Valuation Time Period

State law requires that the Assessor's Office can only analyze sales from a given "time period" - specifically 18-60 months prior to June 30th of the even-numbered year preceding the year of the reappraisal. That’s a lot of mumbo jumbo! Essentially, that means for the 2023 reappraisal, the Assessor's Office could only analyze and consider home sales between July 1, 2017 and June 30, 2022. The real estate market before the June 30, 2022 cutoff date was extremely active with properties selling quickly and for record prices. These are the sales that according to state law, must be used to value other properties right now.

The 2023 value of your property is the market value of your home - or what it would have sold for - on June 30, 2022.

Residential valuations are based on market sales, so the increase directly reflects the recent changes in our local real estate market. During the pandemic, Summit County properties were in very high demand and very low supply, which is what drove sale prices so high.

That peak time just happened to coincide with the end of the data collection time period: June 30, 2022. Sales that are happening now and occurred after that date will be part of the analysis during the next valuation cycle in 2025 and 2026.