La Plata County property owners pushed back this month against the valuations they received in May to a greater degree than in recent years, likely not unlike other owners in desirable locations across the state. Property – the amount real property, residential and commercial, could sell for or be used for collateral – significantly increased in value during the 18 month assessment period that ended June 30, 2024.
And that’s painful for those who like where they are living, or who have tenants in their commercial property and revenue and expense budgets.
That values went up should be no surprise. Appealing mountain towns have attracted newcomers who visited and then decided to stay, while land and new construction costs are high. The ability to work remotely is a draw, as are grandchildren for retirees.
About 1,600 appeals were filed in the county, with about 120 moving up to the higher yes-no decision level. Assessors can be mistaken about square footage, the number of bedrooms and whether compariales are reasonable, but Colorado has had a consistent well-defined template for valuations that is applied statewide. Assessors can’t play favorites or tip values to favor taxing districts as may have happened decades ago.
Mill levies come next, to be seen in the tax bills that will be mailed out after Jan. 1. La Plata County has the fourth or fifth lowest county rate in the state, and the Legislature, reacting to previous value increase, put some favorable exemptions into law. On the flip side, that’s partially why taxing entities are considering coming to voters in November.
So, embrace your property’s increase in value. The creation of provisions to limit the increase in amount of taxes (California’s Proposition 13 was a major example) can unbalance collections and be divisive, and are very likely in Colorado. Property is worth more and that means higher taxes.
