RBC | Property owners in most of Western Colorado — including Rio Blanco County — can expect huge increases in property valuation when they receive their 2023 Notice of Valuation in early May, according to the Western Colorado Assessors.
Increasing demand for real estate, increased building material costs, low mortgage rates and a steady migration from larger cities into the area have contributed to historic valuation increases during the past two years.
Properties are revalued by county assessor offices every two years, based on market sales data from the previous two years. The 2023 valuations are based on a property’s level of value as of June 30, 2022 and were established using market sales info from July 1, 2020 through June 30, 2022.
In Western Colorado counties, the overall median percent change for residential properties is 45%, and 25% for commercial/industrial.
For Rio Blanco County in particular, the median percent change is 30% for residential and 12% for commercial/industrial.
Check the interactive map for median percent change from each county: https://gis.dola.colorado.gov/Residential_Value_Change
In Colorado, three factors determine the level of taxes on a property: market valuation, assessment rate, and mill levy.
Assessors are only responsible for establishing valuations, using actual market sales transactions.
Assessment rates are set by the Colorado Legislature, and in an effort to offset the valuation increases statewide, the legislature has made some reductions to the statewide assessment rates and provided an actual value exemption of $15,000 per residential property and $30,000 per improved commercial property for tax year 2023. Those exemptions will not be reflected in the Notice of Valuations, but will be applied prior to 2023 tax bills being sent.
Mill levies are set by special districts, county and municipal governments, and school districts. It is undetermined at this time what the 2023 mill levies will look like for taxpayers.
Special to the Herald Times
