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Property valuation notices for 2025 mailed

New values reflect June 30, 2024, market conditions; appeals open through June 9

PRESS RELEASE
May 1, 2025

The Garfield County Assessor’s Office has mailed the 2025 Notices of Valuation (NOVs) to all property owners as part of Colorado’s regular biennial reappraisal process. These notices reflect updated market values as of June 30, 2024, and will be used to calculate property taxes due in January 2026 and January 2027.

“Every two years, we assess market activity to determine current property values,” said Garfield County Assessor Jim Yellico. “While the process may feel familiar, the data always changes. Our goal is to apply it fairly, transparently, and accurately for every property owner.”

Recent media coverage has suggested that property values in some parts of Colorado have flattened or declined but real estate is fundamentally local. There is no single statewide market; a neighborhood in Denver is very different than one in Glenwood Springs. And even within Garfield County, real estate trends in Carbondale are often quite distinct from those on the western end of the county.

In Garfield County, property values increased in most areas compared to the previous reappraisal, reflecting continued buyer demand and market activity prior to the June 30, 2024, appraisal date. On average, the county experienced an increase of approximately 15 percent, though that figure represents a wide range — some properties saw only nominal changes, while others increased by more than 25 percent, depending on local market conditions and property type.

“These are not uniform changes,” said Yellico. “Each property’s new value is based on verified local sales of similar properties and adjusted using mass appraisal methods to ensure fairness across the board. We don’t use averages to value property, we use the market.”

The NOV is not a tax bill. It is the first step in the property tax calculation, which will also include an assessment rate, which is set by the state, and a mill levy that is set by local taxing authorities in December. The 2025 NOV reflects only the updated market value.

Recent legislative changes, including the introduction of split residential assessment rates, do not appear on this notice but may affect 2025 tax bills sent out in January 2026. More information on those changes will be provided later this year.

Property owners who believe their new valuation is inaccurate or based on incorrect information are encouraged to file an appeal. The deadline to protest is June 9, 2025. Appeals can be submitted:
• Online at: www.garfieldcountyco.gov/assessor
• By mail: Using the protest form included with the NOV
• In person: At the assessor’s office in Glenwood Springs

“Our job is to ensure consistency, transparency, and fairness across all property types,” Yellico added. “And if you have questions, we’re here to help.”

To better understand Colorado’s property valuation and tax system, visit the Colorado Division of Property Taxation at dpt.colorado.gov and click on “Understanding Property Taxes in Colorado.”