More than 48,000 property owners in La Plata County will receive official notices of valuation from the county assessor next week.
Postcards containing the notices will be mailed Thursday.
County Assessor Carrie Woodson said single-family home values rose an average of 20%.
Property values are used as a basis for property taxes levied by local entities, including county government, school districts, fire departments and special metro districts. They are reassessed every two years. The timing also coincides with biennial aerial imaging, meaning planes are flying grid patterns over the county this week taking images for the county’s database.
This year’s notices reflect changes in property values from July 1, 2022, to June 30, 2024, and will be used as the basis for tax years 2025 and 2026, for which taxes are due in 2026 and 2027, respectively.
The value of condos north of Durango, such as those near Purgatory Resort and the Glacier Club, rose by as much as 40% over the last two years, Woodson said. Home values near Ignacio did not increase as much.
“I think it’s the luxury housing market – it’s still very strong,” she said.
Two years ago, when valuation notices showed a similar jump, county residents decried the increases, which tend to lead to larger tax burdens. Woodson’s office received a record number of protests that year.
The assessor uses property sales in the county to determine fair market value for comparable properties. But the extrapolations are not always perfect, and the protest period is an important part of the process.
Property owners who believe the inventory of their home is incorrect, or that comparable properties have not sold for as much as their assigned value, may appeal.
“The values that we assign are based on what has sold in the market,” Woodson said. “So when someone protests their property (value), we will visit the property, we’ll look at comparable sales, see how it compares – dollar-per-foot, etc. – and then decide if we need to adjust or not.”
Historically, about 5% of property owners appeal their valuation and 50% of those protests result in an adjustment. While most of the values that are appealed and adjusted decrease, Woodson warned some valuations increase upon reexamination.
The owners of some properties that have historically qualified for agricultural classification – which can come with significant tax benefits – will also be notified that they no longer quality for that classification.
One twist in this year’s taxes is that the assessment rate – the figure used to determine the taxable value of a property – is splitting. Properties will be assessed at a rate of 7.05% when calculating property taxes to school districts, while taxes for all other districts will be calculated based on an assessment rate of 6.25% thanks to a property tax relief bill passed by the state Legislature during a 2024 special session.
The deadline to file a protest over this year’s valuation is June 8. Protests can be filed online or by phone using information provided on the postcard.
“This is one of those things that we do for the public, is try to make sure their value is fair and equitable,” Woodson said. “We take it very seriously. So we want people, if they feel their value or classification is incorrect, to come and talk to us.”
rschafir@durangoherald.com
