Property value up 25 percent | AspenTimes.com
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Property value up 25 percent

Jeremy Heiman

The total value of property in Pitkin County this year is almost $11 billion, although that number could drop, if some property owners are successful in protesting their property valuations.

According to the Pitkin County Assessor’s Office, the value of all land and buildings in the county as of Jan. 1 was $10,813,624,833. That represents an increase of about 25 percent over last year’s total value – $8.5 billion. The total number of properties evaluated is about 14,900.

The figures should be considered preliminary, said County Assessor Tom Isaac, because they will change after protests lodged by some owners this month are decided. Isaac said owners of some large properties, such as the St. Regis hotel, have given notice that they will protest the valuation of their properties.

The total value includes state-assessed properties such as utility and airline property; exempt property owned by churches, schools, and other nonprofits; and properties that are and are not taxed locally.

The value of residential property climbed from $6.697 billion last year to $8.410 this year.

“We’re going to see a jump in this, even next year,” Isaac said. Total valuation of residential properties will increase significantly again next year because land at Aspen Highlands, the Moore property and North Forty will be converted from vacant land to residential. Highlands will be especially significant in the commercial column, Isaac said.

The value of vacant land in the county rose from $532 million last year to $765 million in 1999, while the acreage of vacant land declined slightly. Agricultural land stayed nearly the same, rising from $35 million to $36 million.

Isaac said protests may affect the total valuation in these categories, because owners of some parcels classified as vacant want their property assessed as agricultural.


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