‘They used that bubble to determine new assessment values’ says Aspen retiree

ASPEN REAL ESTATE – Tax bills are never popular, but they really stung this year. By a quirk of timing, Piktin County property values soared in the eyes of the government even while the market real estate prices plummeted and the recession made it tougher for many people to absorb higher tax bills….Assessors in Colorado are required to reassess property every other year, in odd-numbered years. The new assessment value calculated by the government was based on free-market value on June 30, 2008. That coincided with the end of the real estate bubble that drove up local real estate prices high and fast.
By Scott Condon, Feb. 19, 2010 Aspen Times

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