Chaffee County Assessor’s Office Notice of Property Valuations Reflect Substantial Increases
Hundreds of thousands of Colorado property owners are going to be saying “Good Grief!” this coming week as double-digit increases to property values are announced.
Here in Chaffee County, property owners will receive their 2023 Notice of Valuation (NOV) from the Chaffee County Assessor’s Office in the mail over the coming week. They reflect the Actual Value of properties based on local market sales over the past two years, and differ from the Assessed Value that is used to calculate property taxes.
This year’s NOVs will include a tax estimate, but final tax liabilities will not be determined until taxes such as mill levies are set by each taxing authority at the end of 2023.
Image courtesy of the Chaffee County Clerk’s Office.
“As is the case for most regions across Colorado, Chaffee County property values are showing substantial double-digit increases,” said Chaffee County Assessor Rick Roberts. “Real estate prices in our communities have jumped astronomically over the past few years, which translates directly to the much higher valuations in 2023,”
“We are generally seeing between 40 to 60 percent median increase in actual values compared to 2021,” he adds. “Over the past two years, a strong demand for real estate, increased building material costs, historically low mortgage rates, and a steady migration from larger cities into rural Colorado have all contributed to these historic valuation increases.”
Roberts adds, “The values of residential properties are determined by analyzing sales of properties within the county between June 30, 2020, and June 30, 2022. It is a state statutory requirement that County Assessors conduct a complete revaluation of all properties every two years using these market sales data.”
These new valuations will be used to calculate property taxes for tax years 2023 and 2024 (payable in 2024 and 2025 respectively), and property owners can expect increased tax bills as a result.
The Colorado Legislature has adopted several reductions in assessment rates effective this tax year, as well as an Actual Value exemption of $15,000 per residential property and $30,000 per improved commercial property for tax year 2023.
There are additional exemptions available for qualified seniors, disabled veterans, and gold star spouses. According to the assessor, these Actual Value exemptions will not be reflected in the Notices of Valuation but will be applied prior to the 2023 tax bills being sent by the county Treasurer’s Office in early 2024.
Property owners who wish to protest their property classification and/or Actual Value must submit an appeal to Chaffee County Assessor’s Office between May 1 and the June 8, 2023 deadline. More information can be found at www.chaffeecounty.org/Assess
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