“This is the first time in my 20 years that we’ve actually substantially lowered values,” said the Pitkin County Assessor, Tom Isaac.

ASPEN REAL ESTATE — Pitkin County property owners, who mostly saw their property values rise significantly two years ago, are likely to see those values drop when their new notice of valuation arrives in the mail. That does not mean, however, their tax bills will be lowered, the county assessor said.The notices, which will go out May 2 to about 15,000 property owners in the county, reflect property values as of June 30, 2010. The values assigned by the assessor’s office are based on sales of similar properties, and the real estate market was in a slump at that point.As a result, most properties have been assigned a value that is “considerably less” than when notices of valuation went out in spring 2009, according to Tom Isaac, county assessor. Property is revalued by the assessor’s office every two years, as required by state law.
By Janet Urquhart, April 7, 11 Aspen Times

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