Deed Restricted Homeowners

Price Capped Housing

For properties with any kind of price cap as part of their deed restriction, or a resale appreciation limit, the Assessor's Office tracks those properties including the specifics of the sale price calculation in their deed restriction.

To find the value of a deed restricted property with a price cap, the Assessor's Office uses the specific sale calculation from the deed restriction to determine what the homeowner would be allowed to sell the property for as of the Appraisal Date, which this reappraisal is June 30, 2022.

Example Smith Ranch Property Valuation:

The Smith Ranch deed restriction limits appreciation to 2% per year, not compounded annually. For the Assessor's Office to calculate the values of the deed restricted properties in Smith Ranch, they use the sale price when the house was purchased, count the years (or partial years) between that purchase date and the Appraisal Date (June 30, 2022), and then calculate the sale price using these numbers.​​​​​​​

What would be the 2023 value of a Smith Ranch property purchased in April 2019 for $487,514 ?

• Original Purchase Price = $487,514

• 2% of Original Purchase Price = $9,750.28

• Years between purchase and sale = 3 years, 2 months between April 2019 and June 2022, expressed as 3.16667

• $487,514 * 2% * 3.16667 = $518,389

• 2023 Value: $518,300

Employee Restricted Housing

There are also properties that do not have a price cap or resale appreciation limit but rather an employee restriction; they require the occupant be employed in Summit County and working 30+ hours per week. The Assessor’s Office tracks these properties separately in their database.

Even though there is not a specific restriction on these properties limiting the price they may sell for, the employee restriction would be assumed to limit the number of potential buyers and likely influence the price a buyer would be willing or able to pay. Just as the Assessor's Office analyzes other property characteristics to determine how they influence the sale price of a property - for example, a property's location, year built, and size - they analyze the property in light of its occupancy restriction.

In years past, and for property values in 2023 and 2024, the employee restriction has resulted in a downward adjustment to the value of a property, as compared to similar properties with no employee or occupancy restriction. A property owner can view that adjustment by reviewing the Calculation Ladder for their property on the NOV Viewer.