News Archive

April 24, 2019

Notices of Property Value to be mailed on May 1

Property values are up across the county, but values are increasing at a slower pace than prior reappraisal periods.

Boulder County, Colo. - The Boulder County Assessor’s Office has completed its biennial reappraisal of all property in Boulder County and will be mailing notices of value to property owners on Wednesday, May 1. Per state statute, for 2019, the actual value for residential, commercial, industrial, and other property types reflects the market value of the property as of June 30, 2018. The previous biennial reappraisal was done in 2017 based on market values from June 30, 2016.

As area residents are aware, real estate values have been going up at a significant pace based on high demand for a limited supply of properties for sale. Overall, there is a positive change in values for residential properties. However, values have increased at a slower rate in this cycle than during the last few reappraisal periods.

The median percent increases for residential type properties in this appraisal period range from 13% for the western portion of the county to 10-18% for the cities and eastern portions of Boulder County.

Maps showing percent changes in residential property values from 2017 to 2019

Overview

Since the June 30, 2018 market value assessment date, the real estate market in Boulder County has continued to grow. Residential sales figures continue to rise and homeowners may find that their homes are worth more today in the current real estate transaction market than our assessments indicate from nearly a year ago.

Commercial and Industrial properties are also showing higher changes, with a median value of 15.5%. Apartment complexes have also seen similar increases to residential due to high occupancy and rental rates.

As homeowners around the county consider the percent increases in property values, we feel it is important to point out that percentage increases are relative based on the net value of a property. For example, a 15% increase on a $400,000 house in Longmont raises the price of that house to $460,000, whereas, an increase of 15% on a $1,000,000 house in Boulder raises that price to $1,150,000. Therefore, percent increases will vary in relation to actual dollars quite considerably across the market.

The residential assessment rate adjustment is guaranteed by a 1982 Constitutional Amendment known as the "Gallagher Amendment." Gallagher stabilized residential properties’ share of the statewide property tax base so that residential property owners would not continue to bear an ever-increasing portion of the property tax burden. The State Legislature may reduce the residential assessment rate in 2019 to maintain the statutory balance between residential and all other property types. Currently, the residential assessment rate is set at 7.20%; all other property types have an assessment percentage of 29%. An estimate of 7.15% for the residential sector has been proposed and is expected to be decided by the end of the 2019 legislative session.

Notices of Value

Again this year, residential property owners will receive a three-fold Notice of Value postcard in the mail that includes the property’s basic assessment. Property owners can access a more traditional Notice of Value on our website at www.BoulderCountyAssessor.org. Anyone without computer access may call our office at 303-441-3530 to request that a traditional Notice of Value be sent to them at no charge.

Programs for Seniors and Disabled Veterans

Property owners who are 65 or older and have owned and lived in their home for the past 10 years as of Jan. 1, may be eligible for the Senior Property Tax Exemption Program. Disabled Veterans may also qualify for the exemption.

The Colorado Legislature may be funding the Senior Homestead Exemption for 2019 (for taxes payable in 2020.) If you have not been approved already for this program, please call our office or visit our website for an application to apply. We urge you to be prepared ahead of time, so you can benefit from this exemption if it gets funded. The deadline to submit your exemption application is July 15.


Appeals

The NOV postcard mailed to every residential property owner’s home includes an appeal portion that can be mailed back as an appeal form. Property owners may also appeal their values online through our website, by fax, or in-person. For taxpayers who choose to appeal online at boco.org/AssessorAppeals, there are tools available to help research sales and attach comparables to the appeal. We hope residents will find these online tools useful and intuitive. All appeals must be filed by 11:59 p.m. on June 1.

We will have various locations open for portions of May for property owners to come in and talk with Assessor’s Office staff. Drop-in visits are welcome any weekday from 8-4:30 at our main Boulder office location (1325 Pearl Street, 2nd Floor) and during the specified dates and times at the following remote locations:

Click on the image below to take you to a text version of this calendar on the Assessor's website. Chart of appeals dates