Individuals that own real estate in and around the Metro Denver region will soon start receiving valuation notices that will play a large role in the amount of money that will need to be paid on property taxes within the next couple of years.
While it is not unusual for property taxes to increase, the anticipated increase is predicted to be exceptionally high.
This information was obtained from a news conference presented by several county assessors that announced that there will be a drastic spike in valuations for median homes.
It has been estimated that single-family homes will see an approximate 17% increase within Douglas County. Those that have homes in Adams County could observe up to a 40% increase.
New construction amounts, the popularity of certain neighborhoods, and general level of affordability will have a substantial impact on the spikes that will be experienced in Jefferson County, Arapahoe County, Boulder, Denver, and Elbert Counties.
According to the information that has been released, the locations where the lowest property values were identified are going to see the absolute highest of increases throughout Denver.
This area has experienced the largest amount of growth – mostly due to the job opportunities that are available.
There are several other factors that will play a role in how much homeowners will be required to pay in property taxes over the course of the next couple of years. This include – but, are not at all limited to – the tax rates associated with the local educational institutions and facilities, the local residential water providers, and the services rendered by local fire and emergency worker personnel.
The assessors only appraise the properties within the State of Colorado every two years; however, they recently appraised based on information from July of 2014 to June of 2016. The following was established:
- In Adams County, the value of homes increased 40%.
- Elbert County – which is undergoing a tremendous amount of new construction – gained approximately 30%.
- Arapahoe County had an increase to 26%.
- Denver increased to 25.9%.
- Boulder County home values rose to 24%.
- Jefferson County values leveled at an increase of 22.8%.
- Douglas County home values increased to 17.2%.
In addition to increases in the home values of the previously mentioned counties, it was noted that commercial property increases were evident, as well as the values associated with vacant parcels of land. As a result, all of these increases could factor into the amount of money that an individual must pay in order to purchase a home.
For those that have a vested interest in the Denver real estate market, there should be a goal to influence local districts in their votes in terms of revenue increases.
Additionally, all Denver homeowners should note that they have until June 1st 2017 to pose inquiries to the value that the assessors have come up with on their home.
Contesting the value of a property will result in a review and appeal process that could result in saving a tremendous amount of money on 2018’s property taxes.
For more information on Denver real estate, visit our blog at: http://rentmedenver.com/property-management-tips/