Upcoming Property Valuations May Shock You

Every couple of years, I tell clients to give me a holler if they want to protest their property assessment. One time I got over 30 requests for help. My average is half that. Some people want to make sure to protest so their taxes don’t slowly creep up. Others figure Colorado property taxes are the lowest in the country, so they shrug their shoulders and feel blessed they don’t live in California or Massachusetts.

That may all change next week when homeowners get their Notice of Valuation and see a large uptick in how much the county thinks their home is worth. Larimer County experienced a 40% increase in home value in the last two years. Most other counties along the Front Range have similar increases. Douglas County is hovering at almost a 60% increase in value. Expect to see that price increase reflected in your Valuation. The county is also providing Estimated Property Taxes which most likely won’t be the final property tax.

According to Bob Overbeck, Larimer County Assessor, there are a couple of actions in play that may lower the tax burden for residents.

• The state legislator gave a $15,000 exemption for residential housing and a $30,000 exemption for commercial property in 2022. This means homeowners can take $15,000 of the final valuation of their home. Expect that exemption to increase. Nobody predicted the incredible increase in home values that occurred between 2021 and 2022.

• Other propositions are being presented to the state legislator in the next few days, but they only have till the end of the session on May 8. The legislature has already reduced the residential assessment rate but may have to reduce it further. If no action is taken, homeowners could be presented with a serious financial burden, especially people on a fixed income.

Homeowners, contact your legislators and tell them how you feel. Tell them how a big increase in your property taxes could represent a considerable financial burden. This is how democracy works!

Also, I’m not sure I have enough time to help all of you protest your taxes by the deadline June 8 even if I started tomorrow!

What’s Up with the New Land Use Code?

It all started in November 2022 when the Fort Collins City Council passed a new Land Use Code in hopes of addressing the housing issues that plague the city. It was to go into effect in January 2023. Specifically, the Council wanted to (a) change the name to Land Development Code (b) implement affordability incentives, and (c) make changes to zoning that would allow increased density. There were a few other things, too, but zoning changes and questionable (according to one group), ways to impact affordability elicited the most pushback

Six months later, two opposing factions have emerged, FoCoForward and Progressive Fort Collins, both hosting information meetings as has City Council to address the misinformation and rampant speculation as to “unintended consequences.”

• Should we allow ADU’s (Accessory Dwelling Units) in backyards? What if they’re used for short-term rentals?

• How do we handle parking?

• Do we allow triplexes on specific lots and increase neighborhood density?

• How do we make housing more affordable for the middle-income workers, teachers, firefighters, etc., who make our city work?

• Enforcement, deed restrictions, definitions, and income restrictions.

• Impact of additional housing on built environment and neighborhoods

The other concern is the housing bill called More Housing Now introduced by Governor Polis and its potential impact on cities along the Front Range. If passed, it will require larger cities like Fort Collins to come up with an acceptable housing plan that meet meeting standards outlined by the government. It includes ADU’s, specific types of multi-family housing, removing square footage requirements and occupancy restrictions (yes, that would mean no more U+2), and more mixed-use housing near transit.

Already there have been amendments to the bill making its way through the State House such as no longer requiring certain cities to allow multi-family housing in all zones. Instead, the bill would require multi-family housing be built in only 30% of their land area currently zoned for single-family homes, concentrated around train and high-frequency bus corridors where applicable.

BREAKING NEWS!!!

Tuesday, April 25th, Colorado state lawmakers amended the More Housing Now Bill and no longer require local governments to adhere to state housing mandates. Instead, there will be an advisory board that local governments can go to for advice. It was a huge win for those upset about the loss of local control of housing requirements.

Housing is at a crisis point in Colorado. Spirited discussion and some compromise should always be part of the process, but we can’t let another five years pass without making serious inroads into solving the housing conundrum for Colorado’s citizens.

Want to be part of the “spirited discussion?” Keep informed and join one of the various community meetings around town to be heard and to hear what others have to say.

Go to these links to find out more:

https://www.fcgov.com/housing/lucupdates

https://coloradosun.com/2023/04/18/colorado-land-use-housing-bill/

You can’t complain if you haven’t participated. Educate yourself. Listen to others who may not hold your views. Don’t let fear of change dictate your decisions.