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Denver homeowners see rising property values as assessments hit mailboxes

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Posted at 6:20 PM, May 10, 2021
and last updated 2021-05-10 20:25:38-04

DENVER -- Jennifer Neuhalfen recently received a text message from a friend who exclaimed "holy moly!" as they compared letters from the Denver Assessor's Office. As Neuhalfen's friend lamented about the increase, she shared that the assessed value on her home jumped by nearly 34%.

"I told her how much mine was, that’s a lot, that affects people," said Neuhalfen. "If you’re not going anywhere and you want to stay put the taxes associated with that make it difficult."

Shes lived in the University Hills neighborhood for 21 years and said values have been steadily on the rise, but this is the biggest jump she has experienced. Her neighborhood is among the top three that saw the largest increase in assessed values.

The Denver Assessor's Office looked at a two year time period ending on June 30, 2020 when determining values that will dictate future property taxes.

"The values are definitely up. I would say the values are not up as much as the prior cycles," said Keith Erffmeyer, Denver assessor.

According to Erffmeyer, the median increase is right around 7 to 8 percent, but some neighborhoods are seeing increases around 15%. He added that the COVID-19 pandemic didn't seem to negatively effect home values.

"I think a lot of people are aware of what's happened subsequent to June 2020, and we don't pay attention to that. We would ask them not to pay attention to that either. We really want to focus what the market was like as of June 30 of last year," said Erffmeyer.