Property values in Arapahoe County have increased 21% since the 2017 assessment period, according to notices of valuation that were sent out May 1 to more than 212,000 property owners in the county, …
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Property values in Arapahoe County have increased 21% since the 2017 assessment period, according to notices of valuation that were sent out May 1 to more than 212,000 property owners in the county, according to a news release.
State mandates require Colorado counties to revalue all taxable properties, and the county's 415 taxing entities use these values to establish property taxes for the following year, the release said.
“The Assessor's Office is committed to completing valuations with the highest levels of accuracy and integrity,” Arapahoe County Assessor PK Kaiser said in the news release. “The office's 63 employees — half of which are licensed appraisers — use proven methodologies and current best practices to discover, list, value and classify properties.”
In addition to the 21 percent increase in actual property values, residential property values saw an average increase of 22 percent, with the largest gains seen in Aurora, Sheridan and Englewood, the release said. The great demand for single-family residential properties in the lower price tiers yielded the highest percentage increases, according to the release, while a softer market for higher value homes resulted in lower percentage increases. A very active multifamily market saw significant increases in valuation, up to 40 percent, the release said.
From 2017-19, commercial properties saw an average increase of 15 percent, with some of the greatest increases in the warehouse and commercial condominium segments, the release said. While the value of vacant land and industrial parcels grew, the increase in actual countywide property valuations was driven by gains in the residential and commercial sectors, the release said.
The office reappraised approximately 225,000 properties within 63 subclassifications. Valuations are based on an appraisal date of June 30, 2018, using historical data from 24 months prior. Taxpayers can contact the Assessor's Office with questions at 303-795-4600 or schedule an appointment until May 17. Senior citizens or mobility impaired property owners can request home-based appointments as well.
Property owners can formally disagree with the valuation, appealing by mail, fax, online or in-person by June 3, 2019. In-person protests can be done at the following locations:
• Administration Building, 5334 S. Prince St., Third Floor, Littleton. Hours: 8 a.m. to 4:30 p.m. Fax: 303-797-1295
• Altura Plaza, 15400 E. 14th Place, Suite 500, Aurora. Hours: 8 a.m. to 4:30 p.m. Fax 303-636-1380.
• Guaranty Bank, 538 North Highway 36, Byers. Hours: 9 a.m. to 3 p.m. (this is a temporary location only; mail cannot be received)
• Heather Gardens Community, 9 a.m. to 3 p.m. May 15 and May 22. (this is a temporary location only; mail cannot be received)
The Assessor's Office will treat all protests in a fair and equitable manner,the release said. A final notice of determination will be issued prior to the end of June. Property owners have the opportunity to appeal the assessor's decision to the County Board of Equalization and, if necessary, State Board of Assessment Appeals, binding arbitration or district court. In 2017, 1.3% of all parcels (less than 3,000) escalated their valuation protest.
Under state statute, property valuations are not finalized until after the appeals process concludes and each of the 64 county assessors in Colorado certifies values to the various taxing authorities within their county prior to Dec. 10. For more information, contact the Assessor's Office at 303-795-4600 or visit www.arapahoegov.com/assessor.
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