptable.
(If you're not sure, contact aLive Urban Broker, wewould be happy to help!)
STEP THREE: WAIT UNTIL MID TO LATE AUGUST FOR THE RESULTS OF THE APPEAL.
Keep in mindyou must file your protest byJune 1, 2017. It could save you some big bucks next year when you write your monthly mortgage check (if you have your property tax escrowed), or when you receive your bill to pay it all at once. If you have any questions on this process or would like some advice, please don't hesitate to call your favorite Live Urban Realtor!
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