We just received the property valuation notice for our new house. The current value is $71,000 higher than the previous year. Certainly, the current property value they have listed is lower than what we recently paid, but is this jump in value reasonable? It's just a little freaky thinking about our bills getting larger, but maybe that's just how it goes?
We still love our new home, but were just surprised to see such a significant jump. Thanks again!
K., Grand Junction
Since all the new property valuations hit everybody’s mail box in the past couple weeks, (they went out on May 1, 2019) we have had had several inquiry’s just like yours. You can feel some comfort/consolation that you are not the only person that has had questions about the increase in property taxes and valuation. What happened is the county had not really done a thorough re-assessment of property values for several years so it was time for it to happen again. With the recent surge in the overall real estate market it was to be expected that valuations would increase, but its always a bit startling when it actually hits your monthly payment.
The evaluation period used to establish the new property values was Jan 1, 2017 – June 20, 2018. Keep in mind that since 2012 our property values have been on a steady increase, but specifically 2017 and 2018 saw median home prices climb nearly 13% over the 18 month period. This 18 month period saw the most significant 18 month increase since the market peak of 2007/2008, so seeing all our property valuations increase is hard to argue. Speaking of arguing, you do have the right to protest your property valuation. You can go down to the Assessors Office (544 Rood Ave #2) and speak with them about your property value. Make sure you bring with you information that supports your estimation of value. There is no guarantee of change, but at least you will get the opportunity to make your case!
Look on the bright side, because of the down market between 2009 & 2012 you might have caught a little break as values struggled and did not show any increases. Remember that rising tides lift all boats so we are all sharing in the increase in property values that will be generating more property tax money for the city and county! One last silver lining, according to Investopedia.com Colorado is still on the “lowest 10 states for property taxes” and nationally low as compared the rest of the United States. Unfortunately taxes are just part of the program and as long as values continue to rise, you can expect them to continue to increase! Hope this helps.
By the way, Happy Mother’s Day! If you have not called your Mom today to thank her and tell her you love her, stop reading and pick up your phone! Remember, without our moms, none of us would be here so when you think about it, we really do owe them! We should do it much more often, but at least today stop and honor your Mother…she deserves it!
The Kimbrough Team