New Property Tax Valuations Due For Durango Colorado Real Estate:

The La Plata County tax assessor is sending out the new tax valuations for all real property in the Durango Colorado area, and for the entire county. It will come as a shock to many when they see the new valuations. Most homeowners have seen the tougher residential market, and the price reductions on homes in their neighborhoods. In most cases, their new tax valuation will be higher than competing homes on the market. The key difference is the time table that the county can legally use. They must have comparable sold properties during the period from January 1, 2007 until June 30, 2008, a period of 18 months. They can not utilize properties that sold before or after those dates. This period is the top of the market for price comparisons. Statistically, the median price has held strong, but when you compare values on the market currently to those that sold in this 18 month period, it is going to look like an unfair valuation.

The good news is that affects all of the market, and although the value of your home may look too high, it is going to be similar for other homes in the market, and it may not have a big impact on the amount of property tax due. The residential assessment rate is currently 7.96% for residential, and 29% for land and commercial properties. With the current residential tax structure, the Assessor takes the valuation of the property, multiplies it by 7.96%, and then multiplies that number by the mil levy for that specific area. For example, a $300,000 residential property is assessed at $23,880 by multiplying the 7.96%, and then multiplying by the mil levy. For Durango, the mil levy is approximatley 27.012 so the $23,880 is multiplied by .027012 for a taxable amount of $645.05. It is possible that the mil levy could be reduced from the 7.96%, and effectively lower the taxes for all residential properties. The 29% for commercial and land properties has been mandated by the voters of the State of Colorado, and so it will not change without a vote of the people.

The last bit of good news is that oil and gas pay for a total of over 50% of the total tax dollars collected, and La Plata County taxes are some of the lowest in the State of Colorado.

If you have any questions, please do not hesitate to call me. You can reach me, Don Ricedorff, at The Wells Group 970-375-7014, don@frontier.net, or at my website at durangorealproperty.com.

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 16 years of experience, and he resides in Durango Colorado.

He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients. The designations include:
CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES,Senior Real Estate Specialist

He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.