New property valuations in May will reflect collapse of the real estate market. Colorado law requires county governments to reappraise property every other year. The last reappraisal was in May 2008. That reflected market conditions between Jan. 1, 2007, and June 30, 2008, before the recession hit western Colorado full force.Tax bills for 2009, which were paid in 2010, soared from the previous year because of drastic real estate appreciation during the boom years. The new valuations will be based on market conditions between Jan. 1, 2009, and June 30, 2010, during the height of the recession. The new valuations will be mailed to property owners on May 1.

ASPEN REAL ESTATE — Roaring Fork Valley homeowners shouldn’t expect property tax relief when their new bills arrive in the mail this month.Property taxes are expected to be about the same in most of the valley and slightly higher in parts of the upper valley. The tax bills are based on property valuations that were set prior to the recession and collapse of the real estate market. New valuations will be mailed to property owners in May, and that will affect tax bills for 2011 due in 2012, said Eagle County Assessor Mark Chapin.Eagle County’s tax bills started arriving Saturday. The Pitkin County Treasurer’s Office said bills will be mailed this week and will be finished by Monday, Jan. 24. Garfield County will mail bills by the end of the month.
By Scott Condon, Jan. 18, 2011 Aspen Times

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