In the Denver metropolitan area, the moment to assess the fluctuation of real property values has arrived, with Metro Denver's Assessors releasing their biennial real property valuations as of June 30, 2024. Residential properties across the board have largely seen stable or slightly decreasing values, a stark contrast to prior years of significant jumps in valuation. Property owners are urged to inspect the details shared by the Assessors' offices and are reminded that they have the right to file an appeal between May 1 and June 9, should they find discrepancies in the evaluations. Each county's Assessor's website provides a wealth of information, including data on local sales used to gauge the corresponding valuations.
The City and County of Denver has published varying rates of change for residential and commercial properties. For instance, Boulder County residential changes hovered around a minus 1%, while Broomfield's residential valuations experienced a much wider range of minus 5% to plus 25%. Spanning over the various counties, commercial and apartment/multi-family changes saw diverse trends with Adams County reporting a significant 15% increase for general commercial, whereas Douglas County saw a drastic drop of up to 30% in the same property class.
Numerous Assessors commented on the valuation updates, with Adams County Assessor Ken Musso mentioning a general market downturn with residential market areas in Adams County showing a decrease in value from -2% to -6%. Arapahoe County Assessor PK Kaiser highlighted the change from previous years where double-digit increases were the norm, stating, "The big news this year is that residential property values have remained relatively flat, and in some cases, even decreased slightly over the 2023 assessment period," as related to City and County of Denver.
With most Assessors praising the potential for online appeals and providing easy access to valuation data, City and County of Denver's Assessor Keith Erffmeyer invited property owners to leverage the digital portals provided, saying, “We encourage Denver property owners to visit new denvergov.org/property website to verify details of their property and to use our efficient and effective appeals process if they have questions or documents to support a different valuation or classification of their property.” However, the actual impact on property tax bills won't be felt until later in the year, when the tax and assessment rates are formally established in each county.
The median home prices also reflect the county-specificities, with Larimer County's lush locales boasting a median price tag sitting at $550,600. The county-by-county breakdown highlights the various economic landscapes that make up the greater Denver area, as seen by the fluctuating rates of valuation changes, as reported by the City and County of Denver. Collectively, the Assessors' articulations and the revealing data charts provide a diverse picture of a region grappling with the tail end of a real estate market that has seemingly plateaued or even receded in certain areas.
