Weld County is grappling with a stark economic contraction as its assessed property values have taken a notable dive. The assessed value for the county in 2024 has taken a hit, dropping by 20% to land at $19.69 billion, a significant $5 billion decrease from the previous year's $24.68 billion, according to Weld County. The decline, revealed by the board of commissioners, is said to stem primarily from downturns in the valuation of oil and gas sectors.

"Even though there is a loss in value, oil and gas still makes up 58.6% of the total valuation which is just one example of the importance of this industry in Weld County," Weld County Commissioner Chair Kevin Ross elucidated, as per Weld County. The valuation for oil and gas production and equipment nosedived to $11.53 billion, a drop from the previous $16.77 billion, which flagposts a decrease of just over 31%.

This economic landscape features a mixed terrain as not all sectors witnessed a decline. As per the detailed findings, the reevaluation process conducted by the Assessor’s Office also takes into consideration the value of the business's personal property, other natural resources, and state-assessed properties. Collectively, these sectors had their values inch upward. In stark contrast, vacant land valuations dipped 3.6% to $144 million, while residential properties, representing the second largest share of the county's total value, increased by 3.3% to $3.35 billion.

The commercial sector seems to buck the downward trend, with its value swelling by 4.5% to reach $1.78 billion. Similarly, industrial values edged up 1.4% to stand at $1.54 billion, aligning with an overall rise in commercial activity. Conversely, agricultural properties did not enjoy the same fate, their value withering by 3.3% and settling at $233 million. These shifts not only reveal the capricious nature of market forces but also sketch the broader economic picture of Weld County's dependence on the volatile energy sector.