Property values dip for many in El Paso County’s latest assessments
COLORADO SPRINGS, Colo. (KRDO) – El Paso County homeowners are starting to receive their new property valuation notices and for the first time in years, many are seeing a decrease.
The El Paso County Assessor’s Office sends out updated valuations on May 1 of every odd-numbered year.
This year's notices reflect data collected between July 2022 and June 2024, and suggest that home prices across the region are cooling.
"We’re seeing a correction in the market after the unique conditions created during the COVID pandemic," El Paso County Assessor Mark Flutcher said.
During the pandemic, remote work drove a surge of people into Colorado, causing demand to far outpace the housing supply. It sent property values soaring, and shocked homeowners in 2023 when they received updated valuations.
“It was very competitive," Flutcher said. "Homes were on the market for a week, sometimes less, even a day, and receiving multiple offers. Now, it’s more like 60 to 90 days, which is typical of a normal market."
Flutcher says this year’s valuations better reflect a "normal" housing market; not overheated, but not crashing either.
However, not all areas are seeing a drop. Hillside properties along the Front Range, as well as homes in Monument and Palmer Lake, may still see higher valuations. Flutcher suggests that Denver commuters seeking more affordable housing may be driving those numbers up.
Despite the potential for lowered property values, Flutcher doesn’t expect school or infrastructure funding to take a hit.
Many local budgets had already exceeded their TABOR (Taxpayer Bill of Rights) limits in previous years and issued refunds accordingly.
"I think we’re going back to normal," Flutcher added.
Homeowners who believe their valuation is inaccurate can file an appeal. Detailed instructions are included on the back of the notice form.
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