The El Paso County Assessor office has just mailed out their real property notice of valuation to all home owners. You might have noticed that your valuation has decreased about 8% from the prior years valuation. This might cause a homeowner to ask if home values are decreasing in Colorado.
Historically the real property valuation by the assessor office is typically lower than the actual market value of the property. Two years ago, the El Paso County Assessor office inflated the valuation closer to the market value for the homes. This increased everyone’s property taxes which resulted in higher mortgage payments.
The Assessor office is responsible to determine your property tax liability. When your property taxes goes up, you will see an increase in your mortgage payment if you do decide not to put more money into escrow in order to keep your payment the same. If your property taxes goes down, your monthly mortgage payment can decrease.
If you received your real property notice of valuation and your home value went down, you are wondering if home values are decreasing in your local area. This can be a great concern for home owners that are considering selling this year. Understanding the real property valuation and market value can help diminish those fears for those sellers. In order to find this out, you can contact Amaris Realty by requesting a consultation. You will be able to get a detailed report on what your actual market value can be, understand what the market is doing and what buyers are looking for. This will help manage expectations and go into the selling process with confidence.