The assessed valuation of San Juan County is down 13 percent from last year, according to San Juan County Assessor Dan Salazar.
And that’s close to what town and county officials have projected as they forecast future property tax revenue.
Property taxes provide about a third ($947,173) of San Juan County’s 2013 total budget of $2.9 million. The lower property values will mean about $120,000 less in revenue for the county.
Meanwhile, the Town of Silverton, with a 2013 budget of $2.7 million, gets $263,371 in property taxes. The lower property values will mean about $43,000 less next year for the town.
Property owners have until June 1 to protest the new assessed values.
Property values in San Juan County — along with sales activity — have plummeted since 2005. Fifty residential properties changed hands that year. In 2012 there were only six residential property sales countywide.
And Salazar said that in the last five years only seven commercial properties have sold in the county.
The assessed value of property in San Juan County has dropped 29 percent in the last four years, from its peak of $58,975,396 in 2009 to $41,542,622 based on the valuation notices sent out last week.
The valuations are based on sales date collected over the previous two years.
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