EAGLE COUNTY — — The taxable value of midvalley houses will likely tumble another 20 to 50 percent when Colorado counties undertake a mandatory re-valuation of property in May, Eagle County Assessor Mark Chapin said Monday.
House valuations in the Eagle County portion of the Roaring Fork Valley plummeted in the last re-valuation in May 2011. Houses in the Old Town neighborhood of Basalt fell by as much as 60 percent. In Willits, assessed values generally fell 29 to 36 percent.
The assessor’s staff is just starting to analyze sales data that will be used for the next re-valuation. Chapin said values will drop because they will reflect what occurred in the market between Jan. 1, 2011, and June 30, 2012.
“We have to replicate the market,” he said.
New assessed values will be mailed out to property owners May 1. To meet the deadline, Chapin’s staff will devour sales data for the 18-month period ending June 30, 2012. The preliminary glance indicates Eagle County properties generally saw a 13 percent decrease countywide, Chapin said. Pockets saw greater declines, such as Basalt and El Jebel in the Roaring Fork Valley and Gypsum and Eagle in the Eagle Valley, he said.
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