El Paso County property values are climbing, but taxes are not

EL PASO COUNTY, Colo. — Heads up El Paso County property owners — if you haven’t gotten it yet, you should be expecting a property value notice in the mail.

In Colorado, every two years, properties are reappraised. The County Asessor’s office sends out these updated values to every land owner in the county.

Good news for El Paso County, property values are going up. Neighborhoods like Village Seven, Patty Jewitt and Stratton Meadows saw an increase in value as much as 15 percent or higher.

County Assessor Steve Schleiker said “It’s a copy of your property record card and you really want to pay attention to exactly what’s on there in regards to room counts, square footage, things like that and just make sure our records are correct.”

Most importantly, it will show the assessor’s opinion of how your property value has changed from 2015 to 2016 to now.

Schleiker says values for residential properties are based on sales that occurred from July 1, 2014 through June 30, 2016.

“We are still seeing a very hot market and the median increase in value here in El Paso County is 12.8 percent from the 2015 to 2016 values,” said Schleiker.

More than 170,000 single-family homes increased in value. That’s 98 percent of the entire county which is good news for folks hoping to sell or just looking for their property to appreciate.

Schleiker said, “The market here in El Paso County has absolutely been on fire and we’re seeing a lot of things going on especially with home values that are $300,000 or less, they’re moving very, very fast.”

Some might be wondering, with increased property values comes higher taxes. This is true, but not as much as you might think.

Because of state law the property tax rate is actually going down, meaning most homeowners will only see a slight increase on their tax bill, even with the dramatic increase in property values.

For example, say you own a $250,000 home. In 2016, you likely paid about $1,500 in property taxes. Even if your home value increased to $287,500, you’re only going to pay about $60 more in taxes this year.

If you do not agree with the county’s assessment of your property value, you have from now until June 1 to appeal. Flip your value notice over and the directions on how to do so are right on the back.

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