$121k year over year home appraisal increase from county. Anyone have experience with appeals? (Denver: comparable sales)

[digitalUID]

We just received our (Arapahoe) county appraisal notification and there was a $121,200 value increase year over year! That seems incredibly high; not many homes are increasing 26% year over year these days. According to the county, our home is now valued at nearly $60k more than recent comparable sales prices in the neighborhood. Granted, we do believe that our home was undervalued in the past couple years worth of appraisals. We're wondering if the county is skewing at the far high end of the range to make up for lost revenues. But that's certainly not our fault either.

Has anyone here had any (successful) experience with appealing a county appraisal? If so, can you describe your experience?

[bluescreen73]

It's actually not year-over-year. Assessments are done every two years. Colorado is a full disclosure state, so the assessor's office gets the full details of every sale. Ours went up about 30%. It'll work out to about $100/mo for us if the legislature doesn't do anything to reduce the assessment rate. You can fight it, but you likely won't be *as* successful as you would be in a non disclosure state.

[digitalUID]

Originally Posted by bluescreen73

It's actually not year-over-year. Assessments are done every two years. Colorado is a full disclosure state, so the assessor's office gets the full details of every sale. Ours went up about 30%. It'll work out to about $100/mo for us if the legislature doesn't do anything to reduce the assessment rate. You can fight it, but you likely won't be *as* successful as you would be in a non disclosure state.

I just wonder what they are comparing it to. My spouse scours sales data on a regular basis and she was shocked by this number. Nothing comparable to our location, acreage, and square footage has sold for that amount in the past couple of months. It's at least $60k higher.

[ShampooBanana]

I'm in Arapahoe County, too, and my assessed value went up over $183,000. Seems rather insane but then realize they are comparing between January 1, 2021 to January 1, 2023. I've never appealed before. Tempted to this time, but I don't think it would have a huge affect. Even if they bumped it down $50 I'd be saving maybe $30-40 per month on my mortgage, which when comparing to what my overall mortgage payment is is just not that substantial to be worth the time and effort to fight it. If you do choose to then just make sure you have sufficient supporting data on comparable sales in your area to support it.

[bluescreen73]

Originally Posted by digitalUID

I just wonder what they are comparing it to. My spouse scours sales data on a regular basis and she was shocked by this number. Nothing comparable to our location, acreage, and square footage has sold for that amount in the past couple of months. It's at least $60k higher.

The statement they send you should give you the comps they used to come up with your valuation. You can also see it on the Arapahoe County assessor's website by looking up your property details then clicking on the link that says "2023 Traditional Notice of Value" in the upper right. That displays a PDF that is probably the same thing they send you in the mail. The comps are on the 2nd page.

[2bindenver]

It’s not YOY it is every other year.

DM me if you want me to run comparables for a dispute.

[Bill Kidd]

This is what foolish Colorado voters voted for when they vote Democrat and to repeal Gallagher.
This is a windfall for the counties, and we will not see any benefits from all the extra money we're spending.
I always protest my assessments. I want them to work for it.

[bluescreen73]

Originally Posted by Bill Kidd

This is what foolish Colorado voters voted for when they vote Democrat and to repeal Gallagher.
This is a windfall for the counties, and we will not see any benefits from all the extra money we're spending.
I always protest my assessments. I want them to work for it.

Gallagher stopped working when TABOR became the law of the land. Those two amendments together were punishing rural municipalities on the Eastern Plains and Western Slope. Countless places had to do really draconian crap like disbanding paid fire departments, cutting hours at libraries and swimming pools, closing schools, and losing teachers because they couldn't afford to pay them. Of course if you're one of those Grover Norquist "taxation is theft" wonks, you'll never be convinced that what I've just said is bad.

[mkwensky]

Which website/tool is good to use to generate your own list of comps? I'm in Douglas County.

[vunderbar]

My house has doubled in value in 8 years, similar shocking increases are common in my central Denver neighborhood. I know a couple of local realtors are helping residents put together comps as they appeal the latest appraisals.