Assessment Sees Dramatic Increase in Property Values
Property owners throughout the state, including Hinsdale County, received a jolt last week after reading the state-mandated 2025 reappraisal communique from their local assessor.Hinsdale County Assessor Sherri Boyce and her deputy, ad valorem appraiser Sarah Tubbs, were matter of fact in their presentation to Hinsdale County Commissioners last week, the knowledgable duo alerting the county board that in their role as Board of Equalization they should be prepared for a larger than usual number of protests arguing against the new valuations.The protest period for this year’s property value appraisal began last Friday, May 2, and extends to Monday June 9.Referencing the significant increase in property values at all levels — residential, commercial, vacant land, and mining claims — Commissioner Hurd was understated, acknowledging, “it’s hard to make that a positive spin.”Property owners who have now recovered from the initial shock will readily realize that property values at all levels in the county have significantly increased, in part because the state mandated odd year reappraisal was laser focused, “aiming to be bullseye accurate,” as described by Deputy Assessor Sarah Tubbs, in valuing property based on comparable neighborhood sales which occurred from July 1, 2022, all of 2023, and up to June 30, 2024.Tubbs told commissioners that based on sales, there was a “big market jump” between 2019 and 2022.Hinsdale’s last reappraisal in 2023 based property values “conservatively,” according to Tubbs, which was remedied in this year’s appraisal.Sales of comparable properties in 2022, 2023 and the first half of 2024 provided sufficient data for the county reappraisal as a whole, according to the assessor office staff, although in specific neighborhoods with insufficient data, comparable sales were reviewed in six-month increments as far back as 2019.State-wide, including Hinsdale, this year’s re-appraisal reflects a tremendous sales market — and corresponding increase in values — for vacant land and mining claims.Added to the mix, and a jaw-dropper for homeowners, was an automatic $55,000 increase in residential values this year as the result of expiration of the state legislature’s Taxpayer Relief Bill which has now ended but was in effect in 2023 and 2024 aiding homeowners with an automatic reduction of $55,000 in home value.Distantly and unfortunately not in 2025, there is a glimmer of good news property tax-wise on the horizon. For armed service veterans and seniors over age 65, the Homestead Senior Exemption remains in effect now and in 2026, allowing a 50 percent reduction in the first $200,000 valuation of the taxpayer’s principal residence.And while the Taxpayer Relief Bill has now expired, Assessor Boyce says that starting in 2026 — not 2025 — homeowners will receive an automatic $70,000 reduction in property valuation.Asked for specifics, the Hinsdale Assessor Office duo stated that for taxing districts other than schools, the residential assessment rates drop from 6.7 percent in 2024 to between 6.15 and 6.25 percent in 2025 depending on a complex state-wide growth ratio; for school districts — again based on state growth — the residential assessment percent will range from 6.95 percent if state growth is over five percent, to 7.05 percent if state growth is less than five percent.For commercial, vacant and all other properties, the rate goes from 27.9 percent in 2024 to 27 percent in 2025.On a positive note, audience member Arlene Gonzales, newly-appointed member of Hinsdale County Planning Commission, extended congratulations to County Commissioners and Hinsdale Assessor Office staff for the new GIS site which, according to Gonzales, “is now live and, in addition to transparency, is a clear benefit to taxpayers.”As an example, Gonzales said the county’s GIS website aids the planning board and serves as a boost “removing potential friction” in interactions between financial institutions and landowners wishing to obtain a loan.The new GIS site, according to Gonzales, “is cause for celebration.”The site’s address is https:///.hinsdalecounty.colorado.gov/.assessors-officeThe site enables property owners to get an estimate of the location of property lines and is of use to emergency responders wishing to access homeowner information in the event of an emergency.Other plusses are to hunters and hikers desiring a better idea of the location of public and private lands; real estate professionals such as realtors, appraisers, and insurance agents can get a better idea of location and topography before site visits; and construction and utility contractors for a better understanding of property lines.A caveat with the GIS site is that it is not intended to replace the need for a professional plat or survey. Boundary lines are not pin-point accurate but are useful in furnishing a visual estimate.