We just received the property valuation notice for our house and the new value is $110,000 higher than the previous assessment. Certainly, the current property value they have listed is still lower than what we paid two years ago, but is that large of a jump in value reasonable? I guess with the cost of everything going up it’s just hard to accept that ALL of our bills are getting larger, but maybe that’s just how it goes.
We still love our new home but we’re just surprised to see such a significant jump. Thanks again!
K., Grand Junction
Since all the new property valuations hit everybody’s mailbox in the past couple of weeks, (they went out on May 1, 2023) we have had many inquiries just like yours. You can feel some comfort/consolation that you are not the only person that has questions about the increase in property taxes and valuation….and let’s be honest, how many of us are happy when our taxes go up? Unfortunately, it was time for the county to reassess property values for tax purposes and it came on the heels of the hottest real estate market the Grand Valley has ever experienced. With the recent value surge in the overall real estate market, it was to be expected that valuations would increase, but it’s always a bit startling when it actually hits your pocketbook.
The evaluation period used to establish the new property values was January 1, 2021 – June 2022. Keep in mind that since 2012 Grand Valley property values have been on an eleven-year upswing, but specifically 2021 and early 2022 saw median home prices climb between 1 – 1.5% PER MONTH over the 18 months used for the new valuation 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 with, but it does not mean you have to agree with it. If you don’t agree, you do have the right to protest your property valuation. You can go down to the assessor’s office and speak with them about your property value or visit their website, mesacounty.us. When you go down to protest 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!
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! Everyone loves to discuss how much the value of their home goes up when times are good etc….until that increase comes home to roost as a tax increase. One silver lining, according to Investopedia.com Colorado is still one the “lowest 5 states for property taxes”. 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!