Hello Friends!
So I have been trying to make sense of this assessed value I received from our friendly tax assessor. We bought our home in the Devers Subdivision 3 months ago. The seller was asking $420k and we hit them at $395k and they took it. It has a ton of deferred maintenance and was a neglected rental for the last 11 years. 4 months later we have received a tax assessment for $470k. I can’t figure out how in the world they could come up with a valuation $128k over or roughly 25% above actual closed sales comps.
Below are the comps they say they are using. Frankly, I believe that the “Time Adjusted Sale Price” is an embarrassment to any data analyst, a ridiculous crystal ball projection and should simply be removed from the web site entirely. The actual value of ANYTHING is what an able and willing buyer will pay and a Seller will accept in the present moment. If the sale price for exhibit 1 was $330k then, I would argue, THAT is the actual value.
I found the comps below in my subdivision that were not even being utilized. I have since protested in hopes that a realistic valuation will be used. Has anybody ever succeeded? My wife actually did get hers reduced in Denver many years ago, but unfortunately, I have not had past successes with assessors. I also have never seen such drastic discrepancies in opinions of valuation.
Please join me, remember there is power in numbers. Please click the link Loveland Real Estate Tax Protest in order to let them know that you disagree with the current valuation. To make it super easy for my closest neighbors, I have provided my homework.
Here are the 3 Parcel Numbers I used as comps.
9501311006
9501314007
9501314005
If you want different comps please let me know I am happy to do it. I kind of geek out on real estate analysis. It appears to me this misinformation is countywide.