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The Summit County Assessor's Office sent out biannual notices of valuation to property owners on May 1
Contact: Frank Celico, Summit County Assessor: 970-453-3480
SUMMIT COUNTY – The Summit County Assessor’s Office mailed out notices of valuation to all property owners on Wednesday, May 1. Colorado law requires that all county assessors revalue all taxable real property within their county boundaries every odd year.
“Most Summit County properties saw an increase in market value since the last reappraisal in 2017,” Summit County Assessor Frank Celico said. “Sale prices continued to climb throughout the county during our data collection period from July 1, 2016, to June 30, 2018, with certain areas of Summit County seeing substantial increases.”
According to the 2019 revaluation, the average value of a single family home in Summit County is $1.1 million, and the average condominium value is $499,000. In Breckenridge, the average value of a single family home is now $1.3 million, and the average condo value is $587,000.
The highest-valued single family home and condominium were both located in the Breckenridge area, valued at $8.8 million and $2.9 million, respectively. Outside of the Breckenridge area, the highest-valued single family home and condominium were valued at $4.4 million and $1.9 million. The areas of Summit County that have seen the largest increases in market value of residential property since 2017 are Dillon Valley, Wildernest and Keystone.
The Assessor’s Office values properties using arms-length transaction sales that took place during the July 1, 2016, to June 30, 2018, data collection period. There were 2,204 qualified sales of condominiums and 1,125 qualified sales of single family homes in Summit County.
"Much of our time is spent extrapolating the data gathered from these actual sales of properties during the data collection period and applying that data to the valuation of the properties that did not sell during the data collection period," Celico said. "Our staff has many decades of appraisal experience, as well as state-of-the-industry software tools used to determine the value of Summit County properties.”
As explained in the notices of value sent out May 1, taxpayers wishing to appeal their value with the Summit County Assessor’s Office may do so during the month of May. Taxpayers may appeal online, in person or by mail. Mailed appeals must be postmarked by Monday, June 3. In-person appeals must be delivered to the Assessor’s Office by 5 p.m., Monday, June 3. Online appeals may be filed up until 11:59 p.m. on June 3 at www.SummitCountyCO.gov/assessor. Online submission requires use of the security code included in each taxpayer’s notice of value.
Taxpayers in Colorado over the age of 65 as of Jan. 1, 2019, who have lived in their homes as primary residences for at least 10 years may be eligible for the Senior Property Tax Exemption. To apply for the exemption, go to the Assessor’s Office in person or online.
For more information, call the Summit County Assessor’s Office at 970-453-3480, or email email@example.com.