Property in Colorado is revalued every two years by County Assessors across the state. Those values are then used to determine the basis for property taxes. Given the home and land sales between 2021
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Property in Colorado is revalued every two years by County Assessors across the state. Those values are then used to determine the basis for property taxes. Given the home and land sales between 2021 and 2022, this forthcoming increase is going to be substantial. This year’s re-assessment of values could show an increase from 50-70%.
I think it’s important to understand why our property values are expected to increase so sharply. This year’s assessment will be based on the value of your property on June 30, 2022, when home prices, driven by pandemic-related demand and supply chain shortages, saw home prices near their peak.
How does value affect taxes?
Once the actual value has been determined, it is then multiplied by the assessment rate, which is subject to change annually by the state legislature. This works out to: Actual Value x Assessment Rate = Assessed Value.
Next, the assessed value is multiplied by the mill levies. Mill levies determine how much we pay in taxes to our local districts (such as school, library, and fire), and to our county. Assessed Value x Mill Levy = Property Taxes.
Currently there is no way to solve the value increases/property tax problem for homeowners, but the Colorado legislature is working on potential solutions.
With that said, I think that the best thing residents can do is to brace for the increase and plan ahead. If you are paying property taxes all at once this will likely be a dramatic increase. Those with mortgages are likely to see noticeable increases in their monthly payments. It would be a good idea to start thinking about what your tax bill might look like next January and start planning accordingly.
My goal is to provide you with the best possible information so that you are adequately prepared for what may come. As of May 1, 2023, values will be set. The residential assessment rate is currently 6.675%, but mill levies set by the taxing authorities will not be finalized until around December 15.
Please feel free to reach out with your questions by email at anielsen@gilpincounty.org or call 303-582-5451.