Area real estate market remains strong despite pandemic effects
Despite the widespread COVID-related setbacks during the past year, the real estate market in the Denver Metropolitan area is still growing. It’s being driven by an improving economy, population increases, and low home inventory and location desirability, all of which are putting stress on home prices.
The Arapahoe County real estate market continues to expand and set new records. Colorado Revised Statute requires the Arapahoe County Assessor to discover, list, classify and value all taxable real and business personal property as of January 1st. We are required by law to assess all real estate in every odd year (personal business properties are assessed every year) for property tax purposes.
The appraisal date for tax year 2021 is June 30, 2020. We use property sales data from July 1, 2018 to June 30, 2020, but we can go back further. For the 2021 tax year we reappraised approximately 227,000 properties in Arapahoe County, which is an extraordinary task.
We have studied each neighborhood, and each type of property, and then applied sound mass appraisal methodologies to provide the most accurate estimation possible of market value. Our staff of 64 employees, including 29 licensed appraisers, take great pride in their job and appreciate the opportunity to serve our residents.
In the last quarter of our reevaluation period, COVID-19 impacted income and vacancy for some commercial properties and nearly halted all commercial sales activity. In light of this, we have made some adjustments to the affected property classes.
Our office also has added a new feature to our Notices of Valuation this year by experimentally printing a QR Code on these forms. Arapahoe is the first county in Colorado to offer this option. Property owners can scan the code to go to their property page directly to learn more about the property, the appeal process and other useful information. We also will be putting a “heat map” on our website that will show how property values are changing across the county. All these new features will be available by May 3.
Anyone who disagrees with the valuation placed on their property by our office can appeal by mail, fax, or online (residential properties only). Drop boxes are available at the following locations:
Phone appointments are available between May 3 and June 1, 2021. Appointments for all types of properties may be made by calling 303-795-4600.