Again, the article below illustrates that you need to have a Realtor on your side to help you with property valuations if you plan on doing any kind of protest with the County. They are playing "appraiser" for you, and they have more and better data than you do, but a REALTOR on your side can level the playing field for you...because they can do a Comparative Market Analyisis (for FREE) for you, and do it competently so you get some respect...
Latest property values based on location, location, location
By Stuart Steers And Charley Able, Rocky Mountain News May 7, 2007
The rich got richer, while some neighborhoods saw significant declines in property values in recent assessments.
Colorado counties sent out notices last week to most property owners telling them what they think their property is worth. Those valuations are used in determining how much property tax they'll have to pay.
Some of the biggest increases were in wealthy neighborhoods such as Cherry Hills Village or Denver's Hilltop.
More modest neighborhoods that have been hit with a wave of foreclosures saw declines in value.
"Residential property was up an average of 6 percent across the city," said Denver Assessor Paul Jacobs.
Denver saw large increases in gentrifying neighborhoods near downtown, including Union Station (30 percent) and Five Points (20 percent).
Country Club - where the median home is worth $1.3 million - saw values climb by 12 percent.
In Hilltop, with a median home value of $747,400, values have risen 17.6 percent since 2005.
Other neighborhoods saw the opposite.
Montbello, which has a high rate of foreclosures, saw a median home value of $171,850, a decline of 4.5 percent from 2005.
Under Colorado law, assessments are done every two years. The valuations homeowners are now receiving were made during an 18- month period that ended in June 2006. County assessors use neighborhood sales reports to determine residential property values.
In general, condominium values were flat or declined. Single-family homes rose or fell depending on neighborhood.
"It's truly the old cliche of location, location, location," said Adams County Assessor Gil Reyes. "The older neighborhoods generally went down, and the new neighborhoods saw an increase."
Reyes said about half the complaints he's received were from people who thought the estimate of their home's worth was too low.
In Arapahoe County, residential property values are up 10 percent overall, and the highest increases are in wealthy Cherry Hills Village and Greenwood Village, said county Assessor Corbin Sakdol.
Property values declined in some areas, notably parts of Aurora with high rates of foreclosures.
Declines in low-end condos were common, but condos gained in value in Littleton, Centennial and other areas with higher-end attached homes.
Boulder County saw average increases of 11.5 percent, with the strongest increases in the city of Boulder.
A few areas in the eastern part of the county saw values decline, however.
In Jefferson County, residential property values increased 7.7 percent overall. The largest gains were near Evergreen and Morrison, where values rose 13 percent, said Assessor Jim Everson.
In Douglas County, residential property rose an average of just over 7 percent, and some custom home valuations increased as much as 20 percent.
Homeowners who disagree with their assessments must file appeals with their county assessor by June 1.
steerss@RockyMountainNews.com or 303-954-2282
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