A quick market update for buyers, sellers and investors in Boulder Valley real estate.
Rich's Boulder Valley Real Estate Report
New Property Tax Assessments Coming
In Colorado, property taxes are re-assessed every odd numbered year and in the coming weeks you will receive an updated 2017 tax assessment which establishes the value of your property as of June 30, 2016. Because property values in our market have increased dramatically over the last few years, it's likely you'll see a substantial increase in your tax assessment. (The Assessor's process is explained here.) During the study period for tracking values (June 30, 2014 to June 30, 2016), the average sales price of single family homes in Boulder County increased 26.8%, and the average sales price of attached dwellings increased 36.7%.
The new tax valuation you'll receive is the starting point for calculating property tax over the next two years.
If you think your assessment is inaccurate, you have until June 1st to appeal. Take these steps first:
1) Make sure the assessor's objective information is accurate.
Check the square footage, the number of bedrooms and the number of bathrooms.
2) Examine the details of the comparable properties the assessor used to establish your property value.
It's not uncommon for the assessor to base value on unsuitable comparable properties. If you think this may be the case, call me asap and I will assemble a better set of comps for you to use in your appeal.
The downside to the rapid appreciation we have all enjoyed on our properties in Boulder County is that property taxes are increasing. Most of your property tax dollars go towards funding public schools which is a good thing, but if you feel the Boulder County tax assessor is trying to get too much of a good thing, I am happy to help with your appeal. Call or email me anytime to discuss.
Area Home Sales
30 year fixed conforming 4.25%
5/1 ARM conforming 3.875%
7/1 ARM conforming 3.875%
15 year fixed 3.5%
30 year fixed jumbo 4.375%
5/1 ARM jumbo 4.125%
7/1 ARM jumbo 4.0%
Friends & Family
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