On July 30, 2025, the Board of Equalization accepted an assessor stipulation that corrected a miscategorization and a condition rating for a Keystone property, lowering its assessed valuation to $3,552,850. The board voted unanimously to accept the assessor's recommendation.

The assessor's office told the board it discovered a miscategorization that had placed the property in an incorrect zone (described in the presentation as an "outline 4" category) and adjusted the classification. Staff also changed the improvement condition from C2 to C3 after reviewing photographs submitted by the owner showing deferred maintenance. "We were able to recategorize that...and brought the valuation down to 3,552,850," an assessor's office representative said during the hearing.

Why it matters: the change reduced the property's valuation by more than $500,000 from the previously assessed amount, and the board's acceptance closes the appeal for this account unless further administrative remedies are pursued.

Supporting details: staff said the adjustment addressed an unnecessary previous assessment item and that, after the recategorization and condition change, the valuation reflects the assessor's current mass-appraisal results for similar properties in the neighborhood. The stipulation was moved, seconded and adopted on a roll-call vote; all three commissioners present voted yes.

Process and scope: the action before the board was acceptance of a stipulation from the assessor's office. There was no public testimony at the time of the stipulation; sworn staff members were administered oaths at the start of the meeting. The board recorded no further directions to staff and made no separate adjustments beyond the stipulation.

The board adjourned after concluding the day's matters.