Colorado To See Significant Price Hikes on Property Taxes in 2023
Over the past couple of years, it seems like we cannot catch a break when it comes to the rising rates of pretty much everything. From the cost of eggs to utility bills nearly doubling, prices are higher everywhere.
My bank account is crying every single month and it looks like it's going to be crying even more as the news of property tax increases are coming for Coloradans across the state.
According to KDVR, the average assessed value of a property will grow by more than 25 percent in 2023. The assessment comes from the KDVR data desk by using the average home value of $450,000 the last time an assessment was done. Since then, the Data Desk has increased the assessed value by a staggering 26.5 percent.
What Could You Expect for New Property Taxes in Northern Colorado?
Based on the previous assessment of homes versus the new assessment of homes in Colorado, homeowners could be spending hundreds more per year on Colorado property taxes. In some cases, Colorado homeowners could be paying thousands more per year on property taxes.
Weld County, Colorado Property Taxes
The previous amount owed by Weld County, Colorado homeowners averaged approximately $2,259.17 in annual property taxes. The estimated new property tax is expected to be approximately $2,846.55, an increase of 587.38. Broken down into a monthly payment, an increase of $48.94.
Larimer County, Colorado Property Taxes
Previous amounts owed on average in Larimer County, Colorado were approximately $2,885.10 in annual property taxes. The new estimated property tax is approximately $3,635.22, an increase of $750.12. The approximate new monthly cost for property tax for Larimer County, Colorado homeowners is an increase of $62.51.
Why Are Property Taxes in Colorado Going Up So Much?
The state of Colorado used to have an act that used to limit how much property taxes could increase. Voters repealed the Gallagher Amendment with 57 percent of the vote in 2020. The repeal of the Gallagher Amendment happened to coincide with the monumental rise in the housing market in Colorado and nationwide.
Before you consider packing up all of your belongings in your home and moving to another state, you should know that Colorado has some of the cheapest real estate property taxes in the nation. In fact, the state of Colorado has the third lowest real estate property tax rates in the United States.