Vail Land Tax Values Up While Prices Go Down

Vail land owners received their tax?appraisals from Eagle County Tax Assessor and like residential real estate, values and taxes are up even though land prices are down in many Vail communities.? The property valuation reflects the real estate market activity from January 1, 2007 to June 30, 2008.?? The?number of sales?may have?decreased during that period, however, the?asessor's based their tax assessments on the prices.? Yes, 2007 saw some high prices, but adjustments were starting to be seen in 2008, especially on land sales.? Currently, there are significant price reductions on Golf Course lots in the Vail Valley.???Vail land prices are down 30 Per Cent or more, so it is a great time to buy vacant land in Vail.

Golf Course Property in Vail

To derive property tax, the actual value of the property is multiplied by the assessment rate.??Land?assessment rate is?29%.??Property owners share in providing revenue for local services, schools, police and fire protection, local government and public health. sThe Eagle County Assessor's Office is welcoming tax appeals for this period.? You can?do it in person , mail, fax, or e-mail.? For an appeal to be successful, the owner should provide an appraisal dated in the six months prior to June 30, 2008, evidence of details of sales from the subject or comparable properties, or information correcting details the assessor may not know.? A follow up inspection of the property may be necessary.?

You can contact the Eagle County Assessor at 500 Broadway, or P.O. Box 449, Eagle, Co. 81631or phone them at 970-328-8640 or 1-800-225-6136 X 8640.? EMAIL: assesor@eaglecounty.us

Golf Course Property in Vail Valley

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If you are looking for information on Vail Valley Land where prices have come down significantly, check out Cordillera, Red Sky Ranch in Wolcott, Eagle Ranch and Gypsum at www.vailhomesandland.com

For questions on land prices and where to find some great lots in Vail, contact:? Teri Lester, Eco-Broker? 970-376-0779 or tlester@gatewaland.com.?

How are county appraisals different than "fee" appraisals?

The?practice?mass appraisal, the properties as of a given date, using standardized procedures and?statistical testing. This differs from single-property fee appraisal,?which normally deals with only one party determined?by the boards of taxing authorities: schools, county, towns, fire,?metropolitan districts and others. These entities provide tax supported?services and are listed on your tax notice.

-I don't have children. Why do I have a mill levy for the school district?

The mill levies that are assessed to your property area determined by the district in which your property is located, not by personal?use of the taxing district.

-While looking at your Sales Comparison Reports I noticed that you have my neighbors? sale listed at $550,000. However, I know?that they sold their house for $500,000.

You are most likely looking at the "time adjusted sales price" for that particular sale. Adjustment of sales for time is required?by State Statute. By definition, a ?time adjusted sales price? is the?price for which a property sold at some given time, adjusted for?the effects of inflation or deflation between the date of sale and?the date of appraisal.?To meet our State Statute requirements, all available qualified?sales were analyzed within various economic regions (Vail, Avon,?Edwards, Eagle, etc), and by type, (vacant or improved, residential,?or commercial). Each individual sale was then adjusted to the?appraisal date of June 30, 2008.

-Frequently Asked Questions

Assessor's Office welcomes appeals regarding?real property valuation from May 1, 2009 until?June 1, 2009.?This may be done in person at the Assessor?s?Office in the Eagle County Building or in writing?via mail, fax or e-mail. For an appeal to be?successful, the owner should provide an appraisal?dated in the six months prior to June 30, 2008,?evidence of details of sales from the subject or?comparable properties, or information correcting?the details of the property that the Assessor may?not know. A follow-up inspection of the property?may be necessary.

Eagle County Assessor

500 Broadway

PO Box 449

Eagle, CO 81631

Tel: 970-328-8640 1-800-225-6136 ext 8640

Fax: 970-328-8679

E-Mail: assessor@eaglecounty.us