(Aspen, CO) On May 1st, Notices of Valuation will be mailed to all property owners throughout Colorado. Every two years all property must be revalued to reflect the current real estate market and this year all County Assessors must use a date of June 30, 2014, as the date of valuation.
Properties are valued based on real estate market sales that occurred 24 months prior to June 30, 2014. The Assessor’s office looks at the sales that occurred in each neighborhood and use those sales to set new values. According to Pitkin County Assessor, Tom Isaac, overall, the real estate market in Pitkin County has improved; however, some areas have been inconsistent with this trend. All sales from the appropriate time frame will be listed on www.pitkincounty.com/assessor as of May 1st.
While the Assessor’s office designates property values, the County Treasurer bills and collects property taxes. Taxes are determined by multiplying the actual value by the assessment rate and mill levies. The assessment rate as set by the State is 7.96% for residential properties, and 29% for all other properties. There are multiple tax authorities throughout the County who set their specific mill levy for their district.
“Keep in mind that your property tax bill will include taxes from a number of local taxing authorities depending on where you live. These can include your Fire Protection District, Water District, Ambulance District and your schools, among others” Tom Isaac, Pitkin County Assessor, noted. The taxing districts are identified on the property tax bills so that the property owners know where their tax dollars are spent.
The Taxpayers Bill of Rights (TABOR) requires many taxing authorities to reduce their mill levies to keep their property tax revenue increase within the rate of inflation plus growth. Some local taxing authorities have received voter approval over the years to have flexibility from the TABOR restriction. Isaac reminds property owners that they may participate in budget hearing held each fall for all of the taxing authorities. This is the opportunity to challenge the mill rates that determine every property tax bill.
The new property valuations may be appealed only during the month of May of each year. The property owner may appear in person at the Pitkin County Assessor’s office at 506 Main Street, Suite 202, Aspen, Colorado 81611, submit a written protest at the above address, or by fax to 970-920-5174. Specific property information is listed on our database website at www.pitkincounty.com/assessor. Successful appeals should mention factual errors or sales information that might not be common knowledge and all correspondence must be signed. The staff in the Assessor’s office is pleased to assist you. For further information call the Assessor’s office at 920-5160.