Home valuations across Western Colorado saw a huge increase over the past two years.

Residential improved properties in Montrose saw an increase of 47%, on par with the overall average change of 46% across Western Colorado.

According to the Western Colorado Assessors, a strong demand for real estate, increased building material costs, historically low mortgage rates and a steady migration from larger cities into Western Colorado have contributed to ‘historic valuation increases’ over the past two years.

Homes in Gunnison County saw a 53% increase, Delta County saw a 45% increase, Ouray County saw a 66% increase, and San Miguel County saw an increase of 58%.

Under Colorado law, county assessor offices must complete revaluations every two years. The most recent valuations, which property owners should expect to see in their mailboxes around the beginning of this month, will be used for tax years 2023 and 2024 (payable in 2024 and 2025 respectively). Previous valuations were based on a June 30, 2020 level of value, according to Western Colorado Assessors.

Any sales transactions occurring after June 30, 2022 cannot be used or considered by county appraisers until the next reappraisal in 2025.

In addition to a sharp increase in home property values, the values of commercial/industrial improved properties also experienced a bump. Across Western Colorado, those properties saw a 27% increase in valuation.

Commercial/industrial valuations saw a 32% increase in Montrose County, 15% increase in Delta County, 16% increase in Gunnison County, 47% increase in Ouray County and 28% increase in San Miguel County.