The collective property value for more than a dozen El Paso County homes damaged by landslides has dropped $3.7 million, a fluid number that could change as more homeowners report damage and others appeal their newly adjusted values.

“These values are changing daily,” said El Paso County Assessor Steve Schleiker, who adjusted values for 17 properties impacted by landslides. “Who knows what’s going to happen here in the coming months.”

Last week, Schleiker’s office mailed letters to the 17 homeowners with the adjusted market values on their homes, all of which have been damaged by recent landslides. In 2015, the homes’ combined market value was around $7.2 million – but with landslide damage ranging from minor to severe, that collective value dropped by more than $3 million.

Since the city of Colorado Springs announced its intention to apply for a federal grant to offer voluntary buyouts for homes with landslide damage, Schleiker and his staff have been assessing homes. As of February, Schleiker had 46 homes on his list for inspections, and as of Wednesday he and his staff had inspected 37 homes. The inspections will continue, as an average of two to five homeowners have contacted the office every week requesting inspections, Schleiker said.

Schleiker’s adjusted values show dramatic losses in value for some of the 17 homes:

– Two properties received a 100 percent reduction in value. Both of those properties have been condemned.

– 10 properties received a 75 percent reduction in value.

– 4 properties received a 50 percent reduction in value.

– And one property’s value was dropped by 10 percent.

Schleiker stressed that property owners have 30 days to appeal their new values, and added that he welcomes the chance to talk to homeowners about his decisions.

“The properties that I have adjusted values on, they have every right to appeal that,” Schleiker said. “That’s the true definition of appraisal – it’s an opinion of value.”

While the adjusted values could have a devastating impact on homeowners – who will get no insurance money for landslide damages – they are likely to have a very small impact on the county’s tax base.

Schleiker has become accustomed to the grim math of adjusting home values after natural disasters, which can reduce taxes headed to El Paso County and local school districts when they destroy hundreds of homes. While the impact after the 2012 Waldo Canyon and the 2013 Black Forest fires were significant – collectively the fires burned more than 800 homes – thus far the landslide damages have reduced taxes headed the county by $2,200. Taxes headed to Cheyenne Mountain School District 12, which is in the landslide area, were reduced by $14,800, Schleiker said.

Five years ago, Rick Sisco and his wife bought their home on Constellation Dr. in the Skyway area. Since last Summer, the home for the Siscos is being threatened by the eroding hillside and a fifteen foot cliff has formed in his front yard. Rick Sisco looks over the view that sold them on the house on Thursday, January 28, 2016. Photo by Jerilee Bennett/The Gazette

JERILEE BENNETT, THE GAZETTE