Homeowners in the heart of Basalt saw their property values plummet by up to 60 percent while Aspen-area residents saw their home values drop around 20 to 30 percent in the May 1 reappraisals required by the state.
The assessors’ offices of Pitkin and Eagle counties mailed new valuations to property owners on Friday and posted the changes for all individual properties on their websites over the weekend. Spot checks by The Aspen Times showed that the Hill District of Basalt, also known as Old Town, saw values drop between 54 and 60 percent from the last revaluation two years ago. Homes on Homestead Drive and Sopris Avenue experienced the most drastic losses in a sample of several midvalley neighborhoods.
Elsewhere in the midvalley, homes in Willits dropped between 29 and 36 percent; homes in the River Oaks neighborhood along the Roaring Fork River off of Willits Lane fell by between 46 and 48 percent; Elk Run was off 44 to 51 percent; and Riverside Drive was down 36 percent.
Individual homes could vary by a greater percentage than the averages from the sample.
In the El Jebel area, the sample showed Sopris Village homes were down around 44 percent; Summit Vista was off by 34 percent; and Blue Lake was down between 30 and 37 percent. Homes in the Eagle County portion of Missouri Heights were down between 24 and 30 percent.
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