Last updated 9:37PM ET
December 14, 2017
KSUT Regional
KSUT Regional
Reassessments Show Big Property Value Increases
(2007-04-30)
(ksut) - HOST LEAD: The real estate equivalent of "sticker shock" comes to Colorado households this week.
Notices of reassessment due to arrive in property owner mailboxes this week will confirm rising property values.
For some, the increase will be more than others.
And that could translate into higher taxes next year.
KSUT's Victor Locke Reports.

PRIOR: WE GOT DISCOVERED!
VICTOR: Getting discovered might be good if your an aspiring performer.
But that's not what Archuleta County Assessor Keren Prior is talking about.
Like county assessors across Colorado, she's mailing reassessment notices this week, about 20-thousand of them in Archuleta County alone.
Reassessments are a best guess estimate of your property's value, for taxing purposes.
In Archuleta County, Prior says most reassessments show double digit increases in property values.
In some cases almost a doubling, since property was last reassessed two years ago.
PRIOR: ON OUR VACANT LAND ALONE, THE AVERAGE HAS BEEN ABOUT, COUNTYWIDE, 92-PERCENT, AND THEN WE'RE LOOKING AT ABOUT 45-PERCENT ON THE RESIDENTIAL VALUES.
Commercial properties went up about 18-to-21 percent.
Prior says a program by a California company two years ago to buy vacant lots it considered under valued, and flip them two or three times, in a large part led to the huge increase in property and private home assessments.
PRIOR: WE'VE SEEN THE MARKET TURN OVER AT LEAST TWO AND THREE TIMES, AND THAT DID CREATE A MARKET VALUE THAT I HAD TO USE TO GENERATE THESE VALUES, SO THAT'S WHERE OUR INCREASE IS COMING FROM.
In La Plata County, where 31-thousand reassessment notices are going out this week, the increase in assessed valuations is not quite so steep.
Assessor Craig Larson says land assessments went up 35-percent, commercial properties 26%, residential 25-percent and condo's anywhere from 30-to-38 percent, depending on their location.
While you might smile at the increased valuation of your property now, you may not be next January, when you receive your property tax bill based on the valuation.
In most cases, the increased assessed valuation will spell higher property taxes.
If you think you're property has been over assessed, you also have a short window to do something about it, according to Prior.
PRIOR: THE MONTH OF MAY IS THE APPEALS PERIOD AND I DO ANTICIPATE A LOT OF PEOLE WHO POSSIBLY HAVE NOT CHECKED ON THE MARKET, DO NOT KNOW WHAT THEIR PROPERTY IS WORTH OR PERHAPS HAVEN'T DONE AN APPRAISAL ON IT. THEY WILL COME IN AND SAY, THEY'LL WANT TO KNOW, THEY HAVEN'T SOLD THEIR PROPERTY, THEY'LL WANT TO KNOW WHY THEIR VALUES HAVE GONE UP, THEY'RE RELATED TO OTHER STATES AND AND HOW THEY DO VALUE.
If you want your assessed valuation reviewed, you must file with your county assessor by June first.
If you don't, it's too late to appeal in January, when your property tax bill comes and it shows a major increase, due to the new valuation.
PRIOR: THEY'RE NOT GOING TO LIKE IT, NOBODY SAYS THEY'RE GONNA LIKE IT. IT'S GONNA LOOK GREAT ON PAPER BUT THEN THEY'RE GONNA HAVE TO PAY TAX ON THAT VALUE TOO.
From KSUT, Four Corners Public Radio, I'm Victor Locke.
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