New building adds $51 million to countywide property values
July 17, 2008
The 2008 value of real property in Grand County rose from 2007 by $51 million to $792,967,200, according to an assessor’s status report presented to the county commissioners Monday.
Property is reassessed every odd year, but the assessor tabulates countywide property values annually. Therefore, 2008’s increase is attributable to new construction, not a change in valuation, said Grand County Assessor Tom Weydert.
But the numbers do hint at future appraised values of real property within Grand County for taxation purposes.
“My gut feeling is we’re not going to see a decline in values,” Weydert said, “but the rate of increase may be coming down. There are certain pockets that need to be looked at, but overall I don’t see a downward pricing.”
Properties are selling at an average of 94 percent of list price, he reported, and are “taking longer to sell.”
County commissioners inquired about how the rise in foreclosures may affect valuations. Weydert said his office is now linked to the treasurer’s office and keeps close tabs on those properties with intent to foreclose and those currently under foreclosure.
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Grand County has 84 listed foreclosures so far this year, up from 51 all of last year.
Weydert said in assessing valuation, he takes into account individual foreclosures compared to multiples within the same market. Multiple foreclosures in a condominium project, for example, “could become a market unto itself,” he said, “where the norm is foreclosures.”
Weydert added that “those in subdivisions we are taking a very close look at,” referring to specific houses in certain developments in Grand County under investigation for possible fraudulent activity.
This year’s assessed valuation of personal property is coming in at $37,297,420, up $1.9 million from last year.
After last year’s assessments, the assessor’s office saw 491 protests of property valuations, down from 2,400 during the previous assessment. Of all protests, 236 were adjusted, 250 denied and the rest were satisfied with a clarification of the assessment.
Of those that were denied, 17 property owners took their cases as far as the Board of Assessment Appeals on the state level. Out of the $6,500 in county property tax revenue at issue in those 17 cases, the board adjusted it down to $3,000.
The county analyzes market activity during a base period from January through the following 18 months; for the recent status of assessment, the county reviewed sales of like properties from Jan. 1, 2007, through June 30, 2008.
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