New Property Tax Assessments Coming Soon

In Colorado, property taxes are re-assessed every odd numbered year and in May you will receive an updated 2025 tax assessment which establishes the value of your property as of June 30, 2024. The study period for tracking values is July 1, 2022 to June 30, 2024. Property values in our market have have been flat to slightly down over the last few years. Statistically, the median value of single family homes in Boulder County during the study period was down -1.6% and the median value of condos & townhomes was down -1.7%. Hopefully you will not see an increase in your tax assessment, but the assessor loves to assess, so we'll have to wait and see.

The new tax valuation you'll receive is the starting point for calculating property tax over the next two years. If you think your assessment is inaccurate, you have until June 1st to appeal. In appealing your assessment, here are some Do's and Don'ts:

• Do make sure the assessor's objective information is accurate. Check the square footage, the number of bedrooms and the number of bathrooms. 

• Don't appeal based on the percentage of increase or simply state that the "value is too high".

• Do consider market value and feel free to check with me to find out if the assessor's valuation is accurate.

• Do provide evidence to back up your appeal such as comparable sales, photos and descriptions of issues that negatively impact your property.

Rising property taxes are the downside of the appreciation we experience over the long term in our market. Most of your property tax dollars fund public schools, which is a good thing, but if you feel the Boulder County tax assessor is trying to get too much of a good thing, I am happy to help with your appeal. Call or email me anytime to discuss.

Best, 

Rich

Spring Market Update

Last month I reported that the number of sales early in 2025 were at a slightly slower pace compared to the start of last year. My theory was that the extremely cold temperatures in January and February were the cause of the slower market. With warmer weather through March, the number of sales are starting to catch up to this time last year. I'll report on this again at the end of April to confirm if it was the weather that led to the slow start in 2025 or if other concerns seem to be affecting the market.

Interest rates have fluctuated a bit over the last year, but right now they are around 6.75%. This is about the same place they were a year ago. This range may be the new normal, but some economic predictions indicate mortgage rates may decline modestly this year. This would ease the cost of borrowing and generate an increased demand for home sales.

For Buyers - The question many are considering is whether to buy now with rates in the 6.75% range or wait until rates drop a bit. My opinion is that it's best to buy now rather than later. If interest rates begin to decrease, it will lead to an influx of buyers into the market. The pent up demand will result in increased competition and in turn drive up the prices of available homes. Buying now means more selection, less competition and lower prices. And, there is always the option to refinance if interest rates drop.

For Sellers - Spring is the best time to list because buyers have the highest sense of urgency this time of year and market activity as well as the number of sales will increase through June.

Whether you are considering buying or selling, please contact me anytime to discuss how to make the current market work for you.

Happy Spring and All The Best,

Rich

Quick Market Update

January and February are the months when we try to gauge how the real estate market will perform in the year ahead. So far in 2025, we are seeing a slightly slower pace. Compared to the start of last year, there have been 16% fewer Single-Family homes sold YTD in Boulder County, but the prices are about the same as last year. Meanwhile, the Attached-Dwelling sector has seen 7% fewer properties sold with prices up slightly. It's hard to say if interest rates and uncertainty about the economy are causing a slow start to the market or if it's that we've had some of the coldest winter weather in recent years. I'm hoping it's the latter. With warmer weather on the way, the Boulder County real estate market still holds the potential for a strong 1st and 2nd quarter. I'll keep in touch and let you know what's happening. Please reach out with any questions. I look forward to hearing from you.

 Best, Rich