Ouray Real Estate Values

Written by: Christopher Pike - Ouray County News

Posted by: Erin Eddy - Ouray Realty and Investments

www.ourayland.com
www.ridgwayland.com


January 28, 2009

OURAY — Despite plummeting real estate prices in many parts of the nation, property taxes in Ouray County will likely remain the same, some may see an increase.

So said Ouray County Assessor Susie Mayfield in a recent report to the Board of County Commissioners. "Tax bills will show a slight increase because the values did not change," said Mayfield.

Mayfield told commissioners that property notices will be mailed the first week of May and assessed valuations will reflect values through June 30, 2008.

Mayfield said reasons for no anticipated declines are due to a combination of a more stable mortgage economy in this area, and the time frame when the valuations are conducted. She said Ouray County joins most counties throughout the Western Slope who report that property values are not expected to decrease, partly due to the fact that the Western Slope does not have the same level of foreclosures like the Front Range counties, which has been large in scope and well publicized.

"Mesa County is not seeing a drop in sales prices, and until that is shown, there won't be a reduction in assessed valuation there either," Mayfield said. "All of the Western Slope counties want to put together press releases in the form of an informational campaign notifying those land owners that their real property values will not decrease. We're all seeing the same trends."

Revaluations are made every odd year, and Mayfield, and some declines in value may be reflected through June 30, 2010, when her department finishes its next review process. At that time there could be data as evidence of declining values beginning with the tumultuous period beginning in last year's third quarter, when the nationwide banking credit crash occurred.

Another reason that some valuations will be less in certain communities is because some mil levies have changed. Mayfield explained that the mil levy varies when some communities or government districts are subject to the Taxpayers Bill of Rights (TABOR). Mayfield said under TABOR, a mil levy cannot increase without a vote.

Mayfield said last week that the Assessor's office does not make valuations based upon an individual property, but rather a "mass appraisal as part of our data analysis."

She explained that Log Hill Mesa property values may vary, for example, depending upon whether the lot or the residence is located on the edge of the escarpment or in the interior of the mesa.

Commissioner Keith Meinert jokingly encouraged Mayfield to make a mass mailing, (and) "do anything we can do to explain the voodoo calculations that you all go through and that people should not anticipate seeing a reduction in property values and may even see an increase."

For information go to the Assessor's Office link on the county website (www.ouraycountyco.gov).