Colorado homeowners will likely pay significantly more in property taxes this year and next despite home values seeing a major drop
Data from the Colorado Association of Realtors shows in April of 2022, the average home sale price in Denver peaked at nearly $950,000. The latest available data is from January 2023, the average price is now around $750,000.
"It's going to be a very unique situation because we had values change so quickly, in the last half of 2022," said Kelly Moye, a realtor with Compass and spokesperson for the Colorado Association of Realtors."The assessor takes a look at the sales from the last 18 months and determines what they think the value would be of that particular property based on comparable sales.
"If people get a value that they think is unreasonable, they can reach out to their realtor, that's what we're here for, and realtors can help provide comparable sales that might be more accurate. Then you can actually fill out the form that the assessor provides and take it into them," said Moye.
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