County assessors across the state are sending out notices of valuation over the next few days listing what they estimate properties are worth.
In the metro area, most notices will show a decline in property values, especially for high-end homes and commercial buildings.
But some affordable neighborhoods boosted by last year’s homebuyer tax credits are showing increases.
Counties assess property values every two years, and those valuations are used to calculate property taxes due over the following two years.
In Denver, about 32 percent of all homes received a higher valuation, while the rest will see declines, said Paul Jacobs, the county assessor. The median decline for residential properties in Denver is 4.8 percent.
Arapahoe County had a wide divergence, with large price declines in the Cherry Hills and Greenwood Village areas, while areas of Aurora rebounded, said Assessor Corbin Sakdol. Overall, residential values also were down 4.8 percent.
Douglas County suffered the biggest drop in residential values of any metro county at 8.9 percent. Some ritzier areas lost 20 percent or more. And for the first time, raw-land values in the county fell, said Assessor Teri Cox.
Boulder County saw a 2.6 percent decline in overall residential values, while Jefferson County saw a 2.1 percent decline in single-family homes, and Adams County was off 1.7 percent.
Broomfield County reported mostly stable values, with an overall decline of only 0.73 percent, Assessor John Storb said.
Properties were valued as of June 30, 2010, which represented good timing from a county perspective.
Homebuyer tax credits reversed a decline in home prices and lifted them higher through June 2010, according to the S&P/Case-Shiller Home Price Index for metro Denver. And while the index shows home prices sliding again, that won’t show up until the next cycle.
Commercial properties, which cover a disproportionate share of overall property taxes, were hard hit after the credit crisis in late 2008.
Higher-end homes fell sharply, and a lack of new construction has kept the overall property base from growing in many counties.
Property owners who disagree with a valuation have until June 1 to protest, said JoAnn Groff, the state’s property-tax administrator.
Anyone protesting should remember that comparable sales or appraisals after June 30, 2010, don’t count. They should also weigh the costs and benefits of hiring outside help, given that protests can be done for free.
The most successful protests result when the assessor has details about the property wrong, such as listing it with four bedrooms when there are only three.
Jacobs said that in Denver, about half the protests result in changes favorable to the owner.
Aldo Svaldi: 303-954-1410 or asvaldi@denverpost.com
