Apr 25, 2017
Seven metro-area Assessors made a joint announcement today about the 2017 real property valuations for their respective counties. This map demonstrates residential property value changes for each property and summarized by neighborhood.
Assessors are required to consider transactions of real property from the time period of July 1, 2014 through June 30, 2016 and trend these sales to the June 30th date. Based on sales activity during this timeframe values have increased significantly in Adams, Arapahoe, Boulder, Denver, Douglas, Elbert, and Jefferson Counties.
Property valuation notices will be mailed to property owners by May 1, 2017. If a property owner does not agree with their valuation and/or classification, they can protest to their county assessor as long as their protests are postmarked or received by their assessor no later than June 1, 2017. Under state statute, property valuations are not finalized until after the appeals process concludes and each of the 64 county assessors in Colorado certifies values to the various taxing entities within their county prior to December 10, 2017.
Adams County experienced significant increases in overall value reflecting the strong economic conditions across the country. Assessor Patsy Melonakis reported the Adams County reappraisal for 2017 included over 172,000 parcels showing increases in value of residential property 40%, commercial property 12%, agricultural property 10%, while seeing the largest increase in vacant land at 68%. Based on the market and the extreme growth in the county, an increase of 39% was realized over the prior year’s values on the same property types. The Assessor’s Office encourages property owners to review their Notice of Valuation online to make sure that the details of their property are listed correctly.
Adams County Assessor’s Office: 720-523-6038; https://www.adcogov.org
Assessor Marc Scott reported that in Arapahoe County, which sent 207,622 notices of valuation this year, the residential median increase was 26 percent and the commercial median increase was 22 percent. The areas within Arapahoe County with the largest gains in property value were Aurora, Sheridan, and Englewood.
“In terms of residential properties, the greatest level of demand and highest percentage increases were found in the lower price tiers while the market for higher value homes was softer, resulting in lower percentage increases. For commercial properties, some of the greatest increases were in the office market and particularly the Class B buildings,” said Assessor Scott.
Arapahoe County Assessor’s Office: 303-795-4600
Countywide, the Boulder County Assessor’s Office revalued 121,000 taxable real properties. The estimated value of residential property in Boulder County, which includes manufactured and single family homes, condominiums and townhomes, has increased 24 percent. Multi-family residential properties have increased 35 percent while commercial property has increased 23 percent countywide.
“Limited inventory, reduced numbers of entry level properties, increased job opportunities and being a sought-after place to live has sustained the increase in values of all property types in Boulder County,” said Assessor Cynthia Braddock.
Boulder County Assessor’s Office: 303-441-3530; www.BoulderAssessor.org
Denver’s Assessment Division revalued over 218,000 taxable properties citywide. The median projected value increase for single-unit residential properties is 25.9 percent in Denver. This includes single family homes, rowhomes, and condos.
The median projected value increase for Denver’s commercial properties is 20 percent. These increases in commercial valuation are similarly reflected in each of the major subclasses including offices, retail, warehouses, and lodging. Multi-family residential property also reflects record-setting activity with a median increase of 45 percent.
“Property values across Denver reflect the steady desirability and growth of the city,” Assessor Keith Erffmeyer said. “Neighborhoods that had among the lower property values in 2015 are seeing the largest percentage increases in Denver, though each neighborhood has seen growth.”
City and County of Denver Assessor’s Office: 720-913-1311; www.denvergov.org/assessor
Assessor Lisa Frizell reported that the median single-family detached property value is now $429,500, an increase of 17.25% from the 2015 – 2016 level of value. In 2016, Douglas County saw the completion of 2,100 new single-family detached housing units, constituting a 2.3% increase in inventory. While this new construction brought an increase of almost ninety million dollars in actual value, the reduction in the residential assessment rate equates the assessed value contribution to that of 2016.
“Reflecting the excellent quality of life available in Douglas County, real estate values have continued to experience steady increases for all property classifications –along with near record setting new construction. As with the 2015 reappraisal, our condominium and townhome housing saw the largest appreciation in value,” said Assessor Frizell. “These homes are in high demand in Douglas County and saw median increases of 28 and 23 percent respectively.”
Douglas County Assessor’s Office: 303-660-7450
Elbert County Assessor Billie Mills reported that as of June 30, 2016 the estimated market values in Elbert County had a median appreciation of 30%. The 30% increase is heavily influenced by a strong residential market which has been one of hottest in the Front Range area. The Elbert County Assessor’s office re-appraised 13,000 parcels, utilizing 1,140 qualified market transactions from July 1, 2014 through June 30, 2016. All sales have been trended (or adjusted for time) to June 30, 2016.
Elbert County Assessor’s Office: 303-621-3101
Assessor Ron Sandstrom reported that all residential property (single family, townhouse, condos and multi-family) increased at a medium value of 22.8 %. These values varied by cities within the county from 18% in the unincorporated part of the county to 36% in Edgewater. Likewise, commercial property values varied in a similar fashion from 11% to 27%
Jefferson County Assessor’s Office: 303-271-8699