PROPERTY TAX UPDATE - January 2024

Welcome to 2024.  With the start of a new year we also get the start of a new property tax year.  2024 is going to be a more challenging tax year than in the past.  With the solid real estate market we have experienced over the last 2 years, comes an increase in values for our homes and thus increased property assessed values.  To help with the sticker shock to homeowners this year, our Legislature held a special session in November and passed a bill  (SB23B-001) to provide temporary help with property taxes. On Residential Properties, the value is going to be lowered by $55,000. 

With this change, we have added an extra burden on the County Assessors and County Treasurers.  Due to this extra process, 2023 Taxes due in 2024 are not anticipated to be certified by the counties in the same time frame as prior years.  It is anticipated that some of the counties, especially smaller counties can end up taking closer to 90 days to become certified.  With this delay, Title Companies will be holding tax escrows for a longer period of time than we have seen in the past.   Thanks to member company COCRS, please click here to see when you might expect to see your tax certificates for Colorado Counties.