HomeMy WebLinkAbout20132146August 8, 2013
CLERK TO THE BOARD
PHONE (970) 336-7215, EXT 4226
FAX (970) 352-0242
WEBSITE: www.co.weld.co.us
1150 O STREET
P.O. BOX 758
GREELEY CO 80632
UNION COLONY BANK
CIO FIRST NATIONAL BUILDING, INC
1620 DODGE ST STOP 1150
OMAHA, NE 68197
RE: THE BOARD OF EQUALIZATION 2013, WELD COUNTY COLORADO
APPROVAL OF STIPULATION BETWEEN PETITIONER AND ASSESSOR
ACCOUNT NO.: R3575305
Dear Petitioner:
On August 01, 2013, the Board of County Commissioners of Weld County Colorado
convened and acting as the Board of Equalization, pursuant to C.R.S. Section 39-8-101 et seq.,
considered your request to approve and adopt a valuation of your property arrived at by a
Stipulation between you and the Weld County Assessor, for the year 2013.
The Board of Equalization found that the evidence presented at the hearing supported the
stipulated value placed upon the above -described property as set forth below. Such evidence
indicated the value was reasonable, equitable, and derived according to the methodologies,
percentages, figures and formulas dictated by law.
ACTUAL VALUE AS STIPULATED VALUE
DETERMINED BY ASSESSOR APPROVED BY BOARD
$290,700.00 $250,000.00
The above 'Stipulated Value' is the value which will be used in the calculation of your property
taxes for 2013. This value is not appealable.
If you have questions concerning the above information, please call me at (970) 336-7215,
Ext. 4226.
Very truly yours,
e.,-cio
Esther E. Gesick, Deputy Clerk
Weld County Board of County Commissioners
Cc: Christopher Woodruff, Weld County Assessor
DOWNEY & ASSOCIATES
383 INVERNESS PARKWAY SUITE 300
ENGLEWOOD, CO 80112
co:Pt+ 56
2013-2146
AS0085
COUNTY BOARD OF EQUALIZATION
WELD COUNTY
Single County Schedule Number R3575305
STIPULATION (As To Tax Year 2013_ Actual Value)
RE PETITION OF :
NAME: UNION COLONY BANK
ADDRESS: 385 Justin Ave.
Plateville
Petitioner (s) and the Weld County Assessor hereby enter into this Stipulation
regarding the tax year 2013 valuation of the subject property, and jointly move the Board
of Equalization to enter its order based on this Stipulation.
Petitioner (s) and Assessor agree and stipulate as follows:
1. The property subject to this Stipulation is described as:
LI BELLA VISTA 3RD FG
2. The subject property is classified as Commercial property.
3. The County Assessor originally assigned the following actual value to the
subject property for the tax year 2013:
Total $290,700.00
4. After further review and negotiation, Petitioner (s) and Weld County Assessor
agree to the following tax year 2013 actual value for the subject property:
Total $250,000.00
5. The valuation, as established above, shall be binding only with respect to tax
year 2013.
6. Brief narrative as to why the reduction was made:
Further review of the Income Approach indicated an adjustment.
7. Both parties agree that:
fThe hearing scheduled before the Board of Equalization on (Date) at
(Time) be vacated.
®A hearing has not yet been scheduled before the Board of Equalization.
R3575305
1
2013-2146
DATED this 12th day of July, 2013.
Pet tioner(s) or Agent or Attorney f
Attorney for Petitioner
Attorney Reg. No. 9686
DOWNEY & ASSOCIATES, PC
383 Inverness Parkway
Suite 300
Englewood, CO 80112
Telephone: 51)5 8(3 ' J lI
Docket Number n/a
Stip-1.Frm
R3575305
tits. *moo
ssi ant) Coun y ttorney for
Respondent, Weld County Board of
Commissioners
Address:
1150 "O" Street
P.O. Box 758
Greeley, CO 80632
Telephone:(970) 336-7235
Address:
1400 N.17th Avenue
Greeley, CO 80631
Telephone: (970) 353-3845 ext. 3697
2
NOTICE OF DETERMINATION
Christopher M. Woodruff
Weld County Assessor
1400 N 17th Ave
Greeley, CO 80631
ACCOUNT NO.
TAX YEAR
TAX AREA
LEGAL DESCRIPTION/ PHYSICAL LOCATION
R3575305
2013
0180
PVI 3BV L1 BELLA VISTA 3RD FG 385 JUSTIN AV
PLATTEVILLE, CO
PROPERTY OWNER
UNION COLONY BANK
C/O FIRST NATIONAL BUILDING, INC
1620 DODGE ST STOP 1150
OMAHA, NE 68197
PROPERTY CLASSIFICATION
ASSESSOR'S VALUATION
ACTUAL VALUE PRIOR TO
REVIEW
ACTUAL VALUE AFTER
REVIEW
COMMERCIAL
290,700
290,700
TOTAL
$290,700
$290,700
The Assessor has carefully studied all available information, giving particular attention to the
specifics included on your protest. The Assessor's determination of value after review is based on
the following:
CM05 - The law requires that all of 2011 and the first 6 months of 2012 data be used to establish
current values. We have considered all (3) three approaches to value in arriving at your current
valuation. We have denied your appeal based upon this data.
If you disagree with the Assessor's decision, you have the right to appeal to the County
Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S.
Date of Notice: 6/27/2013
Telephone: (970) 353-3845
Fax: (970) 304-6433
Office Hours: 8:00 AM - 5:00 PM
The deadline for filing real property appeals is July 15.
The Assessor establishes property values. The local taxing authorities (county, school district, city,
fire protection, and other special districts) set mill levies. The mill levy requested by each taxing
authority is based on a projected budget and the property tax revenue required to adequately fund
the services it provides to its taxpayers. The local taxing authorities hold budget hearings in the fall.
If you are concerned about mill levies, we recommend that you attend these budget hearings.
Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities.
Please refer to the reverse side of this notice for additional information.
DOWNEY & ASSOCIATES
383 INVERNESS PARKWAY SUITE 300
ENGLEWOOD, CO 80112
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WELD COUNTY
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15-DPT-AR
PR 207-08/13
R3575305 16175
APPEAL PROCEDURES
County Board of Equalization Hearings will be held from
July 1 through August 5 at 1400 N 17 AVE.
To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown
below, and mail or deliver a copy of both sides of this form to:
Weld County Board of Equalization
1150 O Street, P.O. Box 758
Greeley, CO 80631
Telephone: (970) 356-4000 ext, 4225
To preserve your appeal rights, your Petition to the County Board of Equalization must be
postmarked or delivered on or before July 15 for real property — after such date, your right to
appeal is lost. You may be required to prove that you filed a timely appeal; therefore, we
recommend that all correspondence be mailed with proof of mailing.
You will be notified of the date and time scheduled for your hearing. The County Board of
Equalization must mail a written decision to you within five business days following the date of the
decision. The County Board of Equalization must conclude hearings and render decisions by August
5, § 39-8-107(2), C.R.S. If you do not receive a decision from the County Board of Equalization and
you wish to continue your appeal, you must file an appeal with the Board of Assessment Appeals by
September 12, § 39-2-125(1)(e), C.R.S.
If you are dissatisfied with the County Board of Equalization's decision and you wish to continue your
appeal, you must appeal within 30 days of the date of the County Board's written decision to ONE of
the following:
Board of Assessment Appeals District Court
1313 Sherman Street, Room 315 Contact the District Court in the County
Denver, CO 80203 where the property is located. See your
(303) 866-5880 local telephone book for the address and
www.dola.colorado.gov/baa telephone number.
Binding Arbitration
For a list of arbitrators, contact the County Commissioners at the address listed for the County Board
of Equalization.
If the date for filing any report, schedule, claim, tax return, statement, remittance, or other document
falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed
on the next business day, § 39-1-120(3), C.R.S.
PETITION TO COUNTY BOARD OF EQUALIZATION
What is your estimate of the property's value as of June 30, 2012? (Your opinion of value in terms of a
specific dollar amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.)
$ tab s
What is me Oasis for your estimate of value or your reason for requesting a review? (Please attach
additional sheets as necessary and any supporting documentation, i.e., comparable sales, rent roll, original
installed cost, appraisal, etc.)
See Attached
ATTESTATION
I, the undersigned owner or agent49 of the property identified above, affirm that the statements contained
herein and rr)any attachments veto are true and complete.
lightnePO
Attorney for Petitioner
Attorney Reg. # 9686
Email tom4idovvnevlawpc.com
3&3 -?/A -1!!l
Telephone Number
49 Attach letter of authorization signed by property owner.
Date
Address
15 -OPT -AR
PR 207-08/13
R3575305 16175
EXHIBIT "A"
ATTACHMENT TO COUNTY BOARD OF EQUALIZATION PETITION OF 385
JUSTIN AVENUE, PLATTTEVILLE, CO- ACCOUNT NO. R3575305
1. The Assessor has failed to give appropriate consideration to all the requisite approaches
to valuation in determining the value of the property.
2. The current year actual value assigned by the assessor does not reflect the actual value of
the subject property during the 18 month period ending June 30, 2012.
3. Upon consideration of all the approaches to value, values given to comparable land and
improvements and upon consideration of the requirements of Colorado law that require
that assessments be uniform, just and equitable, a reduction in the current year actual
value of this property is warranted.
4. The subject property consists of a 1.389 sf building used as a bank.
5 The attached analysis by McIntosh & Associates, which is based on CoStar Mid -Year
2012 General Retail rental and vacancy rates, indicates that the assigned value for 2013
of $290,700 is excessive and should be reduced to the Target Income Value of $185,824.
6. A second attached income analysis using CoStar Mid -Year 2012 Class B, Class C and a
Blended Class B & C office rental and vacancy rates indicates a value range between
$153,332 and $198,321.
7. Petitioner respectfully requests that the value of the subject property be reduced to
$185,824.
8. Pursuant to C.R.S. § 39-8-107(3), Petitioner requests that the Assessor supply all data
supporting the Assessor's determination of actual value to the undersigned no later than
two working days prior to the CBOE hearing.
McIntosh & Associates, LLC
c.,I lipInic ax C+,..,uld,
385 Justin Ave
County:
Parcel:
Bldg Area
Year Built
Income Approach
per SF
Potential Gross Income $ 18,474 $ 13.30 per CoStar Mid -Year 2012 Report - General Retail
Vacancy & Collection Loss $ (924) 5.0%
Effective Gross Income $ 17,550
Operating Expenses $ (1,755) $ 1.26 10% Management Fees and other Operating Expenses
Net Operating Income $ 15,795
Weld
121119312001
1,389
1979
Capitalization Rate 8.50%
Indicated Value $ 185,824
M & A Final Indicated Value $ 185,824 $ 134
2013 FMV Assessment
Assessment
Assessment Ratio
290,700 $ 209
84,303
29%
Notes:
* In these economic times, we believe that the highest and best use is the current use of this
property. With financing options for new construction and development completely
disappearing, all investors would gladly purchase and maintain properties that generate
market cash flows.
First National Bank
385 Justin Ave
YOC-1997
Protested Value
Income
Rent Per Sq FT
Vacancy/Collection
EGI
Expenses
Management
Repl Rsry
Total
NOI
Cap Rate Base
Actual Value
R3575305
Assessed
Total Sq Ft Imprvmnt 2013 Value 2013 Value PSF
1,389 $ 290,700.00 $ 209.29
185,824
CoStar Class "C" Office rate INCOME APPROACH
$14.11
5.00%
Total
$ 19,598.79
$ (979.94)
$ 18,618.85
15.00% $ 2,792.83
15.00% $ 2,792.83
$.. 5,585.66
8.50%
13,033.20
$ 153,331.71
2012 Value
Change
100.00%
First National Bank
R3575305
385 Justin Ave. Assessed
Weld County Total Sq Ft Imprvmnt 2013 Value 2013 Value PSF
1,389 $ 290,700.00 $ 209.29
YOC 1979
Protested Value
185,824
Costar Class "C" & "B" Blended INCOME APPROACH
Income
Rent Per Sq FT
Vacancy/Collection
EGI
Expenses
Management
Repl Rsry
Total
NOI
Cap Rate Base
Actual Value
Total
$16.18 $ 22,474.02
5.00% $ (1,123.70)
$ 21,350.32
15.00% $ 3,202.55
15.00% $ 3,202.55
$ 6,405.10
$ 14,945.22
8.50%
175,826.16
2012 Value %Change
$ 308,655.00 -6.18%
First National Bank
R3575305
385 Justin Ave Assessed
Weld county Total Sq Ft Imprvmnt
1,389 $
YOC-1997
Protested Value
2013 Value
290,700.00
$185,824
2013 Value PSF
$ 209.29
CoStar Class "B" Office Rate INCOME APPROACH
Income
Rent Per Sq FT
Vacancy/Collection
EGI
Expenses
Management
Repl Rsry
Total
NOI
Cap Rate Base
Total
$18.25 $ ..25,349.25
5.00% $ (1,267.46)
$ 24,081.79
15.00% $ 3,612.27
15.00% $ 3,612.27
$ 7,224.54
8.50%
16,857.25
Actual Value $ 198,320.60
2012 Value %Change
100.00%
DOWNEY & ASSOCIATES, Pc
A PROFESSIONAL CORPORATION
July 9, 2013
VIA CERTIFIED MAIL RETURN RECEIPT REQUESTED
Weld County Board of Equalization
1150 O Street, P.O. Box 758
Greeley, CO 80631
303 813-1111
Re: Account Nos. R2808386; R2810886 and R2810986 — CSA 19
Riverwalk Square LLC, Greeley, CO
Account No. R4577286 —1009 Broad St., Milliken, CO
Account No. R7411598 — 650 Glen Creighton Dr., Dacono, CO
Account No. R2291686 —1701 23`d Ave., Greeley, CO
Account No. R3575305 — 385 Justine Ave., Platteville, CO
Account No. R0276895 —100 Johnstown Ctr., Johnstown, CO
Account No. R6295986 — SG TRUST — 726 Baseline P1.,
Brighton, CO
Dear Clerk to the Board:
We represent the owners of the above referenced real property ("Subject Property") in
Weld County. Enclosed are the Petitions to the Board of Equalization protesting the denials, or
inadequate adjustments, by the Weld County Assessor.
I will not be available for hearings on July 15, July 25 and August 5, 2013.
Please direct the Notice of Hearing on this matter to the undersigned.
Petitioner, pursuant to C.R.S.§ 39-8-107(3), respectfully requests that the Assessor
provide all data supporting the assessor's determination of actual value on these parcels to the
undersigned no later than two working days prior to the CBOE hearing.
Thank you for your cooperation in this regard. Should you have questions, please call.
TED/ss
Enclosures
Very truly yours,
Thomas E. Downey, Jr
383 Inverness Parkway 0 Suite 300 o Englewood, Colorado 80112 fax 303 813-1122
www.downeylawpc.com 0 www.coloradopropertytaxattomey.com
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