Weld County's assessed value sees 51% increase, set at 18.7 billion
Published on September 26, 2022
Weld County’s 2022 assessed value has been set at $18.7 billion. The new value, approved by the Weld County Board of Commissioners late last month, represents more than a $6 billion increase from 2021’s total of just under $12.5 billion and marks the first rise in assessed value for the county since 2019.
“The increase in assessed value shows the strength of the market in Weld County,” said Weld County Commissioner Chair Scott James. “While the board has long prided itself on fiscally conservative policies and maintaining a budget that keeps the county in strong financial condition, a strong assessed value can only help us meet our continued goal of providing the best services possible to residents.”
2022 was not a reappraisal year, which means increases in residential and agricultural property weren’t determined and didn’t play a part in the new value. Instead, it centered on the revaluation of oil and gas production, equipment, business personal property, other natural resources and state assessed property, which the Weld County Assessor’s Office is required to revalue each year.
As Weld County is one of the state’s leaders in oil and gas production, it’s easy to associate a rise or dip in assessed value with an increase or decrease in production. While stronger oil and gas valuation is largely responsible for the increase in the county’s 2022 assessed value, Weld County Assessor Brenda Dones said it had less to do with production countywide and more to do with global decisions on production amounts that impact the sale price of the product.
“To determine value of oil and gas production, we use a combination of prior-year production amounts and the net sale price,” Dones explained. “While the combined oil and gas production amounts were down about 10% year-over-year, the combined price for oil and gas increased by about 80%. So, even though production amounts declined, the significant increase in price offset the loss and resulted in the $6 billion increase.”
Read the 2022 Assessed Value Report(PDF, 1MB).