Taxing districts in midvalley are watching their assessed values drop by $100 million

ASPEN BASALT REAL ESTATE — Special taxing districts in the midvalley are starting to learn how hard the collapse of property values will hit them in their pocketbooks.The districts — from the Basalt town government to the fire department — are losing ten of millions of dollars in assessed value, which means they will collect less property tax revenue in 2012.The town of Basalt’s assessed value for property in Eagle County fell from $154.28 million last year to $97.97 million this year. That’s a drop of $56.31 million or 36.5 percent. (Assessed values is the taxable amount. It’s different from the market value.)Crown Mountain Park and Recreation District saw its assessed value plummet $102.1 million, from $288.85 million last year to $186.79 million this year. That represents a fall of 35 percent.
By Scott Condon, July 11, 2011 AT

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