I just opened the postcard from the Larimer County Assessor’s office.
My simple ‘70’s ranch home near the Foothills Mall increased in value by more than 30% in two years. I was expecting the value to go up but not nearly $100,000. I went looking for answers and saw this headline on the Larimer County website.
Property Values in Larimer County Are Up. Unfortunately, The Assessor’s Office Noticed
–Steve Miller, Larimer County Assessor
I’m not sure there’s much any of us can do about it though I still suggest that you protest your numbers if the valuation sounds too extreme. The value is based on sales and market information that occurred between July 1, 2011 and June 30, 2016.
But, here’s a bit of good news. According to the site, http://larimer.org/assessor/, the assessment rate may be going down. The rate is set by the legislature in accordance with the Colorado Constitution and statues. We won’t know the exact rate until the end of this legislative session which ends May 10th. Despite the massive increases in value, the actual costs of our property taxes will be mitigated by a decrease in the rate.
Here’s how the county explains it.
Between the 2015 and 2017 reappraisals, the valuation on the house went up 25% but because of the drop in the assessment rate, property taxes on the house would only go up 13%.
That is still a steep increase in the property tax bill, but only about half of what it would have been without the drop in the assessment rate.
So, good news, right?
I may still protest depending on the actual outcome of my taxes and if I can find great comparables that will prove my point. This is also the first year that I am eligible for the Senior Tax Exemption which cuts in half, the amount owed on the first $200,000 of the house’s value. I get several discounts for being over a certain age (Lyric Cinema Café is my favorite) but the Senior Exemption is the best!
Regardless, I’d be happy to look at your assessment and see if there’s any way I can help.
Here’s the other good news. At least the values are going up and not down which means that we live in a vibrant community with a stable economy. That said, you better start saving up your dollar bills (or more to the point, hundred dollar bills) to pay this year’s tax bill in 2018.