Monday, May 6, 2019

El Paso County value notices shock property owners, but there's more to them

Posted By on Mon, May 6, 2019 at 2:42 PM

UPDATE:

County Assessor Steve Schleiker says the assessment rate for residential property is 7.15 percent, which is accurately represented on notices of value. The rate was initially thought to go down to 6.95 percent, but now that's not going to happen, Schleiker says, correcting his earlier statement.

—————————ORIGINAL POST 2:42 P.M. MONDAY, MAY 6, 2019————————-

Got your new property notice of value yet? Hope you're sitting down.

Values skyrocketed this reappraisal year, with calculations of values based on sales between July 1, 2016, and June 30, 2018, as we previously reported here.
Assessor Schleiker: Expecting lots of appeals. - COURTESY EL PASO COUNTY
  • Courtesy El Paso County
  • Assessor Schleiker: Expecting lots of appeals.
Social media messages are swirling in El Paso County as people received their notices, one of which showed an increase in value of $100,000.

And already, 500 property owners have filed appeals, which isn't as many as in 2017, when 3,200 appealed their property values. But notices of value just went out on May 1.

El Paso County Assessor Steve Schleiker is bracing for the worst, expecting an avalanche of appeals, but before you go that route, Schleiker wants taxpayers to understand a few things:

1. The notice of value does NOT include the senior exemption calculation for taxes, because Governor Jared Polis has not yet signed the budget bill, called the Long Bill, which includes the exemption. Schleiker says the value notices couldn't assume the exemption would, in fact, be funded, but all signals point to its funding. The senior exemption allows seniors 65 and older to pay reduced taxes on their property.

2. The notices of value also didn't include a reduction in assessment rate, because Schleiker is also waiting for the state to approve a decrease in that rate, which would have the effect of lowering the tax bill.

3. Exact mill levies to be applied to the assessment rates won't be known until December, after various agencies, such as the city, county and school districts, set their mill levies.

"A lot of folks are not liking their taxes," Schleiker tells the Indy. "They say, 'My value is going up 20 percent, but I don't like the $300 increase in taxes.'"

It's true that values took a leap due to increasing real estate market prices. Residential values went up by 11 percent in the Briargate and Gleneagle areas to a whopping 37 percent in southeast Colorado Springs. Commercial property values rose by 15 to 20 percent.

But take heart: increases zoomed higher in some neighboring counties.

Schleiker shared these value increases:

Denver County: Single family, 20 percent rise; multi-family, 24 percent; commercial, 31 percent.

Douglas County: Single family, 14.5 percent rise; multi-family, 20 to 35 percent; commercial, 15 to 20 percent.

Single family values also rose in Arapahoe County by 22 percent and in Elbert County by 16 to 37 percent.

Schleiker held a series of town halls to explain the reappraisal, and is going to do it again for the southeast sector. The meeting will begin at 6 p.m. on Thursday, May 23, at Hillside Community Center, 925 S. Institute St.

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