Friday, Aug. 2, 2024
Did Colorado home values rise significantly in 2023?
Under Colorado law, properties in the state must be revalued every two years. The most recent revaluation occurred between Jan. 1, 2021, and June 30, 2022.
The repeal of the Gallagher Amendment in 2020 was partly to blame for the double-digit increase in valuations seen across the Metro Denver area. The amendment limited how much property assessments — and therefore property taxes — could rise. The repeal was driven by state and local governments struggling with huge deficits that originated during the pandemic.
This fact brief is responsive to conversations such as this one.
Sources
- Colorado Department of Local Affairs/Division of Taxation 2023 Fifty-Third Annual Report to the Governor and the General Assembly
- Boulder County Assessor 2023 Property Values in Boulder County
- Douglas County Homeowners: Property tax relief is coming
- Jefferson County Metro Denver Assessors Announce Real Property Valuations
- Colorado General Assembly Repeal Property Tax Assessment Rates
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Fact briefs are bite-sized, well-sourced explanations that offer clear "yes" or "no" answers to questions, confusions, and unsupported claims circulating online. They rely on publicly available data and documents, often from the original source. Fact briefs are written and published by Gigafact contributor publications.
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