Colorado property reappraisals
Information and graphic provided by Douglas County
For Colorado property owners, 2021 is a reappraisal year. A Notice of Valuation (NOV) is designed to explain the assessment of a property in detail, and Douglas County mailed NOVs to property owners, reflecting residential and commercial property values as of June 30, 2020.
Colorado law requires assessors statewide to revalue all real estate in their respective counties as of June 30, 2020. With every reappraisal, the old valuations are disregarded and the process starts from scratch using an entirely new sales list. Home values are not adjusted up or down by a percentage, but instead, they are determined by sales from a specific study period. For the 2021 reappraisal, transactions that occurred between July 1, 2018, and June 30, 2020, were used for analysis.
“Residential real estate values continued to experience steady increases between July 1, 2018, and June 30, 2020 – though at a much slower rate of appreciation than previous valuation cycles,” said Douglas County Assessor Lisa Frizell. She reports that the median single-family detached property value for Douglas County is now $519,000, an increase of 8% from the previous level of value.
“We have experienced increases in property values very similar to what has occurred in other Denver Metro counties; however, it is important to understand that the amount of increase varies throughout Douglas County,” said Frizell.
“Unlike the last several reappraisals, our condominiums and townhomes saw a smaller appreciation in value compared to single-family detached homes, with a median increase of 5%,” Frizell continued.
Property owners don’t have to wait for their notice to arrive in the mail. The updated property values are available now on the Douglas County Assessor’s website, along with applications and tools to help understand the valuation process.
To research comparable sales, view estimated taxes, and review information regarding appeals, visit https://www.douglas.co.us/assessor/#/.