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Assessor reports $19.05 billion total real property value; protests and legislative changes summarized
Summary
Assessor Larry Banman reported a total real-property valuation of $19,054,144,940 and explained assessment-rate mechanics (school rate 7.05%, other taxing entities 6.25%). He said 1,326 appeals were filed, provided protest and account counts, and summarized the expiration of earlier statewide residential/commercial reductions and forthcoming legislative changes affecting next year's valuations.
County Assessor Larry Banman, accompanied by Deputy Deb Lynn Bloom, presented the annual valuation report required by statute. Banman said total real-property value for Grand County is $19,054,144,940; residential assessment rates for schools are set at 7.05% of actual value and other taxing entities are using a 6.25% assessment rate this cycle.
Banman said the office received 1,326 appeals this year (a substantial decline from an earlier peak around four years ago), and that the countys accounts now number roughly 29,000. He explained that values reported at the assessor level may change through the board of equalization process and that final certification occurs in December. Banman described the state-mandated residential and commercial value reductions that applied in tax years 2023 and 2024 ($55,000 residential and $30,000 commercial reductions) have expired for 2025; he noted a new legislative reduction scheduled to begin next year that will reduce residential assessed value by 10% with a $70,000 maximum, subject to statewide growth calculations.
Commissioners sought clarification on the magnitude of possible adjustments from pending appeals; Banman said most appeals are adjustments to assessor-level values and that the office typically uses "best information available" for personal-property declarations when owners do not respond. Commissioners asked staff to meet with finance and assessor staff to project budget impacts as preliminary determinations firm up.
Banman also explained how agricultural classification and soil-based production values are determined: classification is strictly by use and production, tied to soil classification surveys and state-set per-acre values; the assessor noted adjustments historically have been modest except in years with historic valuation spikes.
