Every two years, Colorado state law requires county assessors to reassess all real estate to be certain that values reflect actual values for a defined period. With the recent financial melt down, you may think that your property values would be lower. Unfortunately this will not be the case during this reassessment as the new valuation period is January 1, 2007 through June 30, 2008, generally before the national financial meltdown last fall. The Assessor has indicated that valuations coming out soon will actually be stable to slightly higher. Any general lowering of real estate values due to last fall’s financial cliff jump won’t be reflected in assessed valuations until the next statutory reassessment two years from now which will cover July 1, 2008 through December 31, 2009. Owners of real estate in Eagle County should expect their reassessment notices by mid May. These valuations are contestable if you feel they don’t reflect actual valuations during the 2007/2008 period or the information used in the assessment is inaccurate. Instructions on how to contest your new valuation will be contained in the valuation notice. John Nilsson
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