Hey Dave,

We just received the property valuation notice for our house, and the new value is over $100,000 higher than the previous assessment.  The current property value they have listed is still lower than what we paid two years ago, but is that large of a jump in value reasonable?    I guess with the cost of everything going up, it’s just hard to accept that ALL of our bills are getting larger, but maybe that’s just how it goes.

We still love our new home but we’re just surprised to see such a significant jump.  Thanks again!

K., Grand Junction

K,

Great question

While I can not disagree about the cost of everything seemingly on the rise, inflation is easing to some degree, and we can only hope that continues and we see some reprieve in the cost of living.  Since the new property valuations hit everybody’s mailbox in the past couple of weeks (I believe they went out around May 1, 2025), we have had many inquiries like yours. You can feel some comfort/consolation that you are not the only person who has questions about the increase in property taxes and valuation….and let’s be honest, how many of us are happy when our taxes go up?  Unfortunately, it was time for the county to reassess property values for tax purposes, and it came on the heels of what one could consider a continued very solid market.  With the recent value surge in the overall real estate market, valuations were still expected to increase, but it’s always a bit startling when it actually hits your pocketbook.  

The eighteen-month evaluation period to establish the new property values was from January 1, 2023, to June 2024.  Remember that although the market was not as "hot" as it was during the previous valuation period, the market was still robust from a price perspective, with property values growing during the reference time frame.  If you disagree, you have the right to protest your property valuation but you must do so by June 9th.  You can visit the assessor’s office and speak with them about your property value, or visit their website, mesacounty.us.  There is also a really great youtube video explaining the process at https://www.youtube.com/watch?v=1iidrILtpkY.   When you go down to protest the value, ensure you bring information supporting your value estimation.  There is no guarantee of change, but at least you will get the opportunity to state your case!   We have seen many homeowners be successful in having their values altered because the supporting evidence supported their claim.  Last week, we saw one client whose valuation was reduced by almost $75k.

Remember that rising tides lift all boats so we are all sharing in the increase in property values that will generate more property tax money for the city and county!  Everyone loves to discuss how much the value of their home goes up when times are good etc….until that increase comes home to roost as a tax increase. One silver lining, according to Investopedia.com, Colorado is still considered one of the “lowest 10 states for property taxes”.   Unfortunately, taxes are just part of the program.....what do they say? "only things guaranteed in life are death and taxes" or something like that..... and as long as values continue to rise, you can expect them to continue to increase!  Hope this helps.  

 

Dave Kimbrough
The Kimbrough Team – RE/MAX 4000
HAVE A QUESTION? ASK DAVE!
dave@thekimbroughteam.com