AURORA, Colorado. – Property tax reviews arrive in the mail and many Coloradans get a sticker shock.
An Aurora owner, Matthew King, saw his property tripled in two years. He feels like he’s being forced, but says the tenants will pay the price.
Although the landlords get a bad reputation, King wants to redesign this picture apartment-wise. He has set up an eight-unit home at 9080 E. 16th Ave in North Aurora, near Colfax and Yosemite.
“I feel like my tenants are becoming family,” he said. “This is my retirement. I would be on the street if I lost the building.”
According to King, who only rented three of his eight units, the crime, such as a recent shootout, makes it harder to find tenants.
LeAndre Hitt is one of the tenants who moved in last summer.
“I feel like the area is still a bit depressed overall,” said Hitt. “But Mathew did a great job with all of the renovations he put into the building.”
When the property tax assessment came in in the mail in early May, King said “Sticker Shock” would put it mildly. The estimated value of the building rose from $ 384,000 to over $ 1 million.
“My heart just fell out of my head,” said King. “I just couldn’t believe it.”
Contact Denver7 began asking questions and found that in May, many property owners across the Denver metro were learning of the spikes in their property valuations.
“It is really important for property owners to understand that they are able to address their worth,” said Lisa Frizell, the Douglas County Assessor, when the county assessors announced the increases earlier this month.
In Adams County, where the King building is located, apartment ratings have increased an average of 11% while the King building is up 170%.
An Adams County spokesman called this “atypical” in a statement to Contact Denver7 and stated that the buildings were “undervalued from the last cycle”.
While King says he’s repeatedly objected to reviews, this time around is a penalty for improvement.
“They’re incentives for slums,” King said. “I want people to know that property taxes are totally onerous for landlords. Everyone says landlords make all this money and they don’t. They don’t make all this money. They hardly make it.” .. really they are taxing us out of our property. “
King appeals the rating again. If he loses, he said he might have to sell the building.
For renters like Hitt, rent increases are big at a time when finding an affordable place to stay is almost as difficult as finding a decent landlord.
“I really hate it when my landlord gets fined for doing a great job,” said Hitt. “And it took me two months to find this place.”
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