Summit assessor releases values for all county properties May 1
The Summit County Assessor’s Office will mail out its biannual notices of valuation to local property owners on May 1. Colorado statute mandates that county assessors revalue all property within their boundaries every odd year.
“Most of Summit County’s properties saw an increase in value,” Summit County Assessor Beverly Breakstone said. “The housing market exhibited marked improvements during our data-collection period, from July 1, 2012, to June 30, 2014.”
According to the 2015 revaluation, the average value of a single-family home in Summit County is $794,683. The average condominium value is $320,350. In Breckenridge, the average value of a single-family home is now $1,388,498, and the average condo value is $412,062. The assessor’s office values local property using qualified sales that take place during the two-year data-collection period. Each property is time-adjusted to June 30, 2014.
The assessor’s office values local property using qualified sales that take place during the two-year data collection period. Each property is time-adjusted to June 30, 2014.
“Much of our time is spent developing time adjustments and statistical models to determine the value of various property amenities,” Breakstone said.
Taxpayers wishing to protest their value with the assessor’s office may do so during the month of May. Because May 31 falls on a Sunday, the last day to appeal is June 1.
Appeals can be made using the indicated section on the valuation notice. Taxpayers can appeal online, in person or by mail. Mailed appeals must be postmarked by June 1. For those appealing in person, the assessor’s office closes at 5 p.m. Online appeals must be made before midnight.
Taxpayers in Colorado over the age of 65 who have lived in their homes as primary residences for at least 10 years are eligible for the Senior Property Tax Exemption program. To apply for the exemption, visit the assessor’s office in person or online at http://www.co.summit.co.us/assessor.
For more information, call the Summit County Assessor’s Office at 970-453-3480.
SUNGLASS HUT HOSTS REOPENING PARTY AT OUTLETS LOCATION IN SILVERTHORNE
The Outlets at Silverthorne is hosting a ribbon-cutting ceremony to celebrate the reopening of Sunglass Hut. The store will be in the same location but has been remodeled to bring a new, upscale, user-friendly design.
The celebration will be held on May 1 at 1 p.m.. The public is welcome to join Sunglass Hut and the Outlets at Silverthorne at the store in the Blue Village, found at 227 Blue River Parkway in the Blue Village. Cake and refreshments will be served.
DENVER HOME MARKET ENTERS SUMMER AS HOTTEST IN THE NATION, RE/MAX REPORTS
The Denver area has the tightest housing market in the country, according to a report released on Monday by RE/MAX.
Denver only had about a 0.8-month supply of homes on the market in March, according to the RE/MAX report that looked at 53 metropolitan statistical areas across the country.
That means if no new homes were added to the market and sales activity remained the same, the entire inventory of homes in the Denver area would be sold in about 3.5 weeks.
San Francisco was No. 2, with a 0.9-month supply of homes on the market. That equates to about a 3.9-week inventory.
Nationally, the average inventory of supply of homes was 3.7 months. In February, there was a 4.7-month supply of unsold homes. In March 2014, the national inventory level stood at an average of 4.7 months.
A six-month supply of unsold homes is considered one in balance between buyers and sellers.
The Denver market remains an incredibly strong seller’s market.
“It is just horrendous,” said Mauri Tamborra, a broker with RE/MAX Southeast. The inability to find a home is keeping homeowners from listing their homes, she said.
“I probably have at least 10 or 15 sellers who would put their homes on the market, but they do not have a replacement home,” she said. There is such a low supply of homes on the market that competition is fierce, she said.
If a home is priced in the $200,000s, it probably will receive “10 to 20 or more” offers, she said, noting that even homes in the $300,000s also receive multiple offers.
STATE SENATE FAST-TRACKS TITLE INSURANCE OVERSIGHT BILL IN WAKE OF EMBEZZLEMENT CASES
A bill that would formally create a commission to oversee the title insurance industry sailed through a state Senate committee Wednesday, according to a report from the Denver Post.
The Colorado Title Insurance Commission would be a nine-member body with three consumer representatives, and would replace the current 15-member council that for a dozen years has only offered suggestions on how to improve the industry.
Members of the Senate Business, Labor and Technology Events committee voted 8-1 to move Senate Bill 210 to the Finance Committee after hearing testimony from homeowners who lost thousands of dollars in purportedly protected escrow funds to theft.
Doug Marion testified how American Title Services had sold his Loveland home and its CEO, Richard Talley, pocketed more than $64,000 entrusted to him.
“We assumed the proper laws were in place to protect us,” Marion told the committee. “There’s a need for greater consumer protection, which is basically nonexistent.”
Talley committed suicide with a nail gun last year as authorities were about to uncover about $2 million he’d embezzled over several years, much of it from clients’ escrow accounts.
“There are easily $40 billion of consumer money — earnest money, down payments, proceed checks, lender’s funding — that go right through a title company’s trust accounts just in Colorado each year,” said Garry Wolff, a title-insurance executive who for years has lobbied for stronger regulations. “There is no protection required in any of them, nothing to protect the consumer.”
Though SB 210 originally looked to create a commission that would regulate and discipline the industry directly, amendments by sponsor Sen. Laura Woods, R-Arvada, whittled it down to a group that would advise the state’s insurance commissioner.
The Title Advisory Council is made up of industry members appointed by their peers and first met in 2003. Since then, Wolff noted, there have been at least six title companies that have folded, several of them because of embezzlement.
American Title went bankrupt following Talley’s suicide and is tied up in several federal lawsuits seeking to unravel Talley’s actions.
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