Thousands of Colorado property owners are protesting a sudden increase in their property values, according to media reports.
Leading the spike is Denver, where property values have increased 29 percent. In many counties, such as Arapahoe, Broomfield and Jefferson, home values are up by an average of 20 percent or more. Values in Douglas County are flirting with 20 percent, and Elbert County has seen a 10 percent spike.
Homeowners had until June 1 to appeal their property values. According to the Longmont Times-Call, Boulder County Assessor Jerry Roberts has received nearly 12,000 appeals; Weld County Assessor Chris Woodruff has received more than 4,000 appeals; and Broomfield County Assessor Sandy Herbison has received about 1,200 appeals.
These county assessors said they received more appeals of property value notices than in 2011 or 2013, but the increases in values of the reappraisals were even greater than the increases that homeowners experienced in the mid- to late 1990s. Some assessors said the lower number of appeals in 2011 and 2013 may be at least in part because of the economic downturn.
“When the values go up, people take notice,” Herbison told the Times-Call.
According to government officials, the sharp increases are the result of positive changes in the economy, a low inventory of residences and high buyer demand.
Property owners can appeal their assessments if they can provide documentation to support their arguments that the market values the assessors assigned to their properties were set too high, or if the assessors’ official records about the land and any structures on it are inaccurate. However, state law does not allow property owners to file protests based solely on their objections to past or projected property tax bills.
County assessors are expected to make decisions about the appealed property values by the end of the month and send notices of determination to the protesting property owners by early July. If the property owners are still dissatisfied, they can appeal to the County Board of Equalization and then to the Board of Assessment Appeals. And if they get that far along in the appeals process and still aren’t satisfied, they can go to district court or through an arbitration process.