Metro Denver assessors lowering most property valuations

Denver Business Journal – by Heather Draper
Date: Wednesday, April 27, 2011, 12:51pm MDT

More than 750,000 property owners throughout the seven-county Denver metro area will receive notices of valuation in the mail in the next several days, with most expected to get news that their property values are lower.

The new valuations are based on an 18- to 24-month data-gathering period that captured market prices as they were on June 30, 2010, according to the county assessor’s offices of the seven counties, which issued a joint press release on Wednesday.

All City and County of Denver real property markets have declined since the 2009 valuation, with single-family homes, condos and townhomes experiencing an overall median drop of 4.8 percent. On an individual basis, 31.7 percent of residential values increased while 68.3 percent went down.

Residential condos, as a group, fell 5.8 percent in Denver County, while large apartment buildings dropped 1.3 percent.

All of Denver’s non-residential property groups also fell, with large downtown office buildings down 9.6 percent in value, retail properties down 10.6 percent, manufacturing and warehouse facilities down 15.2 percent and hotels down 16.5 percent, according to the assessors’ data.

Denver’s property tax base has been cut by 9.6 percent, the report said.

In Adams County, residential values dropped only slightly — about 0.017 percent — while agricultural values experienced the biggest increase, up 12 percent, according to the assessor’s office.

Arapahoe County experienced a wide range of valuation changes between July 2008 and June 2010, the assessor’s office there said. Residential values were down 4.8 percent countywide, with the biggest value declines in Cherry Hills Village and Greenwood Village.

Some areas in Aurora, however, that had dropped in value two years ago, were experiencing substantially improved values. Commercial values also trended slightly lower, according to the assessor’s office.

Residential values in Boulder County dropped 2.7 percent countywide, with condos taking the biggest hit, according to the assessor’s office. Commercial and industrial properties were down more than 3 percent, while ag properties increased by more than 4 percent.

Broomfield County saw only a slight decline in residential values, with a drop of 0.73 percent. Foreclosures didn’t significantly affect the Broomfield market, the assessor’s office said. Commercial and industrial values fell by about 5 percent in Broomfield.

In Douglas County, including Highlands Ranch and Stonegate, the residential value countywide dropped 8.8 percent, while the commercial value overall fell 5.6 percent.

The Douglas County assessor noted that it would, in an effort to save money, send post cards regarding the valuation changes, with long forms available on the assessor’s website.

The median percentage value decline for Jefferson County single family homes was 2.1 percent, with the largest drops in Conifer and Evergreen. Homes in Wheat Ridge and Edgewater actually increased in value. On the business side, value decreases averaged 3.5 percent, with the largest drops in the office, retail and manufacturing sectors.

Colorado law requires property values for tax purposes to be completely updated every two years.

Owners who agree with the new values don’t need to do anything, but anyone who disagrees has the option of filing a protest. Complete protest instructions will be included with the valuation notices, according to the assessors. | 303-803-9230

Read more: Metro Denver assessors lowering most property valuations | Denver Business Journal

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