The drop is expected to be largely due to decreased mineral and natural gas prices, which soared in 2008 (the basis for the 2009 valuation) before slumping.
CREG is projecting that local property values — such as residences — will essentially hold steady from last year, while mineral valuations fall around 44 percent, said Brandt.
“This isn't a crash and burn; last year was just high,” he said. The county's valuation was $778 million in 2008 and $721 million in 2007.
Brandt is beginning the process of crunching his own numbers for 2010 as data starts trickling in.
Valuations are ultimately used to calculate property taxes. Last year, around two thirds of Park County's assessed valuation and property taxes came from the oil and gas industry.