Property types are generally self-explanatory, but economic areas and neighborhoods, when used for mass appraisal valuation, are not always so clear. An economic area is a grouping of neighborhoods that have similar economic forces or geographic location.
There also must be an adequate number of sales within each economic area to be statistically significant, and thus comply with the audit. Due to the relatively low number of sales in Gunnison County, there are only four economic areas. Economic area 1 consists of the City of Gunnison and its immediate surrounds. Economic are 2 is the Town of Crested Butte. The Town of Crested Butte is unique due to its National Historic designation and its stringent zoning and design rules. Economic Area 6 consists of the upper East River valley, from Jack's Cabin north. It excludes all areas that have seasonal access, such as Irwin and Gothic. Economic area 8 is the remaining county, predominantly rural in nature and without the economic drivers of the other three areas. Here is a link to the economic areas.
Neighborhoods are smaller subsets of economic areas. A neighborhood consists of properties with similar geographic features. Neighborhoods can encompass just one subdivision, or may include large acreages of unplatted land.