Eagle and Pitkin County assessors: number of appeals has dropped dramatically…The values released in May 2009 reflected pre-recession bubble prices.The value released this month – which reflect the period between June 30, 2008 and June 30, 2010 – finally reflect the ravages of the recession.
ASPEN REAL ESTATE – Relatively few homeowners in Pitkin and Eagle counties are howling in protest over their property valuations this spring like they did two years ago.County assessors in Colorado are required to revalue property every other year, in the odd-numbered years. Property owners were notified of their new valuations May 1, and they have until the end of the day Tuesday to appeal.“We’ve only had 600 appeals total, which is low,” said Eagle County Assessor Mark Chapin. As of Wednesday afternoon, there were only 79 appeals from the Basalt and El Jebel area, he said.That is in sharp contrast to the outrage of May 2009 when Chapin’s office received just shy of 8,000 appeals…Property owners were angry in 2009 because the new values determined by assessors didn’t yet reflect the real estate crash in the recession. There is lag time inherent in the government’s reappraisal process. The values released in May 2009 reflected pre-recession bubble prices. That’s why there are so few objections, Chapin said.
By Scott Condon, May, 27 2011, AT