Episode Transcript
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Speaker 1 (00:00):
Eight Metro Denver area assessors announcing the results of their
biennial reevaluation of real property for their perspective counties this.
Speaker 2 (00:07):
Week, and of those eight assessors is Douglas Counties Toby Damish,
who joins us now on the KWA Common Spirit Health hotline. Toby,
thank you so much for your time this morning.
Speaker 3 (00:16):
Yeah, good morning, thanks for having me.
Speaker 2 (00:18):
Let's start with a little bit of definitions, if you
don't mind, can you first walk us through the difference
between real property and personal property when they're reevaluated in
our state and how it's calculated.
Speaker 3 (00:30):
Sure, So, real property is what most people think of
as real estate. It's homes, buildings, office, retail land, either
vacant or improved. Whereas personal property refers to business personal property,
which in Colorado's tax are taxable, So assets inside of
a business at cash registers and tables and such. And
(00:52):
we reappraise the real estate or the real property every
two years, so we do that in odd years, and
so we're doing that now and reporting those values on
our websites this week.
Speaker 1 (01:03):
So what does doug co look like? What is the
data Toby that you have?
Speaker 3 (01:07):
Yeah, in Duglas County were somewhat relieved that the values
on the residential side are pretty flat. And for instance,
our average change on single family residential is actually down,
it's negative three and a half percent. And as we
reported earlier this week, most of the Metro county assessors
are reporting pretty much the same thing. Somewhere between negative
(01:31):
five and positive five is very common throughout the Metro area,
and counties across the state are starting to report out.
We're hearing a lot of the same. There's some different
numbers perhaps in the resort counties as happened back in
twenty three. But again we're relieved that we're not having
what happened two years ago, which are huge, which were
(01:51):
huge increases.
Speaker 2 (01:52):
Yeah, I believe that's a very very welcome site for
a lot of homeowners. I believe Jefferson County's assessor was
the only one that was like, yeah, we might see
a slight thing increase in residential values. But Toby, when
we look at these numbers, what's contributing to what we
saw the property values not going up super significantly in Dunco.
Speaker 3 (02:10):
Yeah, well, certainly we had a spike in real estate
values in twenty twenty one and twenty twenty two, which
really gave us huge numbers before the twenty three reappraisal,
and it's been pretty stable since, to be honest, and
a lot of that has to do with the cost
of home ownership. We're at some of the highest interest
rates in a generation. We're at the highest property taxes
(02:31):
in a generation. Everyone knows, I'm sure you too know
that that home insurance rates have skyrocketed, and you put
that all together, you know, it reflects our mortgage payment
that we make, including the U scrow payments, and so
we have record low affordability for the country and record
low affordability for our for the history of our state.
So that's really keeping a lid on values going up
(02:54):
too much.
Speaker 1 (02:55):
And that's and that distills down basically, Toby. It's just
it makes sense that it's just less money or less
concerned with more money going out of my pocket for
my property.
Speaker 3 (03:03):
Correct. Yeah, it's affordability thing. And in these houses that
are for sale right now, there are elevated prices, and
then with the high interest rates, there is a problem
for buyers being able to qualify for loans to get
into those homes. And that's true with resales. It's true
with new construction, and interesting, what we're seeing now is
a lot more concessions happening in the market, where sellers
(03:26):
are offering to buy down interest rates or pay closing
costs and those type of things. We haven't seen that
happen since the Great Recession, and in fact, we haven't
had a reappraisal like this since the Great Recession. So
we're talking fourteen years since we've had flat or down values.
It's been a while.
Speaker 1 (03:42):
And Toby to follow up that that's some of the
good news. But I'm sure you're still getting people that
file an appeal to appeal to property taxes. How exactly
does that work? And are you seeing because of the
data you just revealed less of those appeals and we
saw maybe three four five years ago.
Speaker 3 (03:56):
Way less. Yeah, such a good question. And the po
season started throughout the state on May one, and so
we're just beginning, but checking the numbers today, we are
at a fraction of what we received last year in
Douglas County in the first twenty four hours, and we
(04:16):
anticipate that to stay pretty low. I think most homewers
are going to get these notices from the county assessors.
Luca and say, came, my values up two percent, are
down two percent, and probably leave it alone, but time
will tell. They have until June eighth to file an appeal,
and what happens when appeal gets filed is that appeal
gets assigned to an appraiser in the assessor's office and
(04:38):
they review the value whenever the information that the homeowner
gives us or the or the property owner gives us
and have to make a decision later this summer.
Speaker 2 (04:49):
And Toby give us the other dates and timelines of
when homeowners will receive their valuation notices and their property
tax amounts.
Speaker 3 (04:56):
Yeah, so all values should be published on websites today
and the mail notices of value went out yesterday or
the day before, depending on which county you're in, And
so everyone should be receiving those notices Saturday or Monday
in the mail. And then you have the po season
has started. They'll have to have their appeal if you
(05:16):
choose to do that, filed with the assessor by June eighth.
For most assessors, you can do that online, by mail
or in person, and from there the assessor staff will
review those appeals to the course of the summer issued
decisions later and of course there's always a second chance
to appeal if you're not satisfied with the assessor's decision,
(05:37):
and those directions will be on what we cover notice
of determination, the decision that goes out in the summertime.
Speaker 1 (05:42):
Toby final question one hundred thousand foot. With the numbers
that you're seeing now, do you see any kind of
trends or anything else that we as homeowners are just
people here in Coloradao should be aware of with what
you're seeing with this latest report, I.
Speaker 3 (05:55):
Think understand well. First of all, you have listeners across
the state and there are differences from county to county,
and so the homeowners and property owners who are up
in the mountains should check those notices carefully because they
might have some slightly different results than we're seeing in
the metro area. And I'm starting to hear some more
increases there, but not like what we had in twenty three,
(06:18):
So that's one thing. The other is, if you look
beyond residential, the flat value change is true, and really
all the property classes commercial it's pretty flat, vacant land
is pretty flat. So there's a bit of a relief
across the board. And we're happy about that as assessors.
Speaker 2 (06:33):
Douglas County's assessor, it's Toby Domish. Thank you so much
for your time this morning. We appreciate it.
Eight Metro Denver area assessors announcing the results of their
biennial reevaluation of real property for their perspective counties this.
Speaker 2 (00:07):
Week, and of those eight assessors is Douglas Counties Toby Damish,
who joins us now on the KWA Common Spirit Health hotline. Toby,
thank you so much for your time this morning.
Speaker 3 (00:16):
Yeah, good morning, thanks for having me.
Speaker 2 (00:18):
Let's start with a little bit of definitions, if you
don't mind, can you first walk us through the difference
between real property and personal property when they're reevaluated in
our state and how it's calculated.
Speaker 3 (00:30):
Sure, So, real property is what most people think of
as real estate. It's homes, buildings, office, retail land, either
vacant or improved. Whereas personal property refers to business personal property,
which in Colorado's tax are taxable, So assets inside of
a business at cash registers and tables and such. And
(00:52):
we reappraise the real estate or the real property every
two years, so we do that in odd years, and
so we're doing that now and reporting those values on
our websites this week.
Speaker 1 (01:03):
So what does doug co look like? What is the
data Toby that you have?
Speaker 3 (01:07):
Yeah, in Duglas County were somewhat relieved that the values
on the residential side are pretty flat. And for instance,
our average change on single family residential is actually down,
it's negative three and a half percent. And as we
reported earlier this week, most of the Metro county assessors
are reporting pretty much the same thing. Somewhere between negative
(01:31):
five and positive five is very common throughout the Metro area,
and counties across the state are starting to report out.
We're hearing a lot of the same. There's some different
numbers perhaps in the resort counties as happened back in
twenty three. But again we're relieved that we're not having
what happened two years ago, which are huge, which were
(01:51):
huge increases.
Speaker 2 (01:52):
Yeah, I believe that's a very very welcome site for
a lot of homeowners. I believe Jefferson County's assessor was
the only one that was like, yeah, we might see
a slight thing increase in residential values. But Toby, when
we look at these numbers, what's contributing to what we
saw the property values not going up super significantly in Dunco.
Speaker 3 (02:10):
Yeah, well, certainly we had a spike in real estate
values in twenty twenty one and twenty twenty two, which
really gave us huge numbers before the twenty three reappraisal,
and it's been pretty stable since, to be honest, and
a lot of that has to do with the cost
of home ownership. We're at some of the highest interest
rates in a generation. We're at the highest property taxes
(02:31):
in a generation. Everyone knows, I'm sure you too know
that that home insurance rates have skyrocketed, and you put
that all together, you know, it reflects our mortgage payment
that we make, including the U scrow payments, and so
we have record low affordability for the country and record
low affordability for our for the history of our state.
So that's really keeping a lid on values going up
(02:54):
too much.
Speaker 1 (02:55):
And that's and that distills down basically, Toby. It's just
it makes sense that it's just less money or less
concerned with more money going out of my pocket for
my property.
Speaker 3 (03:03):
Correct. Yeah, it's affordability thing. And in these houses that
are for sale right now, there are elevated prices, and
then with the high interest rates, there is a problem
for buyers being able to qualify for loans to get
into those homes. And that's true with resales. It's true
with new construction, and interesting, what we're seeing now is
a lot more concessions happening in the market, where sellers
(03:26):
are offering to buy down interest rates or pay closing
costs and those type of things. We haven't seen that
happen since the Great Recession, and in fact, we haven't
had a reappraisal like this since the Great Recession. So
we're talking fourteen years since we've had flat or down values.
It's been a while.
Speaker 1 (03:42):
And Toby to follow up that that's some of the
good news. But I'm sure you're still getting people that
file an appeal to appeal to property taxes. How exactly
does that work? And are you seeing because of the
data you just revealed less of those appeals and we
saw maybe three four five years ago.
Speaker 3 (03:56):
Way less. Yeah, such a good question. And the po
season started throughout the state on May one, and so
we're just beginning, but checking the numbers today, we are
at a fraction of what we received last year in
Douglas County in the first twenty four hours, and we
(04:16):
anticipate that to stay pretty low. I think most homewers
are going to get these notices from the county assessors.
Luca and say, came, my values up two percent, are
down two percent, and probably leave it alone, but time
will tell. They have until June eighth to file an appeal,
and what happens when appeal gets filed is that appeal
gets assigned to an appraiser in the assessor's office and
(04:38):
they review the value whenever the information that the homeowner
gives us or the or the property owner gives us
and have to make a decision later this summer.
Speaker 2 (04:49):
And Toby give us the other dates and timelines of
when homeowners will receive their valuation notices and their property
tax amounts.
Speaker 3 (04:56):
Yeah, so all values should be published on websites today
and the mail notices of value went out yesterday or
the day before, depending on which county you're in, And
so everyone should be receiving those notices Saturday or Monday
in the mail. And then you have the po season
has started. They'll have to have their appeal if you
(05:16):
choose to do that, filed with the assessor by June eighth.
For most assessors, you can do that online, by mail
or in person, and from there the assessor staff will
review those appeals to the course of the summer issued
decisions later and of course there's always a second chance
to appeal if you're not satisfied with the assessor's decision,
(05:37):
and those directions will be on what we cover notice
of determination, the decision that goes out in the summertime.
Speaker 1 (05:42):
Toby final question one hundred thousand foot. With the numbers
that you're seeing now, do you see any kind of
trends or anything else that we as homeowners are just
people here in Coloradao should be aware of with what
you're seeing with this latest report, I.
Speaker 3 (05:55):
Think understand well. First of all, you have listeners across
the state and there are differences from county to county,
and so the homeowners and property owners who are up
in the mountains should check those notices carefully because they
might have some slightly different results than we're seeing in
the metro area. And I'm starting to hear some more
increases there, but not like what we had in twenty three,
(06:18):
So that's one thing. The other is, if you look
beyond residential, the flat value change is true, and really
all the property classes commercial it's pretty flat, vacant land
is pretty flat. So there's a bit of a relief
across the board. And we're happy about that as assessors.
Speaker 2 (06:33):
Douglas County's assessor, it's Toby Domish. Thank you so much
for your time this morning. We appreciate it.
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