Metro Denver Appraisers Announce Real Estate Appraisals for 2021
Appraisers for Metro Denver have announced the results of the 2021 real estate appraisals for their respective counties.
As of the valuation date of June 30, 2020, residential properties in the Denver metro area have seen value increases of between six and eleven percent, the majority in single digits. This represents the slight cooling of the real estate market between January 1, 2019 and June 30, 2020 compared to previous valuation cycles. It’s important to recognize that each county has unique real estate trends, and researching local sales is essential to fully understanding these submarkets.
The public health home support orders for the Covid-19 pandemic that began in March 2020 had a significant impact on the assessor’s assessment practices due to the timing against the legal assessment date of June 30, 2020. Commercial selling activity was occurring with typical transaction volume throughout Colorado until the emergence of the Covid-19 crisis. While a slight decline in residential transactions was observed after March 2020, commercial real estate transactions basically stopped happening.
In a proactive effort to determine the impacts of the pandemic on the commercial real estate market in Colorado, a group of twelve assessors met and dedicated staff to conduct an in-depth study. This unprecedented collaboration included the study of six commercial submarkets: Office; Retail; Deposit; Apartments; Commercial condominiums; and Housing. The result of the collaboration is a consistent consideration of the pandemic on the valuation of commercial properties for this round of reassessment in the Denver metro.
In general, accommodation properties saw the largest declines in property values, while the warehouse submarket grew by ten to twenty-five percent, depending on age, size and location. For the reassessment, office building values are relatively stable across the metropolitan area, with the exception of downtown Denver where vacancy issues are driving declines.
Retail property values vary based on use and type of retail business, with the largest negative adjustments being applied to full-service restaurants and bars, entertainment facilities, and other related properties. in the hotel industry.
Under Colorado law, state real estate is revalued every two years on odd-numbered years taking into account transactions and market conditions between January 1, 2019 and June 30, 2020.
Property appraisal notices will be mailed to homeowners by May 1, 2021. Homeowners are encouraged to visit their appraiser’s website to research sales that have occurred in their area during the legal timeframe, and s ‘they believe the value is wrong, an appeal can be filed between May 1 and June 1, 2021. In Metro Denver, most appraisers offer appeal requests online and all accept written filings by mail or by deposit. Adams, Broomfield, Denver, Douglas and Elbert counties offer in-person and virtual appeal meetings. Although Arapahoe, Boulder and Jefferson County do not meet with real estate owners in person due to social distancing issues, all of them offer virtual meetings by appointment.
Metro Denver Reviewers Press Conference – Tuesday, April 27, 2021
Metro Denver Appraisers offered a virtual press briefing on Real Estate Appraisals 2021 to answer questions and provide more details.
Watch the briefing: https://youtu.be/Up5fgoMGylU