New appraisals are out for Aspen and the mid Roaring Fork Valley. It’s a process mandated every other year, in the odd years, by the state requiring assessor offices, including Pitkin, Eagle and Garfield counties in the Valley, to reassess property valuations every for tax collection purposes. This year, the re-assessment is for real estate sales data that occurred between July 1, 2010 to June 30, 2012*, a 24 month period in which values continued to decline throughout the market. The last reappraisal was May 2011 for property sales that took place between July 1, 2008 through June 30, 2010, a period of even greater decline. The public is often confused by these valuations as there is a considerable “time lag” between when the sales actually took place and when the new appraisals are released. The market can change significantly during this delay period.
* From the Pitkin County Assessor’s website:
– New values for 2013/2014 tax years will be sent out May 1, 2013 and will reflect the market as of June 30, 2012 using sales data only from July 1, 2010 to June 30, 2012. Sales after this time frame will be used for the next revaluation cycle in 2015.
– 2013/2014 values are available on their database site on May 1st: www.pitkinassessor.org