2021 assessed value finalized

Published on August 30, 2021

Report sitting on desk next to a laptop

As presented by Weld County Assessor Brenda Dones to the Board of Commissioners last week, Weld County’s assessed value has decreased for the second consecutive year, falling from just over $15.2 billion in 2020 to just under $12.5 billion in 2021.

The biggest factor in the decline was a decrease in oil and gas production throughout the county, something expected from changing regulations at the state level as a result of Senate Bill 181 and the overall fluctuation of oil prices. 2021 oil and gas values dropped more than 39% from a year ago.

“It’s important to remember that 2021 values are based on 2020 production, so this year’s assessed value revealed the impact that Senate Bill 181 had on the oil and gas industry,” Dones said. “While the number is discouraging, the other property types that generate assessed value outperformed or matched their total from a year ago, which shows that Weld County continues to be a desirable place to live and do business.”

The combined commercial and residential values increased almost 13% from 2020 and Weld County’s agricultural industry — one of the nation’s 10 best — remains strong, evidenced by the slight increase of just over $4 million in value compared to 2020.

“Yes, a large portion of our annual budget is paid by revenue derived from the oil and gas industry, but this isn’t the first time we’ve been faced with challenges related to oil and gas production,” Weld County Commissioner Chair Steve Moreno said. “We’ve consistently set aside money every year during our budgeting process to prepare for these dips in revenue. By paying for projects in cash, avoiding short- or long-term debt and continually funding our contingency fund, we’ve ensured services our residents depend on won’t be impacted.”

As 2021 was a reappraisal year, the Assessor’s Office has spent much of the year valuing property throughout the county and holding an appeals process. The Assessor’s Office only dealt with 2,948 real property appeals — less than 2% of total accounts — and only 397 personal property and oil and gas protests. From July 15 through August 5, the Weld County Board of Commissioners convened as the County’s Board of Equalization, acting on 263 cases during that time.

Read the 2021 Assessed Value report.