Grand County’s pricey housing market leads to increase in property values
An evaluation of Grand County shows property owners throughout the county can expect an increase in official property values this year, which means a gain in asset values, but also a possible increase in property taxes.
Due to the variation in property types and values within the county, an exact figure on the increase isn’t possible, but Grand County Assessor Tom Wydert said the average increase in value for residential property is around 20 to 30 percent.
Notices of property valuation will be mailed on May 1.
“We understand that these increases will have a significant impact on individual property owners,” Weydert said. “We live in a cyclical economy and these increases are a reflection of an upward trend in that cycle.”
Wydert added that valuations for each property is unique depending on location and other factors related to specific property, so not all valuations will see a 20 to 30 percent increase.
The increase in property values is closely linked to market value and actual property sales, so this year’s evaluation is partially based on the sales prices of property sold from July 1, 2016 to June 30, 2018.
“The prices that have been paid for property are directly responsible for the significant increase in value,” he said. “Our appraisal process is a reflection of what has happened in the marketplace.”
Property owners can appeal their valuations and information on how to do so is included on the notice of valuation. However, Wydert said the appeal is only for those who believe their valuation is inaccurate and not a protest about higher taxes.
An example of factors that would affect a property values are inaccuracies in the number of bathrooms or square footage on the county’s record.
Monday, May 6 – Hot Sulphur Springs Town Hall
Tuesday, May 7 – Kremmling Library
Wednesday, May 8 – Fraser Library
Thursday, May 9 – Granby Library
Friday, May 10 – Grand Lake Center
*All meetings will start at 6 p.m.
“This is a mass appraisal process and not every property will fit exactly into our statistical and modeling analysis,” Wydert said. “To dispute that value, a property owner is advised to provide evidence that similar properties have sold for less or more than the estimated market value for his or her property.”
Each appeal will be evaluated by the assessor’s office, which will either deny the appeal or adjust the valuation.
Ultimately, the exact impact of the new valuations won’t be known for months, until after Weydert certifies the final assessed values to taxing agencies and those agencies set the mill levies by Dec. 15.
Weydert also cited the Gallagher Amendment and the state’s Taxpayer Bill of Rights that could help moderate any rise in property taxes.
The assessor’s office will also hold five public meetings around the county to help answer questions. The first will be 6 p.m. Monday at the Hot Sulphur Springs Town Hall.
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Grand County’s real estate transactions June 6-12 were worth more than $33.6 million combined.