The last round of valuations, in 2009, spurred frustration among the 15,000 or so property owners in the county. Despite the fact that the recession was in full swing at that point, values — and tax bills — mostly went up because state statutes require counties to value properties based on the market conditions from a year before. In 2009, assessors were required to use values from June 2008, before the real estate bubble burst. The total county property value stood at about $36 billion at the time, going up about $10 billion from just two years earlier.
ASPEN REAL ESTATE – As anticipated, Pitkin County property tax valuations for 2011 finally reflect the Great Recession’s effect on Aspen area home values, which have dropped significantly for the first time in recent memory…Single-family homes fell from 10 to 15 percent in value, he estimated, and residential condominiums fell around 40 percent. The valuations began arriving in local mailboxes this past week, but the assessor’s office hasn’t yet compiled a comprehensive report on its valuing of county homes. Officials expect to put that together this summer.
By Andrew Travers, May 9, 2011 ADN