Property values in Basalt, El Jebel have climbed 15 to 35 percent in two years
SOARING HOME VALUES
A sample of new single-family-home values revealed:
Prices of homes in the Hill District and Riverside Drive of Basalt that already exceeded $1 million generally increased by 10 to 15 percent.
More modestly priced homes in the working class neighborhoods of Elk Run, Blue Lake and Sopris Village generally increased 26 to 31 percent.
Most homeowners saw property value increases between $115,000 and $200,000 over two years ago.
Homeowners in Basalt and El Jebel are learning this week that their property values have generally soared between 15 and 35 percent over the past two years in mandatory revaluations in Colorado.
The assessor’s offices in each Colorado county revalued property based on sales over an 18- or 24-month period ending June 30, 2016. The state requires the revaluations — which help determine the tax bill — every other year. Notices of the new values were mailed Monday and posted on the assessors’ websites.
A sample of single-family-home values in various neighborhoods by The Aspen Times indicated that residential property prices have bounced back drastically in the past two years after sluggish appreciation immediately after the Great Recession. Home prices between $500,000 and $1 million generally saw greater appreciation over the past two years. Homes already valued greater than $1 million generally saw appreciation between 10 and 15 percent.
“Property values are still going up after the recession,” Eagle County Assessor Mark Chapin said last month. He said residential values increased more in the El Jebel-Basalt side of the county than in the county as a whole.
Here’s a sample of home values in various midvalley neighborhoods.
A home in Sopris Village, a working-class neighborhood in unincorporated Eagle County, increased in value by $113,600, or 29 percent, from last year. It was valued by the assessor’s office at $496,810.
An upper-end home in the Hill District of Basalt increased by $161,880, or 15 percent. It was valued at $1.22 million.
A home in Blue Lake subdivision in the El Jebel area increased by $138,820, or 26 percent. It was valued at $671,630.
A home in Willits increased by $190,640, or 26 percent. The assessor’s office valued it at $933,150.
A home in the River Oaks neighborhood, tucked along the Roaring Fork River in Basalt, increased $288,650, or 35 percent. The home was valued at $1.1 million.
A home in the Elk Run subdivision of Basalt increased $138,730, or 31 percent. It was valued at $576,800.
An anomaly in the sample found the value of a home on Riverside Drive increased only 9.5 percent. The value of the house went to $1.34 million from $1.22 million.
The increases won’t necessarily result in similar increases in property tax bills at the end of the year. Colorado is adjusting the formula for calculating assessed values. That will offset some of the increases in actual values.
Commercial properties in Basalt generally had more modest appreciation. The Aspen Times looked at the values assigned to two Midland Avenue buildings with commercial uses on the ground floor and residences on the top. One building soared in value by $204,550 or 23.5 percent. It was valued at $1.07 million.
Another Midland Avenue building with commercial topped by residential increased 17 percent to $1.26 million.
Property owners who want to appeal their values can do so with the assessor’s office. Staff members will be at the county annex in El Jebel every Wednesday to collect appeals. Chapin said property owners must remember that the actual value established by his office reflects the value as of June 30, 2016. Prices could have climbed further in the past 11 months.
Staff decisions will be mailed out in June. Property owners who aren’t satisfied can appeal the decisions to the Board of Equalization in their county.