Property tax revaluation concerns county residents

Rising numbers raise fears about effects of development

Chancy J. Gatlin-Anderson
Special to Colorado Community Media
Posted 5/11/21

Elbert County’s latest bi-yearly property tax valuations were released on May 3, causing concern for residents and property owners. Elbert County residents are especially concerned about the rising …

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Property tax revaluation concerns county residents

Rising numbers raise fears about effects of development

Posted

Elbert County’s latest bi-yearly property tax valuations were released on May 3, causing concern for residents and property owners. Elbert County residents are especially concerned about the rising assessed value of their homes. Residents are also concerned that the recent explosion of growth in Elbert County will continue to impact property tax valuations for years and decades to come.

Jane Penley, former Elbert County agricultural assessor, shared her concerns for the future of Elbert County residents and property owners.

“We’ll see the biggest impact in the 2023 revaluation,” said Penley. “People within the town of Elizabeth that are living in homes that are 20-25 years old, their value is going to be extremely impacted.”

The Elbert County Assessor’s Office, run by Assessor Susan Murphy, is responsible for determining the actual value of local property. The state of Colorado has frozen residential valuation at 7.15% of actual value while commercial property, agricultural land, agricultural outbuildings and vacant land has been frozen at 29%.

The residential assessment rate moved from 7.2% to 7.15% for years starting on or after January 1, 2019. Even though there has been a small decrease in the rate, Elbert County homes are being assessed much higher this year as a result of increased development in the area and its effect on rising home values. To calculate your personal property taxes for this year, see the example calculation below:

Actual home value $275,000 (Piece that is changing due to new assessment)

Residential assessment rate × 0.0715 (2021)

Assessed value $19,662.50

Tax rate × 0.075541

Taxes due $1,485.32

Residents argue that they cannot afford to pay the property tax and already plan to dispute the new revaluation.

“The assessor said my house went up $100,000 in value last year,” said local homeowner Carl Greenstreet. “I literally can’t afford to pay it so I’m going to dispute it.”

When asked for his thoughts about the local impact of increased property taxes and whether they will benefit the county in some way, Elbert County Manager Sam Albrecht did not reply.

For more information about the Elbert County property tax valuation process, including information on the appeal process, visit www.elbertcounty-co.gov/264/Assessor.

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