Pitkin County property tax notices are on the way | AspenTimes.com

Pitkin County property tax notices are on the way

Aspen Times Staff Report
Aspen, CO Colorado

PITKIN COUNTY ” Pitkin County Assessor Tom Isaac said Wednesday his office will send property valuation notices out in early May, “and it’s likely property owners will see higher valuations than expected.”

Assessors base their valuations on what homes would have sold for in the 18 months before June 30, 2008, as required by state law, Isaac said in a statement.

The area real estate market began to slow down and stagnate afterward, he said, meaning that property tax bills will be based on the market value of homes during the real estate boom period.

“With all the news about the slumping economy and real estate sales locally a lot of people are wondering how valuations could have increased,” Isaac said. “It was just bad timing, that, unfortunately, I cannot control.”

According to assessors across the state, the central Rockies and Western Slope have experienced relatively stable or increasing real estate markets during the past several years, but lower sales volumes recently.

Property valuations may be protested during the month of May.

A newsletter explaining property valuation in further detail will be published in local newspapers April 9-10. Further information will be available online at http://www.aspenpitkin.com/assessor or by phone at 920-5160.

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