ASPEN REAL ESTATE — So far, 45 Pitkin County property owners are protesting their property values this month. That’s down considerably from the roughly 4,500 protests filed during the month of May last year.Property owners have an opportunity to file an appeal each year in May (they’ll be accepted through June 1), but it’s every other year, when the assessor’s office revalues property
and sends out notices, that the protest period tends to be a busy one for Pitkin County Assessor Tom Isaac and his staff.A year ago, when overall residential assessments were initially up nearly 40 percent, Isaac’s office fielded a record number of protests. Close to 30% of the county’s property owners objected to the high values assigned their properties based on sales during a booming real estate market. By the time valuation notices went out in May 2009, prices were plummeting.The opposite will be true a year from now. When notices go out on May 1, 2011, property values will be determined based on sales during a two-year span ending June 30, 2010 — a period of declining real estate prices and a drop-off in the number of recorded sales.
By Janet Urquhart, May 20, 2010 Aspen Times
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