Your home’s value and property taxes are always top of mind, and the Douglas County Assessor’s Office wants to keep you informed. Douglas County Assessor Toby Damisch today joined seven other Assessors in the Denver area to announce the results of the biennial revaluation of real property for their respective counties.
Here’s what to know:
- Residential property in the Denver metropolitan area experienced relatively flat value changes, unlike the previous reassessment announced in 2023.
- The valuations announced today reflect values as of June 30, 2024, using data from the preceding two-year timeframe.
- It is important to recognize that each county has unique real estate trends, and research of local sales is critical to fully understand those sub-markets.
- Notices of valuation will be mailed to property owners by May 1, 2025.
- Property owners in Douglas County are encouraged to visit the Assessor’s website to review property characteristics and research sales that occurred in their area during the statutory timeframe, and if they feel the value is in error, an appeal can be filed between May 1 and June 9, 2025.
- According to Colorado statutes, real property is revalued every two years in odd-numbered years, observing transactions and market conditions from the timeframe of July 1, 2022, through June 30, 2024.
“Since the last reappraisal, sales volume has decreased significantly in Douglas County across most property classes, with residential property affected the most,” said Assessor Damisch. “Home price levels have also dropped since the peak of the market in the spring of 2022, with nearly two-thirds of residences decreasing in value, most by single digits. The cost of homeownership remains very high, including elevated property taxes remaining from the last reappraisal, and is having a significant negative effect on the housing market. Aside from home prices, apartment building values and most commercial valuations have been stable with relatively flat value changes, as has vacant land. Large office buildings are an outlier this year, as there have been some indications of market stress that are reducing these assessments.”
Property Values and Property Taxes
Certified property values are one part of a three-part equation to determine property taxes. The assessment rate, determined by the state legislature, and the tax rate (or mill levy), set by the various taxing authorities, are the other core components of determining property taxes. Property owners will not know the amount of their property taxes due in 2026 until the end of the year, when both the tax rate and the assessment rate are set for each county.
Maps of the additional counties in each state Assessment region can be found here.