Did Your Colorado Springs Home Just Lose Thousands in Value? Here’s the Real Story
Is your Colorado Springs home worth less than it was two years ago? If you’ve recently opened your property tax notice and felt your heart drop—you’re not alone. Homeowners across El Paso County are asking the same thing: Why is my home suddenly valued so much lower? And more importantly, does this mean the market is crashing?
Let’s break it down.
Tax Valuation vs. Market Value: They’re Not the Same
First things first—your tax valuation is not the same as your market value.
Tax valuations are determined by the El Paso County Assessor’s Office. These are the numbers the county uses to calculate your property taxes, and they’re updated every two years. While it might seem like these valuations should reflect your home’s actual worth on the open market, they often don’t. Why?
Because they’re based on mass appraisals, not specific property details. That means no one from the county actually visited your home, looked at your finishes, or noted your new HVAC system. They just ran numbers through a blanket algorithm and called it good.
In contrast, market value is what a qualified buyer would actually pay for your home in today’s real estate market. And determining that takes a real, nuanced approach—like a professional Comparative Market Analysis (CMA).
Why Did Your Tax Bill Drop?
Many homeowners saw their property tax valuations—and therefore their bills—go down this year. Initially, that might sound like a win. Who doesn’t want to pay less in taxes?
But here’s the problem: El Paso County’s recent assessments may have led people to believe their homes have lost value. That’s not just misleading—it’s incorrect.
The market data tells a different story. In fact, it’s more expensive to buy a home in Colorado Springs now than it was a year ago. The local housing market remains strong, and home prices have remained stable or even increased in many neighborhoods.
So what gives?
The Blanket Appraisal Problem
This isn’t the first time we’ve seen questionable assessments from the county.
Remember two years ago when everyone received their tax valuations and thought, “Whoa, I didn’t know I was that rich”? That was thanks to a blanket appraisal that sent home values (and tax bills) through the roof. The backlash was swift, and many of those valuations were successfully disputed.
Now we’re seeing the opposite. The same flawed system is suddenly telling us our homes are worth significantly less. But they haven’t evaluated each property on its own merits. They’ve just applied a new set of numbers across the board.
And unfortunately, that’s not how real estate works.
What’s a CMA (and Why It’s More Accurate)?
A Comparative Market Analysis (CMA) is a detailed report prepared by a real estate professional. It looks at:
- Recent sales of similar homes in your area
- Active and pending listings
- Key property features (beds, baths, square footage, upgrades)
It’s not just some formula. It’s a hands-on evaluation that takes your actual home into account.
When we create a CMA, we’re not guessing. We’re analyzing the most accurate, up-to-date data—usually pulled straight from the Pikes Peak MLS (the most trusted source for real estate data in our region).
And unlike an algorithm, we know your street, your neighborhood, and your home. That matters.
Misinformation About Days on Market
Another claim from the Assessor’s Office raised some eyebrows: that homes in Colorado Springs are sitting on the market for 90 days. That’s a big number—and a big red flag if true.
But it’s not.
According to the Pikes Peak MLS, the real number is 49 days on market. That’s nearly half the timeframe cited by the assessor. So where are they getting that information? It’s unclear, but it’s deeply concerning.
Spreading misinformation like this can create unnecessary fear. It paints a picture of a declining market—which simply isn’t the case. And that fear can impact everything from buyer confidence to retirement planning for homeowners.
Why Accurate Data Matters
Here’s the truth: your home is likely your biggest asset. Whether you’re planning to sell, refinance, or simply want to track your investment, having an accurate understanding of its value is critical.
Blanket assessments don’t cut it. Zillow “Zestimates” don’t cut it. You need real, personalized data to make informed decisions.
That’s where we come in.
How We Can Help
At My Front Range Living, we offer free, no-obligation CMAs for homeowners in Colorado Springs. We use hyper-local data, work directly with appraisers, and take a detailed look at your home to give you the most accurate value possible.
We believe homeowners deserve transparency, especially when it comes to their biggest investment. So if you’re questioning your tax valuation—or just want a second opinion—reach out.
Final Thoughts
Your tax assessment may have gone down, but that doesn’t mean your Colorado Springs home value is less. It just means the county is using a flawed system that doesn’t reflect reality. Don’t let that number mess with your confidence—or your plans.
If you want the real story on your Colorado Springs home value, we’ve got you. Let’s talk.
About The Author
The team at My Front Range Living are a group of full time real estate experts serving Colorado Springs, El Paso County and the surrounding areas. Their knowledge of the local community and experience in the industry provide you incomparable value when buying or selling a home. With several years of experience in helping out of state buyers and sellers, they are the go-to team when it comes to relocating and helping Colorado feel like home. Click Here to book a consultation with us.
Even if you’re looking for an agent in another city or state, the My Front Range Living team has a network of experts that can connect you with the right professional.
Colorado Springs Relocation Guide
🏡 Moving to Colorado Springs? Download our FREE Colorado Springs Relocation Guide!
Subscribe to our Youtube channel.
Thinking about moving to Colorado Springs? Let us help you feel at home before you even get here.