Residential property values in Denver County have increased by nearly 30 percent in the past two years. In fact, every county experienced a double-digit increase in detached single-family residential property values over the course of roughly two years.
By state law, county assessors are required to re-evaluate the value of every property in their counties every two years. The valuations are used to help determine how much property owners pay in property tax. The period for the 2015 valuation was July 2012 through June 2014. Homeowners received their tax notifications in early May and many are shocked at how much their home value has gone up. In turn, this means higher property taxes.
Denver County saw the largest increase in property values in the metro area with 29.6 percent, followed by Arapahoe and Broomfield counties, which increased by 22 percent.
The rest of the counties experienced the following increases in residential property values:
Jefferson County: 20 percent
Adams County: 19 percent
Douglas County: 18 percent
Elbert County: 10 percent
Areas that experienced a larger or faster drop in property values during the recession generally saw greater increases in property values during this valuation. New construction and overall growth of the metro area were the greatest contributors to increases in property value metro-wide.
Property values in many counties have climbed back up to pre-recession levels, and have continued to increase since the valuation period ended last June.
Statewide, property values increased by 17.6 percent. The metro area saw the largest increases in property values while counties on the eastern plains saw the smallest gains.
If you would like our opinion on your home’s value, please do not hesitate to Contact Us.