Metro-Area Assessors Announce New Real Property Valuations for 2019

Metro-Area Assessors Announce New Real Property Valuations for 2019


good morning everyone hopefully you can
hear me okay my name is Keith Earth Meijer I am the
Assessor for the City and County of Denver I want to welcome all of you here
today and thank you for attending as you’re probably aware per state statutes
every two years Assessors in all 64 counties revalue the real property
within their counties we follow statutory guidelines procedures outlined
by the division of property taxation and uniform appraisal standards to determine
a value for each and every property in Colorado today my colleagues from Adams
Arapahoe Boulder Douglas Albert and Jefferson counties are here with me
today to announce the results of the 2019 revaluation process I’m pleased at
Joe and Roth the property tax administrator for the state of Colorado
is also here with us I’m going to speak to Denver’s assessments and then we’ll
turn it over to my colleagues Denver’s assessment division revalued over two
hundred twenty two thousand taxable property citywide and accomplishing this
effort we reviewed and analyzed over 38,000 transactions of real property in
Denver County the median value in valuation increase for single family
including townhomes condos and single-family residential property is
20% in Denver multi-family residential property reflects similar results with a
median increase of 24 percent while property values continued to rise we
observed moderating value growth as the majority of Denver’s neighborhoods
experienced milder increases than those in 2017 the median value increase for
Denver’s commercial properties is 31% these increases in commercial valuations
are similarly reflected in each of the major sub classes including offices
retail warehouses and lodging these valuations represent changes in
property values from July 1 2016 to June 30 2018 any changes that may have
occurred since July of last year are not reflected in these valuations Assessors
are required to consider transactions of real property from the same two-year
period and based on market activity during this time frame values have
increased throughout the metro area if a property owner does not agree with their
valuation or classification they can appeal to their County Assessor as long
as the appeal is postmarked or received by the Assessor no later than June 3rd
2019 Denver owners can expect their property valuation notices to be mailed
to them this week thank you now I’d like to turn it over to Ken Musa Assessor for
Adams County Thank You Keith my name is Ken Musa and I am the Assessor for Adams
County glad to be here today it’s my pleasure to come before everyone today
with my assessment colleagues from the metro area and some of the rural
counties as well we wanted to release some some information for the 2019
reappraisal cycle now Adams County along with most of the other Metro counties
has experienced significant growth and increases in our property values over
this last cycle now the Adams County assessment staff has revalued over one
hundred and eighty-seven thousand accounts and our overall value increase
for this new appraisal cycle is going to be to add 23% now the results broke down
by property types types comes as follows Europe is as follows our residential
property increases are up around 24% our commercial property is increased at
about 20% and Agri your properties are up around 14% now
the notice is a value are going to be coming out on May 1st of this year so
you should be receiving those notices by the first week of May now I would like
to encourage all the property owners to review their characteristics of their
account online to make sure that there aren’t any Corrections that need to be
made and if there are any corrections mistakes we would encourage you to to
bring those to our attention and we’d love to verify those and make those
Corrections because it will potentially impact your property value now in
closing I’d like to point out that these reappraisal results are produced using
mass appraisal techniques now the mass appraisal is not a perfect system and we
like to use our appeal process as one of the checks and balances to help preserve
the property owners rights our goal is to produce fair and equitable valuations
across the county so the appeal process is an important part of that now when
you’re reviewing your notices of value and your property characteristics if you
feel that your property is overvalued or misclassified I’d like to encourage you
to go ahead and file an appeal with us so that we can make those Corrections or
explain to you why we have valued it the way we did or classified your property
under the current classification now this year you’ll have several different
ways that you’ll be able to appeal your property you can either sign the back of
your notice evaluation and mail that back in to us at our office at 4430
South Adams County Parkway or you can come in in person and file that appeal
or you can also file your appeal through email this year at assessor at ad koga
org and you will also be able to file your appeal
if that works best for you and that is our most popular way of everybody filing
their pills and you can do that at wwa D Co govt org slash Assessor if you have
any questions about any of these processes please give us a call at the
office and we’d love to walk you through any of it if you need help with that so
thank you for your time and now I’d like to turn it over to a Scott Hurst guard
from Jefferson County thank you good morning I am Scott kurz guard jefferson
county assessor i’m great to see you all here you told me to talk louder
closer okay I’ve been a fan of the media all my life so I just have the greatest
respect for the jobs that all of you do and I’d love to see you do it
residential values and Jeffco are up strongly again this year not as strong
as some of the other counties and not as strong as they were two years ago but
they’re still up overall average median average up is about 15 percent across
the county of course every value will be different
every town every neighborhood etc bigger cities in the county are all around 14%
Arvada Lakewood Littleton we rich etc the stronger value gains tend to be in
the outlying communities Morris ends up really strong Pines up really strong and
the value is like anywhere else are driven by location location location if
you look at jeffco we’ve got the Rocky Mountains on one side Boulder on another
side Denver around on another side so you know values are going to remain
strong I foresee for the future doesn’t mean
they won’t level off etc appeal process is the same pretty much for every county
so I’m not going to go through that but yes people have the right to appeal if
we get it wrong we’d love to talk to you and that’s it have a great day thank you
and next up is Lisa Frisell from Douglas County thank you thank you Scott I’m Lisa
Frizzell douglas county assessor and i’d like to report that reflecting strong
economic conditions and our ranking by US News and World Report as the
healthiest community in the nation Douglas County continues to experience
strong growth and appreciation and property values for Douglas County the
median increase in single-family housing is fourteen and a half percent with
condominiums and townhomes seeing a median increase of 16%
Parker has generally experienced higher increases in residential values than
elsewhere in the county and now demonstrates a real estate market that
is virtually identical to Highlands Ranch it is noteworthy that the median
single-family residential sale price in June of 2018 was five hundred and ten
thousand dollars however our values also reflect the increase in residential
parcels which is over six thousand four hundred homes constructed in the last
two years alone vacant land valuation indicates a ten to twenty percent
increase depending on location and the size of the property however this does
not include agriculturally classified property in Douglas County we are
experiencing a continued increase in multifamily housing values due to a
large number of sales within the institutional investment market these
increases range from 20% in Highlands Ranch to 35% in Castle Pines while with
apartment rates being market driven increases in valuation are directly
passed on to renters and drive up their monthly housing costs this issue
continues to impact rental housing as an affordable option in the Denver metro
area commercial property has increased in value depending on what subclass
you’re looking at retail and office property have seen maybe
increases of around 10% while industrial inventory values are increasing by
approximately fifteen percent depending on sales and rental rates while notices
evaluation will be mailed on or before May 1st 2019 values for Douglas County
were made available on the Assessor website last Friday please visit the
Douglas County Assessor website for comparable sales and in an important
information on the property valuation process we also welcome our property
owners to file an appeal if they disagree with their value and just want
to make sure we got it right thank you so very much I would like now to
introduce PK Keyser the Arapahoe County Assessor thank you good morning my name
is PK Kaiser and I’m Assessor for Arapahoe County and I’m reporting
assessment for 2019 for our county in araba County we have sent more than two
hundred and twelve thousand notice of evaluation for this year and next year
for real properties the evaluation was based on the present date of June 30th
2018 using the history historical data for the past 24 months ending June 30th
the personal property oil and gas and state assessed properties are not
included in this brief rapaho Assessor office is committed to completing the
valuation of property in accordance with the state Revised statute the assessor’s
office 63 employees half of which are licensed appraiser appraisers use the
proven methodology with highest level of accuracy integrity and competency for
fair and equitable assessment for properties in our power County
we have observed 22% increase in residential properties over the 2017
appraisals the area with an Arapaho County with the largest gains in
residential properties are Aurora Sheridan and Englewood single-family
properties with the greatest value and highest percentage increase was found in
lower profit at lower price tile properties which are basically the
starter homes town homes and condominiums we are very we have very
active apartment market both average and median increase in apartment properties
bracketed 40% on the commercial side which also include industrial properties
the average increase was 15% for commercial properties some of the
greatest increase we have observed is along the i-25 corridor like Denver Tech
Center Greenwood Village inversion says panorama Highland and part of Centennial
see these increases reflect of the county’s continued population growth
economic volatility and high quality of life we are encouraging tax payer if
they have any question any doubt in their evaluation to approach the
Assessor office in this year we are setting up an couple mobile assessor’s
office in County for the people who are senior they cannot reach the assessor’s
office our people who live far in eastern part of the county we are
setting up two mobile office in buyers and we are setting up two mobile office
earlier heather garden senior housing Unity’s all other taxpayers are welcome
to contact assessor’s office if they have any question are they like to
dispute their value being said that I would like to invite Assessor Boulder
County cynthy broader thank you so much good morning I think I need a box to
stand up my name is Cynthia Braddock and I am the boulder county assessor and I’d
like to start out by thanking Keith in the City County City & County of Denver
for hosting this event and letting us explain the results of our reappraisal I
will try not to repeat what others have said and I’ll be brief into the point
Boulder County real value to over one hundred and twenty one thousand parcels
this year about a hundred and two thousand them are residential
single-family manufactured homes condominiums and townhomes about 5,000
of them are commercial and industrial and the remainder of the under twenty
one thousand are a variety of property types agricultural possessory interest
apartments in the sort even though we have a strong economy and a real estate
market that with increasing values high price points in our County and low
inventory of entry level properties have caused our value increases to be at a
slower rate this last year median value increases for single-family residential
properties is at 12% we have a strong multifamily apartment market and these
are the 29 and above unit departments are about 20% and our commercial
properties are coming in at about a medium value of 15.5% the areas in the
residential market that have seen the highest value increases are the areas
with the more affordable homes notices evaluations like everyone else will be
mailed out on May 1st and we encourage you to please contact our office if you
have any concerns at all about your Valley value your inventory or any other
questions that you have about your property we are setting up remote sites
across the county and we’ll publish those locations on our website we have
sites in Longmont and Lafayette and because of the parking issues in
downtown Boulder we actually have some remote sites within the city of holder
to help our citizens I also want to just put out a quick reminder that we have
two deadlines coming for senior benefit senior exemptions so
July 15th is the is the deadline for the senior property exemption applications
to come into the assessor’s office and then July 1st is the deadline for the
Veterans Administration exemptions so please if you know people who qualify
for these encourage them to get their applications in on time and with that
I’d like to turn the mic over to the Elbert County Assessor Susan Murphy good morning Thank You Cindy and thank
you Keith for hosting this today we appreciate all you’ve done in gathering
all the information and posting it and making it public on a personal note I
cannot believe it’s been 22 years since our family or prospective buyers in
Elbert County for us Elbert County offered a central location open space
with expansive views of the mountain range wildlife a farming and ranching
community a rural lifestyle and an overall sense of community today as you
can see by our map the market has indicated that Elbert County continues
to be a desirable place to live with our close proximity to the metro area the
county functions as a bedroom community to Denver castle rock and Colorado
Springs region’s residential home buyers looking for affordability has
contributed to market accelerations in the most eastern eastern portions of our
County thus indicating the increased demand for residential properties that
offer a reasonable commute to population and employment centers after analyzing
the sales data as it existed on June 30th 2018 for the 2019 reappraisal the
market represents a median value change of 20 percent over the previous
reappraisal a median sales price of a single-family detached home in our
county represents four hundred and eighty thousand dollars our market areas
will be experiencing a median percent increase ranging from sixteen point
eight nine to 37% for the first year Elbert County
has an appeal process that we have posted on line at wwlp.com go to the
Assessors website and that link is on our home page and I wanted to give a
special thank you to my staff at number County for all that they’ve done and the
hard work in preparing our notice of values so thank you and at this time it
is an honor to introduce Joanne cross property tax administrator thank you thank you and good morning so I always
love batting cleanup at this event and I want to thank Keith earth Meyer and the
Metro County Assessor’s for allowing me to dovetail on your presentation I’m
going to talk a little bit about statewide numbers statewide the
residential values from are estimated to go up approximately seventeen point two
three percent since 2017 what’s interesting is that that drives part of
what I’m always involved in and my staff is involved in which is the residential
assessment rate but that 17 point two three percent was not enough to drive
the residential assessment rate down considerably this year because all other
classes of property really held their own especially increases in oil and gas
of over thirty eight percent and industrial values of over twenty percent
statewide consequently to maintain the value contribution if you will of
residential property to the whole high of value in the state the residential
assessment rate will be the recommendation with my staff for the
residential assessment rate was seven point one five that 7.15 was approved
last night at about 8:30 out of the Senate committee is going to be heard on
the Senate floor today will be to the house next week and I suspect that that
715 will be what the residential assessment rate will be for the 2019
2020 assessment cycle I want to remind everyone that that contribution of the
value for the whole pie of assessment isn’t really meant to be a relief for
residential property owners it’s meant to be a definition of the contribution
into the assessment pool where taxes come into play there are those
responsible decisions that are made once this information is provided those
responsible decisions that are by your taxing local taxing
jurisdictions we have a great system in the state of Colorado to appeal your
values it starts at your county assessor if you think that they’ve got something
a little off I don’t want to say they’re wrong but I think that they’ve got
something a little off or you want additional information each County
Assessor is willing to meet with you and take that information in between now and
the end of May and they’ll get you a decision by the end of June thank you so
much we’re open for any questions like this so very recent thank you
did everybody hear the question the question was historically have we seen
these kinds of value increases in previous years I don’t have a good
perspective of that other than to say two years ago we saw a pretty dramatic
increase and that increase was much more in residential than all other classes of
property and consequently the residential assessment rate dropped from
796 – 7 – OH this year you see less because is often
the case the commercial and other values swing after residential so they’ve
really picked up the slack and this year you don’t see as much de munition
because of the Gallagher amendment people have often heard of that but that
attempt to keep that ratio being approximately 45 contribution from
residential 55 contribution from all other types of property and those are
statewide numbers so you heard a lot of different numbers here at the dais but
what we deal with is the statewide contribution of those values I stated purpose or worry there we speak
lightly for those who hear that number in front so I’m gonna give you an example our
home my husband and I our home went up approximately 23% in 2017 the
residential assessment rate went from 7-9 ticks to 720 but obviously we were
still contributing more into the pool because of her value increasing more our
actual taxes went down by seven dollars not a lot but went down by seven dollars
and that’s because of the decisions that were made at the mill levy level by the
taxing jurisdictions so what people need to focus on right now is their value is
it correct the taxing decisions are not made by the people on this dais the
taxing decisions are made by those local governments and they need to be you’re
paying attention to those local governments as well ow so the question is are enough people
taking advantage of the senior exemption and the veterans exemption I don’t know
that I would describe it as enough but I would say that the more awareness that
there is of the senior exemption in the disabled veterans exemption the more
people that are eligible are applying and that both the county assessors and
the County Treasurer’s do quite a bit about reach to their populations to try
and get them the message to apply and as cindy shared today those critical dates
are July 1st if you’re a disabled veteran to get in an application and
July 15th if you are a senior but I would tell you that they’ll accept those
applications any time that’s just the deadline so if you’re much better
organized than I you can turn those in today I’ll really reiterate one more
time if a property taxpayer receives this notice from their Assessor and does
not know what it means does not agree with the value please reach out to your
county assessor there are multiple people in our offices that are more than
willing to help explain it to you or to fix a value if it needs to be fixed it
just has to be done by June 3rd so please do so by John June 30 there’s no
other questions thank you very much for your attendance

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