Pitkin County property values drop 6 percent
May 10, 2013
Pitkin County property values saw an overall drop of about 6 percent with this year's revaluation, according to the county assessor's office.
The 15,000 or so commercial and residential property owners in the county are receiving a notice of valuation this week. They were mailed Wednesday.
This is a revaluation year, meaning values have been adjusted based on sales of comparable properties over a two-year period that ended June 30, 2012. Property is revalued every two years across Colorado.
The revaluation puts the overall value of property in the county at about $25 billion, down 6 percent from $26.8 billion in 2012, according to Larry Fite, chief appraiser for the county.
Some property owners, generally in the upper valley, saw a gain in their property's value, while the value of other properties remained essentially flat or, particularly in the midvalley portions of the county, declined.
"Things are kind of up, down and sideways. I think that's reflected in the fact that there's only a 6 percent drop," Fite said.
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Overall property value in the county dropped 25 percent with the 2011 revaluation.
"Relative to the pendulum swings we've seen, I would say 6 percent is pretty flat for all intents and purposes," Fite said.
The newly established overall value of property in the county will change before it's all said and done. Property owners have until June 3 to file an appeal with the assessor's office if they disagree with the value assigned their property. It's the first of several available steps in the appeals process.