Arapahoe County announced this week that its Board of County Commissioners approved an extension for the assessor's office to review the more than 30,000 appeals it received.
Homeowners across the state will need to set aside more money to cover their property taxes next year — significantly more money — based on the higher property values that county assessors have calculated and will notify them about early next month.
“This is very, very serious. If the state legislators don’t act on this, it will be a crisis,” Douglas County Assessor Toby Damisch warned during a news conference Wednesday morning. Other assessors added they are bracing for angry calls, telling their staff to respond as calmly as possible. Gains in property values don’t correlate directly to the gain in property taxes that homeowners will receive next January, assessors emphasized. Yet they are a key part of the formula and provide a rough guide to what is coming, given that most jurisdictions have also voted to “de-Bruce” or eliminate the cap on property tax revenues provided under the Douglas Bruce-authored Taxpayer’s Bill of Rights.
“We really want property owners to take a look at the notice of valuation,” Erffmeyer said. “We don’t know what that property tax calculation will look like downstream, but it is an important step.” The craziness of the pandemic run-up in home prices is that 20% ranks as relatively tame. In most valuation periods, that would represent a huge jump and closer to a peak increase.
And the pre-determined period that assessors used to look at property values, from mid-2020 to mid-2022, happened to overlap almost precisely with the biggest run-up in home values, which peaked in many places from April to June of last year before starting to move lower.
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