Pitkin County property owners have been showing up at the assessor’s office in droves to protest their latest property valuations — an exercise that is not necessarily in vain, according to Assessor Tom Isaac. Overall, residential assessments are up nearly 40 percent, which translates into jaw-dropping, multimillion-dollar jumps in value for some Aspen homeowners. The total actual value of property in the county, based on the assessments mailed out earlier this month, now stands at about $36 billion, up from $26.7 billion in 2008. The assessments reflect property values as of June 30, 2008 — a time when the local real estate market was booming. It has since taken a nosedive, leaving some property owners objecting to valuations that don’t reflect today’s reality.
By Janet Urquhart, May 18, 2009, AT
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