Pitkin County property values rise for first time since recession
December 24, 2015
Assessed property values in Pitkin County stand at $2.9 billion and reflect the first increase since the 2010 budget year.
That means that the county's dozens of taxing districts as well as its own core services and funds will combine to bring in $114.3 million next year, up 9.3 percent over last year, according to County Treasurer Tom Oken.
At a special board meeting Tuesday, Pitkin County commissioners, in their last official action of the year, certified mil levies by special taxing districts as well as property tax revenue for 2016.
"That's the first increase since the recession," Treasurer Tom Oken told the board.
Property tax bills for 2015 go out next month. Depending on where their property is located within the county, property owners pay out to multiple taxing districts. The county disburses the money to the districts and other governments, including its own core services such as the road and bridge fund and general fund.
The county assesses property values every two years. This year's property values are based on a 24-month period ending June 30, 2014, and provide revenue for the county's 2016 budget.
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The $2.9 billion in assessed valuations for 2016 represent a 13.3 percent increase over 2014, which saw a 6.1 decrease from 2012, also a difficult year that experienced a 24.5 percent decrease over 2010.
In budget year 2010, county property valuations totaled $3.7 million, based on 2008 assessments. That was a 34.5 increase over 2008.
Oken, in a memo to commissioners, noted that even with property values on the rise, they still are 19.7 percent lower than the assessments in June 2008.