Mesa County Property Values On The Rise
According to a recent report by Mesa County, property values have continued to increase, and assessment rates are dropping.
What does this mean for the average homeowner or person shopping for a home?
According to the study, property values, on average have increased 11% in just 2 years. A home priced at $194,361 in 2015 today is valued at $217,724! And that’s not the only news!
Assessment rates, which were 7.96% of the home’s value is now at 7.2%. Comparing the amounts from just 2 years ago shows you just how well the area has rebounded from the housing debacle of recent years. This was made possible, in part, by the Gallagher amendment of 1982 which ties property value to assessment rates. As property value increases, assessment rates decrease.
Mesa County property tax of $998.00 is among the lowest in the state. Adams County, at $1,718.00 sits at the top of the list.
The residential assessment rate, once at 21%, has gone down steadily since 1982 and, at 7.2% is at its the lowest rate in 35 years.
For current homeowners, this means their homes are gaining equity while home buyers can look at their home as an excellent investment!
It’s a great time to buy a home on the Western Slope of Colorado!