Mid-April has several important dates this year. The ski season is coming to an end on April 21st for Vail, and of course, the yearly April 15th tax return deadline is behind us. But be sure to mark your calendars for these upcoming Eagle County events. On Apr 15th the Eagle Trails open for running, hiking, biking and more, while April 20th there will be community Easter Egg Hunts at both Eagle Town Park and the Town of Avon Recreation Center. In addition to those, Vail Valley homeowners need to be aware about the Colorado law which requires a two-year reassessment cycle for all property.
2019 is a Reappraisal Year (some call it a Revaluation Year) as every odd-numbered year is a Reappraisal Year, while even-numbered years are what can be known as an Intervening Year. As a reminder, Colorado residents pay taxes in arrears, so you pay 2019 taxes in 2020. Homeowners have the right to appeal the value of their home each year. There are some important dates to keep in mind for property valuations. The Assessor’s Office sets aside May of each year to hear appeals on property valuations.
The Eagle County Assessor’s Office will be mailing all homeowners a 2019 Assessor’s Notice of Valuation by May 1, 2019. For making your appeal in 2019, The Assessor’s Office will accept appeals from May 1-June 1, 2019. The Eagle County Assessor’s Office uses what they call a Market Approach to determine the value of your property for tax purposes. They compare similar property sales which occurred January 1, 2017 through June 30, 2018. If data is insufficient during this time period, The Assessor’s Office may use date from the five-year period ending June 30, 2018.
Use me as your resource! Feel free to reach out to me if you would like me to give you a general idea of the sales comps which pertain to your home. This appeal process may be done in person at the Assessor’s Office or in writing via mail. There also are fee-based services available provided by local professionals such as Appraisers and Attorneys who are able handle this Appeal Process for you. I am always happy to provide you with contact information for these services as well as other resources.
As per The Assessor’s Office, property taxes are determined by multiplying the total actual value times the appropriate assessment rate (7.2 for residential/improved property or 29% for vacant land/other), to determine the assessed or taxable value. The assessed value is multiplied by the aggregate total mill levy for the property’s tax area to determine total property tax amounts.
In addition to the appeals, you also want to check and see if any taxing districts have changed relating to your neighborhood and home. Click here to see the 2017 vs 2018 Mill Levy comparison chart.
The formula for approximating your tax bill amount is as follows:
Assessed Value x Mill Levy = Taxes Due.
Below is the recent Market Snapshot from March 1-31st. For questions relating to this blog or the real estate market in general, contact me directly at 970.471.5233.
March Market Snapshot Residential Activity between March 1st and 31st:
695 Current Active Listings on the market in the Vail Valley
For March only:
122 Under contract
91 Sold properties
115 New listings
Significant Transactions for March
Properties Price at $5 million or more:
Vail Golf Course:
1 duplex under contract for $11.75M
1 single family sold for $17.25M
2 Four Seasons under contract for $6.5M and $6.8M
2 condos sold for $5.15M and $10.5M
1 duplex sold for $7.750M
1 new condo for $5.25M
1 single family sold for $7.5M
2 new homes for $6.25M and $6.95M
1 single family sold for $15.454M