And You Thought Overvaluations Were Bad - How Going From 1 to 3 Areas in a YEAR?

Upon review of the 2022 audit, the results are more shocking than the 2021 audit. At least in the 2021 audit, only 1 area was excessively overvalued (Bessemer). In 2022, not only did that number jump to THREE, but the overall valuations also rose as well from .973 to .980. Any median ratio above 0.95 indicates that taxable values are higher than need be; as such, my goal will be to bring those values in as close to 0.95 as possible in order to minimize property values and corresponding property taxes. Allowing ratios as high as 1.054 as Beltran has done should be and will be unacceptable when I am elected as your assessor. That means that your property is overvalued, and therefore OVERTAXED.

Here is a screen shot of the reports:

2021: 2022:

We went from this in 2021:

To this in 2022:

And since I always provide supporting documentation, here are the audits from 2021 and 2022:

2021 Pueblo County Assessment Study
Download PDF • 2.54MB

2022 Pueblo County Assessment Study
Download PDF • 7.96MB

How this directly affects you:

The sales ratios used by the auditor are a consequence of the total taxable value (as determined by the Assessor) divided by the sale amount that has been adjusted for inflation (time adjusted sale amount). The median sales ratio for the Bessemer neighborhood noted IS 1.05 (Neighborhood group 135). The ONLY way to get a median ratio of 1.05 is if the taxable value (as determined by the Assessor) is 5% higher than the time adjusted sale amount.

  • For example, if the time adjusted sale of a home was $100,000, the only way to obtain a sales ratio of 1.05 is if the taxable value was $105,000 (105,000 / 100,000 = 1.05).

  • Since audit parameters only requires the median value of those sales ratios to be 0.95, the taxable value only needs to be $95,000 (95,000 / 100,000 = 0.95). Setting the taxable value at $105,000 would represent an over-valuation of at least 5% and as much as 10% based on state requirements.

  • The truly sad part is that the audit report also states that there were at least 25 sales in this neighborhood. Since the "median" sales ratio represents the midpoint of the corresponding individual sales ratios, this means that while 12 homes had taxable values that were somewhat less than or equal to the noted 10% over-valuation (if we go with the 0.95 level of value), but also that 12 other homes had taxable values that were at least 10% too high or HIGHER.

  • Since the taxable values of the entire neighborhood (those homes that did not sell) are then similarly adjusted, this means that the taxable values of the entire Bessemer neighborhood could have been set 10% lower and still been within audit requirements.

After 16 years, do we need "experience" which results is consistent overassessments, or do we deserve a fresh perspective and a fresh pair of eyes? A person that cares about passing an audit, or a person who cares about the people and their property rights first, and the audit second (as it is a natural consequence of fair, accurate and equitable assessments)?

How about a person whose "experience" shows that he is not proactive on educating you on the role of the assessor and what your rights are? Taking a day off from work to visit the Office of Assessor is just not economically feasible with inflation at 40-year highs, and that is why I will personally meet with you every Saturday or every other Saturday throughout Pueblo to answer your questions and address your concerns taking a proactive approach on educating you!

As a real estate paralegal with over 15 years of experience, a realtor for the state of Colorado, and soon a lawyer, I have the experience required for this administrative position. Not only am the perfect fit for Pueblo County, I have the heart to put you first!

Vote J. Angel Lewis for Pueblo County Assessor.

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