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- 2023 / 24 Property Valuation
2023 / 24 Property Valuation
This page includes information to help answer questions we've received about the 2023/24 Property Valuation.
Time Adjusted Sales Price (TASP)
Colorado Statute requires county assessors to analyze changes to sale prices attributable to changes in the market over time, and adjust all sale prices as needed. This is familiarly referred to as “time trending."
The Grand County Assessor’s Office analyzed all sales in every geographic area and property type within the County and calculated the appropriate adjustment factor for market conditions to the June 30, 2022 appraisal date.
Location by Economic Area was identified as the best division for this adjustment. The total time rate from each date of sale is applied to each sale price to arrive at the Time Adjusted Sale Price (TASP), which is the estimated price that would have been paid had the sale occurred on the appraisal date.
What was the study period?
A comparative and comprehensive analysis of Grand County property sales that took place between July 1, 2020 and June 30, 2022 was the basis for the most recent value reassessment. Property location, property characteristics, and overall market trends influenced the new property values.
Which areas saw the largest property value increases?
In residential property, the east end of the county saw larger value increases than the west end of Grand County.
Vacant land saw the steepest increase in value, a fact that was true throughout the entire county.
What data is (mainly) used to value property?
All value increases are reflective of open market sales during the base period, and there were a significant number of sales from which to determine market values and market trends.
- Over 20% of condominiums in Grand County and over 15% of the vacant land parcels in the county sold.
- Just under 15% of residential property also sold. That translated to over 3,000 qualified sales from which to gather data and to help determine the new values.
What value increase can I expect?
Like most counties in Colorado - and particularly the mountain resort communities - property owners will see increases in value of 50-70% or greater.
Some areas within Grand County saw increases that are less or more than those percentages.
There are too many variables in the analysis to be able to state a generalized trend for specific properties, but property owners should anticipate a significant increase in their values.
How will my property value increase impact my property taxes?
Property value is only one component of the tax calculation. Another primary component of the tax calculation is the mill levy as determined by individual taxing districts.
Taxing districts determine their mill levy during the fall budget process and report them to the county in late December. The final tax roll is produced in early January 2024 at which time the actual tax amount for tax year 2023 is calculated for each property.