Increase in Tax Bills Expected for Most El Paso County Homeowners, Evaluator Says | Colorado Springs News
Residents who have smiled at the skyrocketing property values in El Paso County will soon receive confirmation, but with it comes a price – bigger tax bills.
The El Paso County Assessor’s Office will send updated tax value notices to the county’s more than 300,000 homeowners on Friday, and most will see their tax assessments increase. Across the county, 98% of single-family residences and most commercial and industrial properties, vacant and farm land, multi-family housing and new construction have appreciated in value since the last revaluation completed in 2019, according to a press release. county detailing the changes.
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The value of single-family homes in El Paso County increased an average of 15% to 20% between July 1, 2018 and June 30, 2020, appraiser Steve Schleiker previously said. During the same period, the county recorded a record 49,757 sales – most of which were single-family homes, he said.
The largest increases in single-family home values - 25% or more – have been largely in the southeastern parts of Colorado Springs, south of Platte Avenue and east of Colorado 115, according to a map released by the El Paso County Office of Assessors.
To complete this year’s assessment, Schleiker’s office analyzed more than 40,000 sales, as well as costs and revenues from vacant land and commercial properties, according to the press release. Real estate sales during this 24-month period from 2018 to 2020 were used to determine property values for 2021 and are reflected in property taxes for 2022, the release said.
Notices to owners will include the value of the previous appraisal, the present value and the net change. They will also show the appraisal rate – this year 7.15% for residential properties and 29% for commercial and vacant land – in line with voters’ partial repeal of the Gallagher Amendment in November. The amendment froze property assessment rates.
Homeowners who disagree with the ratings can file an appeal between Friday and June 1, Schleiker said.
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Those who have questions about their assessment or believe there is an error in an assessment should contact the assessor’s office by phone at (719) 520-6600, by email at firstname.lastname@example.org, or at his website at assessor.elpasoco.com. Homeowners can also complete property calls online at appeal.spatialest.com/co/elpaso.
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