Real estate trends changing
July 19, 2013
Editor’s note: The following is an excerpt from the Vail Homeowners Association monthly report. We publish weekly excerpts from the association, which keeps a close eye on economic and political trends in and outside of the town. The newsletter electronic version with links to supporting documents is available at http://www.vailhomeowners.com.
Bucking the national trend, as of mid-June, the foreclosure rates for Eagle County were half of what they were a year ago, perhaps a sign that a shrinking inventory of distressed properties will have less of a dampening effect on property values.
Implications for the broader community: As development activity begins to step up, some critics say the town of Vail has moved too far toward turning the town from a community into a business enterprise and has not fully thought through the implications.
Those in the broader community who have shared common interests have not been given the opportunity to discuss whether the right direction is being taken or not.
Ramping up development and business activity can take a toll on the livability, cohesiveness and sustainability of the entire community.
Eagle County property taxes — snooze and lose: There are residential property owners who have serious doubts about the correctness of the Eagle County assessor reassessment valuation of some Vail properties.
They point to a widespread variation in valuation from areas within Vail and throughout Eagle County. Neighborhoods like Mill Creek Circle received, on average, a 50 percent increase in their reassessed values, while other areas saw as much as a 50 percent decrease.
This disparity is motivation for some property owners to file a tax protest, particularly within the context of a national downturn in property values since the onset of the great recession.
Many non-resident property owners never look at their tax bill. If they did, some might be shocked at what they will be paying.
Second chance to file tax protest: Even though the protest period has ended, sources involved in protesting say the protest window will open again next year at tax time. At that time, property owners can still protest their reassessment valuation and, if successful, can get a reduction for the tax years covered by the reassessment cycle.
Aggrieved property owners, these sources say, should not be deterred by the protest process.
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