Eagle County taxable value to drop by $1 billion
Present: Sara Fisher, Peter Runyon, Jon Stavney.
Who they talked to: Eagle County Assessor Mark Chapin.
What they talked about: Chapin gave the commissioners a brief tutorial on how the state’s property tax assessment process works, and how it will affect the next round of property valuations.
Why that’s important: Property taxes make up about 30 percent of the county’s general fund, and all or much of the funding sources for the 70-plus taxing agencies in the county.
What’s the big news? Chapin told the commissioners that the steep drop in home prices – and property values – in the county will show up in taxes collected in 2012.
The state requires counties to value properties as of June 30 of even-numbered years. Chapin and his staff are now working to determine what those values are for taxing purposes. Chapin said he expects home values to drop by at least 30 percent from their last valuation on June 30, 2008.
What does that mean? Chapin said the county can expect its overall taxable value (which is much lower than actual value) to drop from about $3.5 billion in 2008 to about $2.5 billion this year. That drop in taxable value will mean significantly lower tax bills for property owners, but also signifcantly less revenue for local governments.