Weld County assessed property values totaled $9.1 billion for 2014, up from $7 billion in 2013, ranking the county No. 2 in the state, Weld County Assessor Christopher Woodruff said this week.
A jump in preliminary assessed values for the oil and gas industry, up 47 percent from 2013, fueled the 28-percent overall assessed value increase. Assessed value of oil and gas rose to $5.7 billion in 2014, up from $3.9 billion in 2013.
Denver County ranks No. 1 in assessed value.
The oil and gas industry now makes up 63 percent of Weld County’s tax base. Last year, it represented 55 percent
Along with increases in value for oil and gas, Woodruff said there has been a recovery in gas prices and production, as well as a recovery in the real estate market.
Residential and commercial properties saw increases of $28.5 million and $19.3 million, respectively. All sectors saw an increase in assessed values except for vacant lands, where assessed values tend to fluctuate.
The assessor’s office did not re-evaluate property values because 2014 is a non-reappraisal year, so assessed values did not change unless new construction or additions occurred.
Reappraisals occur every two years, and the next one will take place in 2015, when the county expects assessed values to increase further.