A home along Belcaro Drive in Denver’s Belcaro neighborhood. It sold for $7 million in 2022.(BusinessDen file/Courtesy LIV Sotheby’s International Realty)
Denver’s priciest residential neighborhoods generally saw a small increase in assessed home values, according to data released Wednesday.
Eight city-designated neighborhoods have median valuations above $1 million when counting single-family homes and townhomes.
In seven of those neighborhoods, the median change was an increase compared with the last valuation cycle in 2023.
• Cherry Creek saw the biggest jump, with a median 11.65% increase. The neighborhood’s median assessed home value is $1.53 million.
• Belcaro: 7.02% median increase, median value $1.88 million
• Country Club: 4.44% median increase, median value $1.62 million
• Hilltop: 4.37% median increase, median value $1.65 million
• University Park: 4.3% median increase, median value $1.35 million
• Wellshire: 2.66% median increase, median value $1.13 million
• Wash Park: 1.14% median increase, median value $1.46 million
• Cheesman Park: 2.4% median decrease, median value $1.06 million
The map and data released by Denver Assessor Keith Erffmeyer relates to Denver’s 78 “official” neighborhoods. It doesn’t include figures specific to smaller non-official neighborhoods like Bonnie Brae or Polo Club, both of which are part of Belcaro.
The figures don’t include condominiums. A ninth neighborhood, Union Station, technically has a median assessed value above $1 million, but has fewer than 50 properties that are classified as a single-family home or townhome — hundreds or thousands fewer than the other eight.
The above figures were made public as part of a press event featuring Erffmeyer and seven other county assessors from the broader Denver region, which largely focused on residential valuations.
Colorado county assessors value properties every two years. Notices regarding individual property valuations are mailed by May 1. The latest valuations reflect transactions and market conditions within a specific window: July 2022 through June 2024.
The assessors from Douglas County in the south to Larimer County in the north reached similar conclusions. They reported that residential properties in their counties saw a median change in the single digits this cycle, ranging from a small decrease to a small increase.
Several were clearly glad to share news that would be seen as positive from the perspective of an average homeowner not looking to sell anytime soon.
“If there’s a headline for us in DougCo, it is breathing a sigh of relief,” said Douglas County Assessor Toby Damisch.
Damisch noted that things were much different during the last cycle, in 2023. Back then, assessors used the word “historic” to describe median residential increases in the 30% to 50% range, as their valuations reflected a booming housing market amid low interest rates and lingering impacts of the pandemic.
“It was a pretty extreme situation in 2023,” Damisch said.
The latest valuations reflect a period that saw that boom come to a close.
“Sales were limited compared to the last cycle due to higher interest rates and increased uncertainty,” said Adams County Assessor Ken Musso.
On the commercial property side, valuation changes were also somewhat muted, although large office properties and apartments in Denver generally saw double-digit drops, Erffmeyer told BusinessDen earlier this week.
Valuations are one of three factors that determine how much a property owner pays in taxes. The other factors are the assessment rate set by the state legislature and the tax rate or mill levy set by various taxing authorities.
Property owners who want to appeal their valuation have until June 9 to do so. Fewer appeals are expected this cycle.
A home along Belcaro Drive in Denver’s Belcaro neighborhood. It sold for $7 million in 2022.(BusinessDen file/Courtesy LIV Sotheby’s International Realty)
Denver’s priciest residential neighborhoods generally saw a small increase in assessed home values, according to data released Wednesday.
Eight city-designated neighborhoods have median valuations above $1 million when counting single-family homes and townhomes.
In seven of those neighborhoods, the median change was an increase compared with the last valuation cycle in 2023.
• Cherry Creek saw the biggest jump, with a median 11.65% increase. The neighborhood’s median assessed home value is $1.53 million.
• Belcaro: 7.02% median increase, median value $1.88 million
• Country Club: 4.44% median increase, median value $1.62 million
• Hilltop: 4.37% median increase, median value $1.65 million
• University Park: 4.3% median increase, median value $1.35 million
• Wellshire: 2.66% median increase, median value $1.13 million
• Wash Park: 1.14% median increase, median value $1.46 million
• Cheesman Park: 2.4% median decrease, median value $1.06 million
The map and data released by Denver Assessor Keith Erffmeyer relates to Denver’s 78 “official” neighborhoods. It doesn’t include figures specific to smaller non-official neighborhoods like Bonnie Brae or Polo Club, both of which are part of Belcaro.
The figures don’t include condominiums. A ninth neighborhood, Union Station, technically has a median assessed value above $1 million, but has fewer than 50 properties that are classified as a single-family home or townhome — hundreds or thousands fewer than the other eight.
The above figures were made public as part of a press event featuring Erffmeyer and seven other county assessors from the broader Denver region, which largely focused on residential valuations.
Colorado county assessors value properties every two years. Notices regarding individual property valuations are mailed by May 1. The latest valuations reflect transactions and market conditions within a specific window: July 2022 through June 2024.
The assessors from Douglas County in the south to Larimer County in the north reached similar conclusions. They reported that residential properties in their counties saw a median change in the single digits this cycle, ranging from a small decrease to a small increase.
Several were clearly glad to share news that would be seen as positive from the perspective of an average homeowner not looking to sell anytime soon.
“If there’s a headline for us in DougCo, it is breathing a sigh of relief,” said Douglas County Assessor Toby Damisch.
Damisch noted that things were much different during the last cycle, in 2023. Back then, assessors used the word “historic” to describe median residential increases in the 30% to 50% range, as their valuations reflected a booming housing market amid low interest rates and lingering impacts of the pandemic.
“It was a pretty extreme situation in 2023,” Damisch said.
The latest valuations reflect a period that saw that boom come to a close.
“Sales were limited compared to the last cycle due to higher interest rates and increased uncertainty,” said Adams County Assessor Ken Musso.
On the commercial property side, valuation changes were also somewhat muted, although large office properties and apartments in Denver generally saw double-digit drops, Erffmeyer told BusinessDen earlier this week.
Valuations are one of three factors that determine how much a property owner pays in taxes. The other factors are the assessment rate set by the state legislature and the tax rate or mill levy set by various taxing authorities.
Property owners who want to appeal their valuation have until June 9 to do so. Fewer appeals are expected this cycle.
