We have some good news, and we have some inevitable news.

First, the good news:

At an average rate of 0.51 percent, Colorado boasts the third-lowest property tax rate in the country, behind only Hawaii (0.28) and Alabama (0.41). Locally, average rates for Larimer County (0.65) and Weld County (0.64) are slightly higher, but still well below the national average of 0.99 percent.

Now, the inevitable news:

When the next property valuation notices reach your mailbox in early May, the value on your home—and the tax bill that will follow in January—is bound to increase sharply. That’s because local county assessors are required to re-set values every two years. And the recent surge in property values that occurred during the state’s 2021-22 real estate frenzy will be reflected in the new assessment (based on June 30, 2022 values). Spikes in valuation will vary by local housing conditions, but estimates for the statewide average increase in valuation run between 25 percent and 35%.

Translated into dollars and cents, if you paid $3,000 on previous property taxes, you might see your bill increase by an additional $1,000 a year.

But that’s not the end of the story. There is a limited window for property owners to appeal their new valuation. Visit the Routt County Assessor at www.co.routt.co.us to find details about submitting an appeal on your valuation notice.