While total property valuation assessments for Chaffee County are up by about 20 percent from the 2017 assessment, the agricultural classification dropped by a little more than 8 percent.
The biggest rise was in residential, where values increased by almost 26 percent.
Now that tax assessments are out, Chaffee County Assessor Brenda J. Mosby said that while appeals are up slightly, her department did not receive as many as they thought they would.
“I think that people are much more informed about the market now,” Mosby said. “They are making more informed decisions.”
Mosby said that, based on Colorado Statutes, approved by voters in 1992, the county must assess property values every odd year, but based on a June 30 date from the previous even year.
Consequently, the assessments that were recently sent out were based on values on June 30, 2018.
“The assessments follow the market, but they are just behind the market,” Mosby said. “When it follows the market, it is to the buyer’s preference. The market has been climbing steadily for years, but there was a bit of a bump in 2018.”
Mosby said that if specific types of homes are more popular, like log homes or Victorian-style homes, they are going to be higher but will not affect other homeowners.
Because of those variances, Mosby said it is hard to put a specific percentage to the increase, but she does agree there was a bigger bump this time around.
The process of calculating the assessments involves building three different models before finding the median to eliminate any extreme highs and lows.
“People will sometimes get mad and don’t understand why their house isn’t what they paid for it, but that’s not how the models work,” Mosby said.