The Colorado Court of Appeals issued its opinion in Kidder III v. Chaffee County Board of Equalization on November 10, 2011.
Real Property—Assessment—Value—Time Adjustment Analysis.
The Chaffee County Board of Equalization (BOE) appealed an order of the Board of Assessment Appeals (BAA) reducing the 2009 tax year value of a vacant land parcel in Buena Vista (property). The order was reversed and the case was remanded.
Fred D. Kidder III and Diann K. Kidder (collectively, taxpayers) own the property in question. The Chaffee County Assessor originally assigned a 2009 tax year value of $146,484 to the property. The taxpayers filed a petition with the BOE challenging the valuation. Following the BOE’s denial of the petition, the taxpayers appealed to the BAA.
The BOE contended that the BAA’s order failed to comply with the time adjustment requirements of CRS §39-1-104(10.2)(a) and (d). When assessors use comparative sales data to appraise taxable real property, the data must be adjusted for time. Here, the BAA removed the BOE’s time adjustment for the comparative data before reaching a conclusion on the value of the property. Because the statutory language clearly imposes a duty to value property using a time adjustment analysis, the order was reversed and the case was remanded so that a time adjustment may be included.