The truth is I don’t know if this is a real estate bubble or not and neither does anyone else! What I can tell you is what I tell all my clients. “If you’re ready to buy then now is the right time”. Of course, I also tell them to carefully consider the following information:
With all that being said… If you’ve been sitting on the fence, wondering if you want to buy or not, please reach out to me. I will help you logically evaluate your unique situation so you can make an informed decision about whether or not you’re ready to buy.
If you live in Colorado, you should be receiving your new property assessment and tax rate notification by May 1, 2017. Below you will find definitions and information that I have summarized from the Arapahoe County Assessors website for your review. It is extremely likely that your tax rate will have increased significantly as property values continue to increase at an extraordinary rate.
If you disagree with the property valuation you can make an appeal with your county assessor. The deadline is likely June 1, 2017 to file an appeal. You cannot appeal the mill levy as that is determined by the individual taxing authorities.
If you disagree with the property value the assessor has determined, and are considering making an appeal, feel free to contact me and I will gladly provide you with comparable property sales for documentation to use in your appeal.
Property Value – In Colorado the county Assessor, for the county in which your property is located, is required to reappraise (determine the market value) all real property (land and improvements) every 2 years in the odd numbered years.
Property Assessment – Every 2 years the assessor determines the actual (market) value for all real and personal property. Then a percentage (assessment rate) is multiplied by the actual value to determine the assessed value. In Colorado the residential assessment rate is currently 7.96%.
Mill Levy – Is the tax rate applied to real property. The mill levy is set by individual taxing authorities in your area, these might include schools, county, fire, water, sanitation, library, recreation districts and metropolitan districts. Mill levies within a county can vary widely.
Property Taxes – The final property taxes for your home and/or land are calculated using this information. The actual value is multiplied by the assessment rate which is then multiplied by the mill levy. The residential rate in Colorado currently is 7.96%. The assessment rate for all other property, including vacant land, is 29%.
Example: A home which has a market value of $300,000 (actual value) x 7.96% (residential assessment rate) x .081265 (mill levy) = $ 1,940.61 (annual tax dollars). Please note this is only an example. Your value and mill levy maybe different. (300,000 x .0796 = 23,880 then 23,880 x .081265 = 1,940.60)
If you’re thinking about buying and/or selling a home in the near future, now is the time to sign up for one of my upcoming classes at Arapahoe Community College. Both of these classes are designed to give you the information you need to be prepared to buy or sell a home, here in Colorado.
My expertise is helping my clients make great decisions with great information when buying, selling or investing in real estate.
My extensive skills, experience and knowledge are unmatched in the real estate industry. I have experience in building, inspecting, fixing, investing and of course buying and selling. I have the information you need to move forward in the home buying and selling process and I’m happy to share it with you.
Learn about the home buying process from start to finish. Start with a review of the current Colorado real estate market and cover a variety of topics, such as: describing your new home, choosing a real estate broker, what to look for when viewing homes, negotiating with sellers, understanding the home inspection process, understanding real estate contracts and forms, and knowing what to expect throughout the process. Leave the class with the information you need to be an informed home buyer!
Sat, Apr 8, 10 a.m.-noon Littleton Campus
INDS 1001S01-82438 $25
Thu, May 4, 6-8 p.m. Littleton Campus
INDS 1001S02-82439 $25
Learn the step by step process to follow when selling your home. Review pricing strategies, what it costs to sell a home, recommendations for getting your home ready to sell, how to work with buyers and negotiating techniques. We will also review Colorado Real Estate Contracts and forms. Each student will be offered a free comparative market analysis of their home at the conclusion of the class.
Sat, Apr 22, 10 a.m.-noon Littleton Campus
INDS 1002S01-82440 $25
Thu, May 18, 6-8 p.m. Littleton Campus
INDS 1002S02-82441 $25
If you’re interested in the Denver Metro Real Estate Market below is a quick summary of what happened in 2016. Below there are two full reports with much more detail. Both the December 2016 statistics and the 2016 annual report.
Here is a quick summary of 2016:
2016 Total Days on Market = 27 (same as 2015)
2016 New Listings = 70,219 (-0.5% from 2015)
Top 5 Areas (increase in new listings)
2016 Sold Listings = 60,031 (+ 0.3% from 2015)
Top 5 Areas (increase in sold listings)
2016 Median Sold Price = $345,000 (+11% from 2015)
Top 5 Areas (Increase in Median Sold Price)
2016 Average Sold Price = $394,919 (+9.5% from 2015)
Top 5 Areas (Increase in Average Sold Price)