Reappraisal of property values occur every two years, and next year's property tax liability would reflect increases in market value by June 2022. Indeed, all nine metro area counties showed double-digit increases hovering near the 40% mark.ĭenver and Boulder showed the sharpest rise in valuations for apartments at 45% and 44%, respectively. Consequently, valuation for a median residential house rose by 33% in the City and County of Denver, 42% in Arapahoe County and 47% in Douglas County. The soaring valuations were expected, following the red-hot market of 2021 and early 2022.
Unlike some states, Colorado does not cap the property valuation in determining tax liability, which means a 40% increase in market valuation translates to roughly the same amount in tax valuation increase, with some adjustments for mill levy hikes or decreases made by local jurisdictions and an assessment ratio decrease adopted by the state.
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