“Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism but peace, easy taxes, and a tolerable administration of justice…” Adam Smith. In 2007, after Assessor valued the Ritz-Carlton’s property in Beaver Creek (Ritz), but before the next assessment, the Ritz turned 50 rooms into condos. The assessor then apportioned the taxes between the Ritz and the condos based on the 2007 value. The Ritz objected, arguing Assessor should have determined its actual value, treating the condos as omitted properties under CRS 39-5-125. Finding the condos were not “omitted,” and because no other statute applied, the court of appeals upheld the apportionment procedure as consistent with the Assessor’s Reference Library (ARL). Last, Constitutional property valuation provisions only apply at the time of assessment, not here, between assessments.