Every couple of years, I tell clients to give me a holler if they want to protest their property assessment. One time I got over 30 requests for help. My average is half that. Some people want to make sure to protest so their taxes don’t slowly creep up. Others figure Colorado property taxes are the lowest in the country, so they shrug their shoulders and feel blessed they don’t live in California or Massachusetts.
That may all change next week when homeowners get their Notice of Valuation and see a large uptick in how much the county thinks their home is worth. Larimer County experienced a 40% increase in home value in the last two years. Most other counties along the Front Range have similar increases. Douglas County is hovering at almost a 60% increase in value. Expect to see that price increase reflected in your Valuation. The county is also providing Estimated Property Taxes which most likely won’t be the final property tax.
According to Bob Overbeck, Larimer County Assessor, there are a couple of actions in play that may lower the tax burden for residents.
The state legislator gave a $15,000 exemption for residential housing and a $30,000 exemption for commercial property in 2022. This means homeowners can take $15,000 of the final valuation of their home. Expect that exemption to increase. Nobody predicted the incredible increase in home values that occurred between 2021 and 2022.
Other propositions are being presented to the state legislator in the next few days, but they only have till the end of the session on May 8. The legislature has already reduced the residential assessment rate but may have to reduce it further. If no action is taken, homeowners could be presented with a serious financial burden, especially people on a fixed income.
Homeowners, contact your legislators and tell them how you feel. Tell them how a big increase in your property taxes could represent a considerable financial burden. This is how democracy works!
Also, I’m not sure I have enough time to help all of you protest your taxes by the deadline June 8 even if I started tomorrow!
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