Dear Denver Area Investors,
Anyone else receive their new property tax assessments for the Denver Metro Area and have sticker shock?
We have 4 investment properties in Denver/Aurora & the new assessments average a whopping 29% increase over the previous assessments! In one case, it is up 61%!!! As buy & hold investors who typically focus first on cash flow dynamics, that definitely eats into numbers.
Anyone else have a similar experience? Any thoughts/comments? Any view on whether it would be worthwhile to appeal, and if so, the best practices?
I would be interested to hear others' views/comments.
Yep, mine are all up pretty dramatically from the prior assessments two years before. That's a direct reflection of the market, though, so pretty tough to argue with their numbers.
Jon Holdman, Flying Phoenix LLC
Just be happy we have low taxes and good appreciation. I had similar increases across my properties here.
Yep - got them all in the mail at once on Friday and about fell over. We are fortunate enough to have low mill levies, but holy moly! While I do like seeing the appreciation, since I have no intention of selling right now, it doesn't mean much.
Feeling your pain. I am ever grateful for TABOR.
The former lower assessments were really just a product of the crash. If values had been increasing incrementally since 2008 it wouldn't feel like such a shock, but since they dipped down and then rushed back up it sure does.
Overall, our property taxes are pretty darn reasonable here. And if your rents have been increasing proportionate to everyone else's I'd guess it's not going to hurt your numbers too much. I really don't think an appeal would be worth your while; by the time it was over you might just end up with a higher assessment, lol!
That said, if you're not super happy with your cash flow numbers on your Denver properties, it would be hard to find a better time to sell.
Jean Bolger, 33 Zen Lane | http://www.solidrealestateadvice.com
x10 here. I looked at my numbers, but they are reasonable. You have a short window to protest them.
Can't wait to see who has their hand out when the tax money starts flowing in...
I had mine looked at because I wanted the new basement egress window to be confirmed and they reassessed it at that time. 7 months later they are claiming it went up by 39% - I don't buy it and will be appealing.
Yep, big increases for my properties as well. Anyone ever have any luck protesting a valuation, and can offer some helpful tips? I agree with the new valuations I received, except for a property just off of East Colfax and another one right on York St. In both cases, the comps chosen are blocks away from these major streets, where homes consistently sell for more. I'm wondering if I can just research and submit comps sold in 2012-2014 that have the same proximity to Colfax/York. Think that might work? Also, what are the chances that someone would conduct a physical inspection of the property as part of the protest? Wouldn't want this to backfire on me for any reason :) thanks all!
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