HomeMy WebLinkAbout20132013.tiffJuly 30, 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
RIDILLA JOHN R
1571 CARLSON AVE
ERIE, CO 80516
RE: THE BOARD OF EQUALIZATION 2013, WELD COUNTY, COLORADO
DENIAL OF PETITIONER'S APPEAL AND AFFIRMATION OF ASSESSOR'S VALUE
ACCOUNT NO.: R6778832
Dear Petitioner:
On July 30, 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 petition for appeal of the Weld County Assessor's valuation of your property
described above, for the year 2013.
The Board of Equalization found that the evidence presented at the hearing supported the 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. This decision is based upon the Board's analysis of the
written and oral testimony presented by both parties. Further that it is the Board's decision that
the taxpayer/did not present sufficient evidence to show that the value of the property was not
reasonably valued by the Assessor.
The Assessment and valuation of the Weld County Assessor was affirmed as follows:
ACTUAL VALUE AS ACTUAL VALUE AS
DETERMINED BY ASSESSOR SET BY BOARD
$73,125.00 $73,125.00
dc; ,het
2 -3D -i3
2013-2013
AS0085
A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within
thirty (30) days of the date the denial is mailed to you. You must select only one of the
following three (3) options for appeal:
1. Appeal to Board of Assessment Appeals: You have the right to appeal the County
Board of Equalization's decision to the Colorado Board of Assessment Appeals. A hearing
before that Board will be the last time you may present testimony or exhibits or other evidence,
or call witnesses in support of your valuation. If the decision of the Board of Assessment
Appeals is further appealed to the Court of Appeals pursuant to C.R.S. Section 39-8-108(2),
only the record of proceedings from your hearing before the Board of Assessment Appeals and
your legal brief are filed with the appellate court.
All appeals to the Board of Assessment Appeals filed after August 10, 2013, MUST
comply with the following provisions of C.R.S. Section 39-8-107(5):
(5)(a)(I) On and after August 10, 2013, in addition to any other requirements under law, any petitioner
appealing either a valuation of rent -producing commercial real property to the board of assessment
appeals pursuant to section 39-8-108(1) or a denial of an abatement of taxes pursuant to section 39-10-
114 shall provide to the county board of equalization or to the board of county commissioners of the
county in the case of an abatement, and not to the board of assessment appeals, the following
information, if applicable:
(A) Actual annual rental income for two full years including the base year for the relevant property tax
year;
(B) Tenant reimbursements for two full years including the base year for the relevant property tax year;
(C) Itemized expenses for two full years including the base year for the relevant property tax year; and
(D) Rent roll data, including the name of any tenants, the address, unit, or suite number of the subject
property, lease start and end dates, option terms, base rent, square footage leased, and vacant space for
two full years including the base year for the relevant property tax year.
(II) The petitioner shall provide the information required by subparagraph (I) of this paragraph (a) within
ninety days after the appeal has been filed with the board of assessment appeals
(b)(I) The assessor, the county board of equalization, or the board of county commissioners of the county,
as applicable, shall, upon request made by the petitioner, provide to a petitioner who has filed an appeal
with the board of assessment appeals not more than ninety days after receipt of the petitioner's request,
the following information:
(A) All of the underlying data used by the county in calculating the value of the subject property that is
being appealed, including the capitalization rate for such property; and
(B) The names of any commercially available and copyrighted publications used in calculating the value
of the subject property.
(II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b)
shall redact all confidential information contained therein.
(c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this
subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the county may move
the board of assessment appeals to compel disclosure and to issue appropriate sanctions for
noncompliance with such order. The motion may be made directly by the county attorney and shall be
2013-2013
AS0085
accompanied by a certification that the county assessor or the county board of equalization has in good
faith conferred or attempted to confer with such petitioner in an effort to obtain the information without
action by the board of assessment appeals. If an order compelling disclosure is issued under this
paragraph (c) and the petitioner fails to comply with such order, the board of assessment appeals may
make such orders in regard to the noncompliance as are just and reasonable under the circumstances,
including an order dismissing the action or the entry of a judgment by default against the petitioner.
Interest due the taxpayer shall cease to accrue as of the date the order compelling disclosure is issued,
and the accrual of interest shall resume as of the date the contested information has been provided by
the taxpayer.
Appeals to the Board of Assessment Appeals must be made on forms furnished by that Board,
and must be mailed or delivered within thirty (30) days of the date the denial by the Board of
Equalization is mailed to you.
The address and telephone number of the Board of Assessment Appeals are:
Board of Assessment Appeals
1313 Sherman Street, Room 315
Denver, Colorado 80203
Telephone Number: 303-866-5880
Fees for Appeal to the Board of Assessment Appeals: A taxpayer representing himself is not
charged for the first two (2) appeals to the Board of Assessment Appeals. A taxpayer
represented by an attorney or agent must pay a fee of $101.25 per appeal.
OR
2. Appeal to District Court: You have the right to appeal the decision of the Board of
Equalization to the District Court of the /county wherein your property is located: in this case that
is Weld County District Court. A hearing before The District Court will be the last time you may
present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If
the decision of the District Court is further appealed to the Court of Appeals pursuant to C.R.S.
Section 39-8-108(1), the rules of Colorado appellate review and C.R.S. Section 24-4-106(9),
govern the process.
OR
3. Binding Arbitration: You have the right to submit your case to binding arbitration. If you
choose this option, the arbitrator's decision is final and you have no further right to appeal
your current valuation. C.R.S. Section 39-8-108.5 governs this process. The arbitration process
involves the following:
a. Select an Arbitrator: You must notify the Board of Equalization that you will
pursue arbitration. You and the Board of Equalization will select an arbitrator
from the official list of qualified people. If you cannot agree on an arbitrator, the
District Court of the county in which the property is located (i.e., Weld) will select
the arbitrator.
b. Arbitration Hearing Procedure: Arbitration hearings are held within sixty (60)
days from the date the arbitrator is selected, and are set by the arbitrator. Both
you and the Board of Equalization are entitled to participate in the hearing. The
hearing is informal. The arbitrator has the authority to issue subpoenas for
2013-2013
AS0085
witnesses, books, records documents and other evidence pertaining to the value
of the property. The arbitrator also has the authority to administer oaths, and
determine all questions of law and fact presented to him. The arbitration hearing
may be confidential and closed to the public if you and the Board of Equalization
agree. The arbitrator's decision must be delivered personally or by registered
mail within ten (10) days of the arbitration hearing.
c. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by
you and the Board of Equalization. In the case of residential real property, the
fess may not exceed $150.00 per case. For cases other than residential real
property, the arbitrator's total fees and expenses are agreed to by you and
Board of Equalization, but are paid by the parties as ordered by the
arbitrator.
If you have questions concerning the above information, please contact me at (970) 336-7215,
Ext 4226.
Very truly yours,
Esther E. Gesick, Deputy Clerk
Weld County Board of County Commissioners
Cc: Christopher Woodruff, Weld County Assessor
2013-2013
AS0085
Weld County
CHRISTOPHER M. WOODRUFF COUNTY ASSESSOR
BRENDA DONES, DEPUTY ASSESSOR
VALUATION REPORT
OF
COMMERCIAL PROPERTY
FOR
Weld County Board of Equalization
RIDILLA JOHN R
RIDILLA KIRSTEN T
PETITIONER
VS.
WELD COUNTY ASSESSOR'S OFFICE
RESPONDENT
Parcel Number: 1467-02-3-10-013
Schedule Number: R6778832
Log Number: 7532
Date: 7/30/2013
Time: 09:45 AM
Board: CBOE
PREPARED BY
WADE J. MELIES
WELD COUNTY ASSESSOR'S OFFICE STAFF APPRAISER
ASSESSOR'S VALUE
COMMERCIAL $73,125
2013-2013
/ Soc2
Page 1
Weld County
CHRISTOPHER M. WOODRUFF COUNTY ASSESSOR
BRENDA DONES, DEPUTY ASSESSOR
VALUATION REPORT
OF
COMMERG AL PROPERTY
FOR
Weld County Board of Equalization
RIDILLAJOHN R
RI DI LLA KI RSTEN T
PETITIONER
VS.
WELD COUNTY ASSESSOR'S OFFI CE
RESPONDENT
Parcel Number: 1467-02-3-10-013
Schedule Number: R6778832
Log Number: 7532
Date: 7/ 30/ 2013
Time: 09:45 AM
Board: CBOE
PREPARED BY
WADE J. MELIES
WELD COUNTY ASSESSOR'S OFFICE STAFF APPRAI SER
ASSESSOR'S VALUE
COMMERCIAL $73,125
CBOECOMM 010998
Page 1
SALI ENT FACTSAND CONCLUSI ONS
Purpose of Appraisal To determine Market Value as of 1/ 1/ 13 based on an
appraisal date of 6/ 30/ 12.
Property Rights Appraised Unencumbered fee simple interest.
Location 151 MT ELBERT AV D13
DAWN O
Zoning I-1 Light Industrial
Property Type Condo
Warehouse Condo
Year Built 2009
Quality Average
Class Metal Frame
Number of Stories 1
Improvement Sq. Ft. 1,125
Value Indications:
Market Approach $84,375
Income Approach $55,300
Reconciled $73,125
CBOECOMM 010998
Page 2
Subject Neighborhood Map
Nibaritit Mrs%a
-4' rte,
.. I�
ritibr
Cr��'it
- _ ,t
Min ic
:I . na
r
i
Glacier
Business
Park
IN
-OE
Cs-ar i
C
Subject
A WAY
Ku rn & Go
Sub' ect Devel o
146702310010 tea
146702310011 I 2
146702310012 I 3
0231001311
146702310014 5
1467023 09999
146702310015 16
146702310016 17
I
146702310017 '8
146702310018 1009
• • •
Interstate
Ford
Subject
Development
ment Aerial
r
146702309001
1
l
146702309002
146702309003
146702309004
I
146702309005
146702309006
146702309O07
146702309008
146702309, 09
146702309010
146702309011
146702309012
1
A
- sera
_ RAND VIEW
Mop cantor 40' 4' 48-6_14, 104. St 17' W `
Map Layers [ Edit ]
Q
CBOECOMM 010998
Page 3
Subject Photo
Subject Sketch
First Floor
18750.0 sf
-tom
250'
18 Units
14' to 16' WH
20'
30'
Unit D13
1125.0 sf
r
CBOE_COMM_010998
Page 4
THE SUBJECT
The subject is located in the Garage Unitz Condominium Development which is located on the east side of
Interstate 25 and approximately one mile south of Highway 52. The development consists of 30 units in
two buildings. One unit serves as the sales office and club house. Future development is planned; this plan
can be seen in the addendum. The subject unit has two over head doors with electric openers and a space
heater.
COST APPROACH SUMMARY
The subject property is a condominium unit. Sincethe subject property is a condominium by definition,
the land and buildings are owned by the condominium association. The unit owner owns the right to use
the air space within their unit. For this report the Cost Approach is not applicable.
CBOECOMM 010998
Page 5
MARKET APPROACH SUMMARY
Real property for the tax year 2013 must be valued utilizing the level of value for the period of one
and one-half years immediately prior to June 30th, 2012. A period of five years immediately prior
to July 1, 2012 shall be utilized to determine the level of value if adequate data is not available from
such one and one-half year period to adequately determine the level of value for a lass of property.
Said level of value shall be adjusted to the final day of the data -gathering period. Changes occurring
between base years are not to be accounted for until the fol lowi ng level of value is implemented,
other than additions, change in use, detrimental acts of nature, damage due to fire, etc., creation of a
condominium, new regulations restricting or increasing the use of the land, or a combination
thereof {39-1-104(11)(b)(I),CRS}.
The comparable sales in this report were selected using county records, as wel l as the Multiple
Listing Services.
The Weld County Assessor's Office has verified that the comparable sales are arms -length
transactions based on review of the Real Property Transfer Dedaration, telephone or personal
confirmation interviews and physical inspections to confirm property characteristics at the time of
sale.
The subject property was purchased 1/ 30/ 2012 for $101,600 or $90.31 per square foot. This is not an
arm's length sale. The buyer is a member of the developer group. There are limited number sales in the
subject development and these sales are all first time sales from the developer. These sales may not
accurately indicate a market value of the subject development. There are two other warehouse
condominium developments in south west Weld County. Garage Town is located west of Interstate 25 and
just south of Highway 119 and is considered slightly superior to the subject development. Frederick West
Business Park Condos is located on the east side of Interstate 25 and approximately half way between
Highway 119 and Highway 52. Frederick West Condos are very similar to the subject. The sales from all
three developments are presented in the following tables and used to establish a market value for the
subject property.
There are 29 sales in the extended base period. These sales develop a range from $56
to $93 dollars per square foot and an average of $77 per square foot. Based upon
investigation and analysis, it is the opinion of the appraiser that the value of $75 per
square foot accurately reflects the market value of the subject property.
VALUE As INDICATED BY THE MARKET APPROACH
$84,375
CBOECOMM 010998
Page 6
Warehouse Condominium Sales in SA/ Weld County
Garage Unitz
Built As
Total Imp
SF
Sale Dt
Sale Price
Sale
Price/SF
Parcel #
NBHD
PropType
Location City
Warehouse
1125
12 -Nov -10
$101,300.00
$90.04
146702310003
3929
Condo
DACONO
Warehouse
1125
02 -Jun -11
$103,100.00
$91.64
146702310005
3929
Condo
DACONO
Warehouse
1125
21 -Oct -11
$101,600.00
$90.31
146702310006
3929
Condo
DACONO
Inge $90.04 $91.64
Frederick West
Average $90.51
Median $90.18
Built As
Total Imp
SF
Sale Dt
Sale Price
Sale
Price/SF
Parcel #
NBHD
PropType
Location City
Warehouse
916
29 -Nov -10
$60,000.00
$65.50
131326213004
3913
Condo
FREDERICK
Warehouse
916
01 -Mar -11
$60,000.00
$65.50
131326213005
3913
Condo
FREDERICK
Warehouse
957
01 -Apr -11 _
$75,000.00
$78.37
131326214009
3913
Condo
FREDERICK
Warehouse
957
18 -Nov -11
$60,000.00
$62.70
131326214005
3913
Condo I
FREDERICK
Warehouse
957
25 -Apr -12
$57,500.00
$60.08
131326214003
3913
Condo
FREDERICK
Warehouse
957
25 -Apr -12
$57,500.00
$60.08
131326214006
3913
Condo
FREDERICK
Warehouse
1171
04 -May -12
$81,300.00
$69.43
131326214011
3913
Condo
FREDERICK
Warehouse
957
07 -Jun -12
$57,500.00
$60.08
131326214008
3913
Condo
FREDERICK
Warehouse
957
07 -Jun -12
$57,500.00
$60.08
131326214007
3913
Condo
FREDERICK
Warehouse
1055
27 -Jun -12
$71,500.00
$67.77
131326214002
3913
Condo
FREDERICK
Warehouse
1171
27 -Jun -12
$81,300.00
$69.43
131326214001
3913
Condo
FREDERICK
Range
$60.08 $78.37
Average $65.37
Median $65.50
CBOE_COMM_010998
Page 7
Garage Town
Built As
Total Imp
SF
Sale Dt
Sale Price
Sale
Price/SF
Parcel #
NBHD
PropType
Location City
Warehouse
960
12 -Jul -10
$89,500.00
$93.23
131310120203
3919
Condo
WELD
Warehouse
960
25 -Apr -11
$82,500.00
$85.94
131310120218
3919
Condo
WELD
Warehouse
1152
04 -May -11
$98,000.00
$85.07
131310120207
3919
Condo
WELD
Warehouse
960
01 -Jun -11
$84,000.00
$87.50
131310120611
3919
Condo
WELD
Warehouse
1200
01 -Jul -11
$92,000.00
$76.67
131310120108
3919
Condo
WELD
Warehouse
960
04 -Aug -11
$72,000.00
$75.00
131310120504
3919
Condo
WELD
Warehouse
1200
07 -Sep -11
$80,000.00
$66.67
131310120414
3919
Condo
WELD
Warehouse
960
07 -Nov -11
$69,000.00
$71.88
131310120503
3919
Condo
WELD
Warehouse
1200
29 -Nov -11
$77,500.00
$64.58
131310120412
3919
Condo
WELD
Warehouse
960
10 -Jan -12
$84,000.00
$87.50
131310120613
3919
Condo
WELD
Warehouse
1200
02 -May -12
$85,000.00
$70.83
131310120411
3919
Condo
WELD
Warehouse
1344
15 -May -12
$99,000.00
$73.66
131310120404
3919
Condo
WELD
Warehouse
768
31 -Mary 2 I
$43,000.00
$55.99
131310120518
3919
Condo
WELD
Warehouse
768
29 -Jun -12
$60,000.00
$78.13
131310120505
3919
Condo
WELD
Range $55.99 $93.23
Overall
Range $55.99 $93.23
Average $77.50
Median $71.88
Average $76.62
Median $75.83
CBOE_COMM_010998
Page 8
Subject Development Sales Map
Subject
1467023 0001
146702310011
"146702310002
146:7,0231001
146:7.02.31001;
1'46702310016
14aTa3,1 O0On
46'702310008
1467 00.1.
S
146702309002.,
146702309O03
146702309004
146702309005
146702309006
146702309008
0.023
146702309009
146702309010
146702309011
146702309012
CMap ' Iter. 40' 4'
Map Legend
,_ �
1_J
II
Weld County Boundary
Highway
Roads
ParcelAcres
Parcel
Hydro
Sales
2007
2008
2009
2010
2011
2012
2013
Sales i n dark yellow and orange are sale in the base period
CBOECOMM 010998
Page 9
I NCOME APPROACH SUMMARY
The Weld County Assessor has appropriately considered the IncomeApproach to value for the Subject
property on appeal.
The Assessor has gathered income information from local commercial properties for the time frame of
January 1, 2011 through June 30, 2012. This information, combined with statewide and industry -wide
data, is used to determine typical income and expenses for various property types.
In condusion of the IncomeApproach, the Assessor has considered both groups of data and has put more
emphasis on the local factors and data than the state and national data. This information was then applied
to the subject property to arrive at an appropriate Income Approach Value.
TOTAL I NCOME VALUE FOR THE SUBJECT PROPERTY
$55,300
Typically this type of property is owner occupied. If an owner is not occupying their unit, they rent it for
an amount that will cover their expenses, HOA fees and property taxes, not to make a profit. This type of
property is built to profit from the income of selling the individual condo units. The subject developer is
currently leasing the units that have not been sold. During the base period, the developer had 19 units
rented and 3 units vacant. The average rent per square foot, including vacancy was $7.51.
Garage Unitz Performa
Fent per Sf.
Mngt 5%
F ry 3%
HOA Fees
Total Expense
NOI
Indicated Value per s.f
Total
Assmnt'
0.29
Average
$7.51
$0.38
$0.23
$0.46
$1.06
$6.45
$49.16
1,125 $55,300 rounded
MillLevy Mkt Cap EfCap
0.142126 0.09 0.13122
CBOECOMM 010998
Page 10
CONCLUSION
Real property for the tax year 2013 must be valued utilizing the level of value for the period of one
and one-half years immediately prior to June 30th, 2012. A period of five years immediately prior
to lily 1, 2012 shall be utilized to determine the level of value if adequate data is not available from
such one and one-half year period to adequately determine the level of value for a dass of property.
Said level of value shall be adjusted to the final day of the data -gathering period. Changes occurring
between base years are not to be accounted for until the fol lowi ng level of value is implemented,
other than additions, change in use, detrimental acts of nature, damage due to fire, eta, creation of a
condominium, new regulations restricting or increasing the use of the land, or a combination
thereof {39-1-104(11)(b)(I), CRS}.
The subject property has been classified as Commercial Property for assessment purposes. Commercial
property value shall be determined by appropriate consideration of the Cost Approach, Market Approach,
and Income Approach to value. {39-1-103(5)(a) C. R. S.} The Assessor has considered all throe approaches to
value for the subject parcel on appeal.
FINAL RECONCILIATION
As the subject property is owner occupied, the IncomeApproach is given minimal weight. After
consideration of the cost, market and income approaches the Market Approach to value was given more
weight in consideration that there are 29 warehouse condominiums. It is the Weld County Assessor's
opinion that the value of $73,125, most accurately reflects the value of the subject property in Weld
County for the 2013 tax year.
COST APPROACH MARKET APPROACH INCOME APPROACH
n/a
$84,375 $55,300
ASSESSOR'S VALUE
COMMERCIAL $73,125
CBOECOMM 010998
Page 11
APPRAI SAL STANDARDSAND ETHICS
CERT I Fl CAT I ON
I certify to the best of my knowledge and belief that:
The statements of fact contained in this report are true and correct.
The reported analyses, opinions and condusions are limited only by the reported assumptions and
limiting conditions and is my personal unbiased professional analyses, opinions and conclusions.
I have no present or prospective interest in the property that is the subject of this report, and I have no
personal interest or bias with respect to the parties involved.
My compensation is not contingent on an action or event resulting from the opinion or conclusions in, or
the use of, this report.
My analyses, opinions and conclusions were developed, and this report has boon prepared, in conformity
with the Uniform Standards of Professional Appraisal Practice.
No one provided significant professional assistance to the person signing this report.
I have made a personal inspection of the property that is the subject of this report.
zeye,
Wade J.Mel ies
Colorado Certified General Appraiser CG40036400
CBOECOMM 010998
Page 12
ADDENDUM
Unitz LLC
Fent FoII
Tax Period -07/O1/10toO6/3O/12
Unitz Rental Income Font Income Fental Unit Rented Unit Sales Rice &Ile per sf
per sf aatus Footage Sq. Footage
B-1 $9,000.00 $9.18 980 980
B-2 $7,225.73 $6.57 1,100 1,100
B-3 $1,600.00 $1.45 1,100 1,100
B-4 Sold 1,000 $100,500 $100.50
B-5 Sold 1,000 $90,000 $90.00
B-6 $1,790.00 $1.79 1,000 1,000
B-7 $14,400.00 $13.09 1,100 1,100
B-8 Sold 1,000 $90,000 $90.00
B-9 $10,550.00 $10.55 1,000 1,000
B-10 $11,400.00 $10.36 1,100 1,100
B-11 $8,900.00 $8.90 1,000 1,000
B-12 $9,637.33 $8.76 1,100 1,100
D-1 Club House 750
D-2 Vacant 1,125 1,125
D-3 Sold 1,125
D-4 $330.00 $029 1,125 1,125
D-5 Sold 1,125
D-6 Sold 1,125
D-7 $315.00 $0.28 1,125 1,125
D-8 $16,950.00 $15.07 1,125 1,125
D-9 $6,950.00 $9.27 750 750
D-10 $8,050.00 $11.03 730 730
D-11 Vacant 1,125 1,125
D-12 $5,165.00 $4.59 1,125 1,125
$101,300 $90.04
$103,100 $91.64
$101,600 $90.31
CBOE_COMM_010998
Page 13
Unitz Fental Income Fent Income Rental Unit Sq. Rented Unit
per sf Satus Footage Sq. Footage
D-13 Sold 1,125
D-14 Vacant 1,125 1,125
D-15 $3,075.00 $2.73 1,125 1,125
D-16 $18,000.00 $16.00 1,125 1,125
D-17 $4,000.00 $3.56 1,125 1,125
D-18 $6,933.24 $9.24 750 750
Total $144,271.30
Average
Annual $72,135.65
Income
Rent
Range
Average
Median
per square
foot
$0.28 $16.00
$7.51
$8.90
Total Rental Sq.
22,960
Sales Price Sale per sf
Vacancy
Included
$3.14 Average $98,257 $92
Sale Rice
CBOE_COMM_010998
Page 14
FUTURE DEVELOPMENT SITE PLAN
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CBOECOMM 010998
Page 17
US
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
R6778832
2013
3271
UNIT D13 BLDG D GARAGE UNITZ AT DACONO
CONDO
151 MT ELBERT AV D13
DACONO, CO 000000000
PROPERTY OWNER
RIDILLA JOHN R
1571 CARLSON AVE
ERIE, CO 80516
PROPERTY CLASSIFICATION
ASSESSOR'S VALUATION
ACTUAL VALUE PRIOR TO
REVIEW
ACTUAL VALUE AFTER
REVIEW
COMMERCIAL
73,125
73,125
TOTAL
$73,125
$73,125
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.
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.
Date of Notice: 6/27/2013
Telephone: (970) 353-3845
Fax: (970) 304-6433
Office Hours: 8:00 AM - 5:00 PM
Please refer to the reverse side of this notice for additional information.
RECEIVED
AA.,
WELD COUNTY
COMMISSIONERS
15-DPT-AR
PR 207-08/13
R6778832 18200
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.)
$ Z9 '5'2-.5O
What is the basis 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.)
act
ATTESTATION
I�he'tndps9ned owner or agent'bb' of the property identified above, affirm that the statements contained
ny attachments hereto are true and complete.
017—) ;WI 3• 12-1 -1 bi 13
Telephone Number Date
Si �inature
I NT- e C -)M1 C...x)14\e- t . CD M
Email
1867 Attach letter of authorization signed by property owner.
Address
15-DPT-AR
PR 207-08/13
R6778832 18200
John R. Ridilla
Property Tax Appeal
July 9, 2013
Unit D13 Account# R6778832
Income Approach:
As of June 30, 2012, Unitz, LLC had 7 units sold, 19 units rented and 4 vacant units. As such,
there was a 13.33% vacancy rate as of 06/30/12 . The following information is taken from
the actual lease data from July 1, 2010 to June 30, 2012.
Monthly Rental Income (Gross) 6,011
times: Months in Year 12
Annual Rental Income (Gross) 72,132
divided by: Square Footage of Rented Units 19,485
Rental Price per Square Foot 3.70
Less: Vacancy (13.33%)
Less: Management Fees (5%)
Less: Reserves (3%)
Adjusted Rental Price per Square Foot
divided by: Adjusted Capitalization Rate
Value per Square Foot based on Income Approach
Capitalization Rate Calculation:
(0.49)
(0.19)
(0.11)
2.91
0.13121654 (A)
$22.18
Commercial Tax Rate 0.29
x Mill Levy 0.142126
0.04121654
+ Capitalization Rate 0.09000000
Adjusted Capitalization Rate 0.13121654 (A)
Unitz, LLC
Rent Roll
Tax Period - 07/01/10 to 06/30/12
Unitz
Rental Rent Unit Rented Unit
Income Status Sq. Footage Sq. Footage
B-1 9,000.00 980 980
B-2 7,225.73 1,100 1,100
B-3 1,600.00 1,000 1,000
B-4 Sold 1,100
B-5 Sold 1,000
B-6 1,790.00 1,000 1,000
B-7 14,400.00 1,100 1,100
B-8 Sold 1,000
B-9 10,550.00 1,000 1,000
B-10 11,400.00 1,100 1,100
B-11 8,900.00 1,000 1,000
B-12 9,637.33 1,100 1,100
D-1
D-2
D-3
D-4
D-5
D-6
D-7
D-8
D-9
D-10
D-11
D-12
D-13
D-14
D-15
D-16
D-17
D-18
330.00
315.00
16,950.00
6,950.00
8,050.00
5,165.00
3,075.00
18,000.00
4,000.00
6,933.24
2 -Year Rent 144,271.30
/ 24
Avg. Monthly 6,011.30
Vacant
Vacant
Sold
Sold
Sold
Vacant
Sold
Vacant
750
1,125
1,125
1,125 1,125
1,125
1,125
1,125 1,125
1,125 1,125
750 750
730 730
1,125
1,125 1,125
1,125
1,125
1,125 1,125
1,125 1,125
1,125 1,125
750 750
31,210 19,485
John R. Ridilla
1571 Carlson Avenue
Erie, CO 80516
July 9, 2013
Weld County Board of Equalization
1150 O Street, P.O. Box 758
Greeley, CO 80631
RE: Appeal of Assessed Value/Classification —Unit D13 Bldg D Garage Unitz at Dacono Condo
Dear Board:
I am writing this letter to appeal the 2013 Notice of Determination for John R. Ridilla, located at 151 Mt.
Elbert Avenue, Dacono, CO 80514 (Unit D13 — Account #R6778832). I would like to appeal the
Assessor's decision of both the classification and the value.
First, this garage storage (Maxi -Storage) product is fairly new and is of such a type that it fits under the
"Residential Improvements" section more than as Commercial Property. These types of facilities are
becoming more popular due to increased demand from those wishing to store their collector cars, RV's,
boats and other personal property in a secure off -site location because their home situations will not
accommodate the size or security needed for certain types of property. This product is especially driven
by residential homeowners' associations due to the stringent codes and regulations. In most cases, RVs,
boats, trailers, ATV's, snowmobiles, small campers, etc. cannot be stored in plain sight or on an adjacent
street to any residence due to HOA declarations. At the very least, some homeowners may be able to
store at their residence but only for a limited amount of time (i.e. 48 hours, 3 days, etc.). If one had
enough land to construct a pole barn at their place of residence, the pole barn would be classified as part
of their residential usage. This product is driven by residential storage constraints, which explains why I
feel this product should fall under the residential classification. CRS Section 39-1-102 defines
"Residential Improvements" as also including "buildings, structures, fixtures, fences, amenities, and water
rights that are an integral part of the residential use". I feel that this product fits in under this term;
however, the county assessors argue that this term only includes buildings that would be on a contiguous
parcel of land to a residence. In reality, this product is an extension of one's residence, just not on a
contiguous parcel of land to their residence.
Second, the assessed value of each individual garage was based on a per square foot basis of sales data
collected from similar properties sold during the assessment period. During the time frame from July 1,
2010 to June 30, 2012, there were seven (7) sales at Garage Unitz. As of June 30, 2012, there were a total
of seven (7) units sold, nineteen (19) units rented and four (4) vacant units. Based on the fact that this is
predominantly a rental facility, I would argue that the income approach to valuation should be used to
determine an appropriate valuation at this location. I have attached a calculation of the value per square
foot based on the income approach using the rental activity data as of June 30, 2012. Under the income
approach on the attached spreadsheet, the value per square foot would be $22.18. Based on this
value per square foot, the value of Unit D13 would be $24,952.50 for 1,125 square feet.
Based on the commercial classification of this product and the commercial tax rate of 29%, the tax
assessed at the current valuation of $65,000 would be $2,679 for a 1,000 square foot garage that is used to
store personal household goods and vehicles. This equates to a per square foot real estate tax of $2.68 per
foot. Based on the Garage Unitz rental information attached, the average rental income received per
square foot is $3.70 per foot for units rented for residential storage purposes. It is inequitable and not in
good conscience to assess taxes of $2.68 per square foot on a product that it producing $3.70 per square
foot in gross rental income. There is a fairness issue at work here. If a consumer owns or rents a garage
and stores personal property there, regardless if it is contiguous or not, it is a residential improvement that
should be assessed at the residential tax rate.
Unfortunately, I will be out of town from July 19th through August 6`h of 2013. I would like this letter to
be made part of the record of the hearing. I appreciate your consideration with respect to these matters.
Please feel free to contact me at (720) 273-2210 if you have any further questions.
Sincerely,
John R. Ridilla
July 22, 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
RIDILLA JOHN R
1571 CARLSON AVE
ERIE, CO 80516
Account No.: R6778832
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of July 30, 2013, at or about the hour of
9:45 AM, to hold a hearing on your valuation for assessment. This hearing will be held at the
Weld County Administration Building, Assembly Room, 1150 O Street, Greeley, Colorado.
You have a right to attend this hearing and present evidence in support of your petition. The
Weld County Assessor or his designee will be present. The Board will make its decision on the
basis of the record made at the aforementioned hearing, as well as your petition, so it would be in
your interest to have a representative present. If you plan to be represented by an agent or an
attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the
Board's Office, an authorization for the agent or attorney to represent you. If you do not choose
to attend this hearing, a decision will still be made by the Board by the close of business on
August 5, 2013, and mailed to you on or before August 12, 2013.
Because of the volume of cases before the Board of Equalization, most cases shall be limited to
10 minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you
provide evidence to support your position. This may include evidence that similar homes in your
area are valued less than yours or you are being assessed on improvements you do not have.
Please note: The fact that your valuation has increased cannot be your sole basis of
appeal. Without documented evidence as indicated above, the Board will have no choice but to
deny your appeal.
If you wish to obtain the data supporting the Assessor's valuation of your property, please submit
a written request directly to the Assessor's Office by fax (970) 304-6433, or if you have questions,
call (970) 353-3845. Upon receipt of your written request, the Assessor will notify you of the
estimated cost of providing such information. Payment must be made prior to the Assessor
providing such information, at which time the Assessor will make the data available within three
(3) working days, subject to any confidentiality requirements.
AS0085
RIDILLA JOHN R - R6778832
Page 2
Please advise me if you decide not to keep your appointment as scheduled. If you need any
additional information, please call me at your convenience.
Very truly yours,
BOARD OF EQUALIZATION
Esther E. Gesick
Deputy Clerk to the Board
cc: Christopher Woodruff, Assessor
AS0085
BOE SUMMARY SHEET
Account Number: R6778832
RIDILLA JOHN R
1571 CARLSON AVE
ERIE, CO 80516
HEARING DATE: July 30, 2013, AT 9:45 AM
HEARING ATTENDED? (Y,�N� NAME:
AGENT NAME:
APPRAISER NAME:
DECISION
ACTUAL VALUATION
APPROVE BY
ASSESSOR
SET BY
BOARD
TOTAL ACTUAL VALUE
$73,125.00
/_9) %a.> 0
COMMENTS:
MOTION BY' d P TO
SECONDED BY se,.
olemt
Failed to prove appropriate value
No comparables given
Assessor's value upheld
Other:
Conway-- N)
Garcia -- N)
Kirkmeyer -- N)
reemrem•L - /N)
Rademacher -- /N)
RESOLUTION NO. 2013-2013
M:\CBOE\Letter Templates\Summary Sheet.docx
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