The latest county-wide real estate appraisal found the total market value of Eagle County real estate jumped 12.9 percent, with residential value jumping 11.4 percent compared to the last appraisal numbers from 2015. According to Eagle County Assessor Mark Chapin, our real estate values are back to where we were pre-recession. Our market has recovered.
Residential property values are around $1 billion more than the pre-recession peak, with residential property valued at $31.24 billion in 2009 and $32.39 billion in 2017. The biggest increases are in Gypsum and Eagle where the affordable housing is supposed to be. If you can find something between $250,000 and $500,000, that is the area where you will find it. Properties tend to be closer to the half million mark than the lower price.
As property values go up, so do property taxes. The property valuation notices will come out later this week. In Eagle County, 45 percent of residential property value is second homes. Those properties tend to be worth over $2 million each. Around 60 percent of Eagle County’s property tax burden will be paid by second-home owners. High end homes did not see the increases that the local markets did but they did not see their values plummet as hard when the recession hit. A significant part of the overall property value increase was due to the number of local hotels that sold in Vail, which has not happened in many years. The Park Hyatt sold for $145 million, the Four Seasons sold for $121 million, the Cascade sold for $90 million and the Vail Holiday Inn sold for $22.4 million.
In Colorado, properties are re-appraised every two years in odd numbered year. This year’s appraisal is based on market sales that occurred between January 1, 2015 and June 30, 2016. Under Colorado’s Gallagher Amendment, residential property taxes are limited to 45 percent of all property taxes in Colorado. Commercial and every other kind of property cover the other 55 percent. Eagle County voters have seen a property tax hit from the four tax increases approved last year: Eagle County school district, Eagle County ambulance district, Eagle River Fire protection district and Gypsum Fire protection district.
For more information on real estate in the Vail Valley, please visit our website: www.gatewaytovail.com.