Significant valuation increases expected for county property owners

Property owners in Colorado can expect tremendous valuation increases when they receive their 2023 Notice of Valuation on or about May 1, including Phillips County. If you have not been following the local real estate market, it might be a shocking number. Over the past two years, a strong demand for real estate, increased building material costs, historically low mortgage rates, a steady migration from larger cities into Eastern Colorado and families upgrading to larger homes, have all contributed to these historic valuation increases. We have experienced double digit increases, consistent with other regions throughout Colorado. It is important to recognize that each county has unique real estate trends and research of local sales is critical to fully understand those sub-markets.

“We understand what a significant change some of our homeowners may face in value,” Phillips County Assessor Doug Kamery stated. “While we work hard to do a thorough assessment, we want property owners to take a close look at what they receive, and double-check their property information and review comparable property sales via our website.” 

Under Colorado law, county assessor offices throughout the state conduct a complete revaluation of all properties in their county every two years. The previous valuations were based on a June 30, 2020, level of value. The new 2023 valuations are based on a June 30, 2022, level of value and were established using market sales data from July 1, 2020, through June 30, 2022. Any sales transactions occurring after June 30, 2022, cannot be used, or considered until the next reappraisal in 2025. These new valuations will be used for tax years 2023 and 2024, (payable in 2024 and 2025 respectively). The Colorado Legislature sets the appraisal date, the market sales data collection period and the annual calendar for the assessment process. 

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