For the majority, values were down.<\/p>\n
County assessor Mark Vanderpool said most residential values saw \u201cabout a 10 percent decrease\u201d, though there were exceptions, mostly along the Dolores River.<\/p>\n
All private properties \u2013 classified either as residential, commercial, industrial, agricultural, natural resources or vacant \u2013 are reappraised every two years. The current round of data was gathered in 2011 and the first six months of 2012. Vanderpool said the valuations could be understated, given the time delay.<\/p>\n
\u201cWe can\u2019t consider any sales or data after June 30, 2012. One could argue that 18-month period was perhaps the low point in the Montezuma County market,\u201d he said. \u201cWe\u2019re looking back in time here. I think current market value is higher than our new assessments indicate.\u201d<\/p>\n
The data is incomplete, he added, because all property classifications haven\u2019t been calculated yet.<\/p>\n
Vanderpool didn\u2019t think, on the macro level, county-wide tax revenue would suffer too much.<\/p>\n
\u201cThe decrease in residential values will be largely offset by increased CO2 production by Kinder Morgan. I can\u2019t say whether it\u2019ll be a break-even deal or not, whether it\u2019ll offset completely. It\u2019s too early to say,\u201d he said.<\/p>\n
However, smaller taxing authorities \u2013 like school districts \u2013 could feel the effects, depending on the amount of energy extraction in their area. Mancos and Dolores school districts don\u2019t have much energy development, for example.<\/p>\n
During the 18-month period, 14 percent of residential sales were foreclosures, which had a \u201cdampening effect\u201d on all properties.<\/p>\n
\u201cWe definitely had a two-tiered market. Foreclosures were selling at a much lower price than the other 86 percent,\u201d Vanderpool said. \u201cLenders were willing to settle for lower sales prices as long as it covered their loan, and were motivated to get bank-owned assets off their books.\u201d<\/p>\n
Properties that did not sell during the data-collection window are assessed by comparing them to similar properties that did sell. Wildrose Appraisal Services was chosen by the Colorado Legislative Council to analyze the data.<\/p>\n
\u201cThey examine sales prices for ranch-style homes, two-stories, log cabins, then do the same for the (corresponding) unsolds. The two numbers should be close together,\u201d Vanderpool said.<\/p>\n