Weld County’s assessed value sees 33% increase, set at $25 billion

Published on August 23, 2023

Weld County’s 2023 assessed value has been set at $25 billion. The new value, approved by the Weld County Board of Commissioners today, represents more than a $6 billion increase from 2022’s total of $18.7 billion and marks the second 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 Mike Freeman. “A strong assessed value can only help us meet our continued goal of providing the best services possible to residents.”

2023 was a reappraisal year, which means increases in residential and agricultural property were determined and played a role in the new value. Revaluation of oil and gas production and equipment made up 67% of Weld County’s total value. The Assessor’s Office is also required to revaluate business personal property, other natural resources and state assessed property 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 2023 assessed value, Weld County Assessor Brenda Dones said it had less to do with production countywide and more to do with global decisions 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 slightly down year-over-year, the combined price for oil and gas increased by about 60%. So, even though production amounts declined, the significant increase in price offset the loss and resulted in an almost $5 billion increase of the overall $6 billion change in total value.”

Read the 2023 Assessed Value Report(PDF, 79KB).