Pitkin County homeowners did not see as high an increase in their property values this cycle compared to 2023.
With property valuations holding steady, Pitkin County is poised to extend its property tax relief program another year despite low participation in 2024.
The county first launched the program in June 2024 in response to record-breaking property valuations and corresponding tax bills. The Pitkin County Assessor’s Office completed another valuation cycle this year and said that valuations remained steady following 2023’s massive increases.
The Board of County Commissioners supported county staff moving forward with another year of the program using General Fund money at their work session on Tuesday.
Property values increased by an average of 70% across the county following 2023 valuations, and property tax bills increased by 27% on average.
County funds that collect property tax averaged a 25% increase and other special tax districts increased 28%, according to a presentation from Deputy County Manager Kara Silbernagel.
Households in free-market units with an income at or below 500% of the Federal Poverty Level ($75,300 for individuals, $102,200 for a family of two and increasing per additional family member) were eligible for a property tax bill rebate up to $2,000, calculated on a sliding scale based on income.
Last year, county staff estimated more than 550 households would be eligible for the program, stating that 53% of households in the county earn less than $75,000 annually.
Silbernagel said that of 132 applications received, 112 were eligible and were awarded a rebate. In partnership with Aspen Valley Hospital, the county distributed $132,000, according to Silbernagel.
County Manager Jon Peacock told Aspen Daily News that it’s not the staff’s recommendation to increase the FPL eligibility because they have not heard significant interest in it.
“From our perspective, we have not heard a whole lot. Assessed values are leveling out, appeals have gone down,” he said. “We still have really important programs and series that are supported by property taxes.”
In the meeting, Commissioner Patti Clapper agreed that 500% FPL is appropriate, knowing that the BOCC could adjust the eligibility and program parameters as conditions change.
“I’d also suggest keeping the 500%,” she said. “I think we should look at it year by year because we don’t know what property taxes may or may not do. Hopefully, people will see things settling down.”
The program is modeled after a similar rebate program within the Senior Services department. The county is looking for ways to streamline the applications for beneficiaries and staff.
