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Assessor explains 2012 property values

The flip flop of summer weather in September makes you wonder if the summer garden will finish with a slow ripening or sudden end.

This time of year, assessors measure the growth in last year's economy using our Aug. 25 Abstract of Assessment, much like a gardener. We look at all property types and report to the taxing entities the tax base to be used for determining the property taxes to be paid next year.

For 2014 we are still on the June 30, 2012 level of value based on sales trended to that date. In a year-to-year comparison we have seen an 8.7 percent increase in total assessed value countywide this year.

The increase includes 214 new residential units with a 2012 actual value of $75.9 million, a 1.6 percent increase. There is an overall commercial/industrial actual value increase of $24.8 million, a 1.9 percent increase. These numbers are based on new and under construction properties and again are in 2012 dollars.

The sector with the largest increase was oil and gas production value, showing an increase of 39.6 percent. The main factor was the increased price received for gas in 2013. The downside is that, though price increased, production decreased 8.9 percent. Overall oil and gas value, for 2014, including equipment and pipeline, is 41.4 percent of our tax base, as opposed to 31.7 percent last year for 2013.

Next year will bring a new appraisal sample. This 2014 level of value will use sales analysis from 2012 to 2014 trended to June 31, 2014.

Preliminarily, we are anticipating residential real estate increases in the cities and towns for the 2014 reappraisal as well as the same for commercial properties. The median price of natural gas is currently up and gas well drilling is on the rise.

Much like this changing fall weather that we are seeing, the tax base is growing, and next years' harvest currently is looking good and healthy.

The county assessor's office is happy to answer questions about valuations at any time. Please call us at (970) 382-6221.

Sincerely,

Craig N. Larson

La Plata County Assessor