HomeMy WebLinkAbout20132154August 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
WILKENING STORAGE LLC
11535 W HAMPDEN AVE
LAKEWOOD, CO 80227
RE: THE BOARD OF EQUALIZATION 2013, WELD COUNTY COLORADO
APPROVAL OF STIPULATION BETWEEN PETITIONER AND ASSESSOR
ACCOUNT NO.: R0841201
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
$1,756,619.00 $1,368,306.00
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,
,4444,
Esther E. Gesick, Deputy Clerk
Weld County Board of County Commissioners
Cc: Christopher Woodruff, Weld County Assessor
Rth 2k
2013-2154
AS0085
COUNTY BOARD OF EQUALIZATION
WELD COUNTY
Single County Schedule Number R0841201
STIPULATION (As To Tax Year_2013_ Actual Value)
RE PETITION OF : Windsor Commons Self Storage
NAME: Wilkening Storage LLC
ADDRESS: 1172 Automation Drive
Windsor, CO
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:
WIN 1WCOM L5 WINDSOR COMMONS 1ST 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 $1,756,619.00
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 $1,368,306.00
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:
Analysis of the subjects accurate actual income and expenses.
7. Both parties agree that:
®The hearing scheduled before the Board of Equalization on 07/30/13 at
2:15 p.m. be vacated.
❑A hearing has not yet been scheduled before the Board of Equalization.
R0841201
1
2013-2154
TED this 24th day of July, 2013.
etitio, er(s) or Agent : • ney --(Assistant) County A orney for
`�I L JS -E4 (r \ - c c_ d -C Respondent, Weld County Board of
Commissioners
Address:
/./ '7 Z._. /fLc;ro. r i r'rcn4.......
Gc) A1.44ne R e o gc, 5'.sr
Telephone: 7zo •7
Docket Number
Stip-1.Frm
R0841201
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
Date of Notice: 6/27/2013
Telephone: (970) 353-3845
Fax: (970) 304-6433
Office Hours: 8:00 AM - 5:00 PM
ACCOUNT NO.
TAX YEAR.
TAX AREA.
LEGAL DESCRIPTION1.PHYSICALLOCATION
R0841201
2013
0436
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WILKENING STORAGE LLC
11535 W HAMPDEN AVE
LAKEWOOD, CO 80227
WIN 1WCOM L5 WINDSOR COMMONS 1ST FG
PROPERTY CLASSIFICATION
ASSESSOR'S VALUATION
ACTUALVALUE PRIOR TO ..
REVIEW
- ACTUAL VALUE AFTER'
REVIEW
RESIDENTIAL
COMMERCIAL
52,173
1,704,446
TOTAL
$1,756,619
52,173
1,704,446
$1,756,619
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 2 1 and the firs 6months of 2_2 data be used to establish
current values. We have consi red 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.E.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.
Please refer to the reverse side of this notice for additional information.
RECEIVED
in 152013
WELD COUNTY
COMMISSIONERS
15-DPT-AR
PR 207-08/13
R0841201 16289
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: RECEIVED
Weld County Board of Equalization
1150 O Street, P.O. Box 758
Greeley, CO 80631
Telephone: (970) 356-4000 ext, 4225
JUL. 1 5 202
WELD COUNTY
To preserve your appeal ri hts COMMISSIONEJRSS
g , your Petition to the County Board of Equalization must e
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
(303) 866-5880 ti- local telephone book for the your
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.
LPETITION 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.)
25—®` O0C]_
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.) ,
r"!'c.r4caiIN Ail771/E v''A nccei}efr-, ,3 .
ATTESTATION
I, the u rsigned owner or agent2521 of the property identified above, affirm that the statements contained
here/ .nd yn any attachments hereto are true and complete.
1
Signatur
rv cmyte,
Email
7Zo m-2 -g®7 2.o/.;
Telephone Number Date
2521 Attach letter of authorization signed by property owner.
CAS r &k E 1.LC
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Address
15-DPT-AR
PR 207-08/13
R0841201 16289
Subject Property:
Windsor Commons Self Storage
1172 Automation Drive
Windsor, CO 80550
Owner: Wilkening Storage LLC
Account: R0841201
Legal Description: WIN 1WCOM L5 WINDSOR COMMONS 15T FG
2013 Real Property Notice of Determination Appeal
Property Owner's estimate of the property's value as of June 30, 2012:
$1,250,000
Allocated as follows:
Residential $29,732
Commercial $1,220,268
Basis for Owner's estimate of value or reason for requesting review:
The attached analysis of the 2013 Real Property Notices of Valuation of seventeen
(17) self -storage properties in Weld County shows the following:
• The subject property's valuation INCREASED 74.49% while all but one of
the other properties' values either DECREASED as much as 1.73%, stayed
the same, or increased a maximum of 12.34%.
• The subject property's assessed valuation per commercial square foot was
$40.74. The average of the other properties compared above was $28.82
per commercial square foot. The average of all of the other properties
analyzed, excluding the highest and lowest properties, is $29.59 per
commercial square foot. Applying this average to the subject property
results in a more appropriate valuation of $1,237,838.
• The Weld County Assessor is NOT applying valuation criteria fairly or
appropriately to comparable self -storage properties in Weld County.
• The Assessor did not consider all (3) three approaches in arriving at the
current value of the subject property.
• The only sold property during the valuation period used by the Assessor as
a comparable also saw its valuation increase 70.7%, a smaller yet still
Page 1 of 3
unreasonable increase compared to the subject property and the other
properties analyzed. The property used by the Assessor as a comparable is
five (5) years newer than the subject property.
• Self -storage properties, unless in significant disrepair, extremely older, or in
unsafe locations, all command similar rental rates for the units they offer.
By unfairly over -taxing certain properties compared to their competition,
the Assessor is placing the unfairly taxed properties at a significant
competitive disadvantage. The following comparison of estimated 2013
property tax as a percent of revenue illustrates this disadvantage. The
subject property is compared to its closest competitor, Windsor Guardian
Self Storage, and assumes similar annual revenues per square foot
($6.64/sq. ft.) since known rental rates are similar.
Estimated 2013 taxes as a percent of revenue:
Subject Property 17.25%
Windsor Guardian 10.27%
Therefore, in order to maintain a comparable investment value the subject
property would need to raise its rental rates by 7%. Since rental rates are
already comparable, the subject property is not able to do this without
losing significant business to the competition, also reducing the value of the
investment. The Assessor is, therefore, unfairly penalizing the subject
property with his valuation.
The current owner purchased the property based on a trailing 12 -month net
income analysis using amounts provided by the previous owner and verified to
bank statement activity, the annual net income was $117,783. (See attached P&L
Statement Activity spreadsheet)
The subject property is considered a Tier 2, condition A- to B property due to its
location and age. The property when purchased was only approximately 83%
occupied and had significantly below -market rental rates. The typical CAP Rate
for Tier 2 Colorado, A- to B condition self -storage properties with lower
occupancy rates and below -market rental rates ranges between 9.0% to 10.0%.
Applying these CAP Rates to the trailing 12 -month net income results in a range of
value between $1,177,832 and $1,308,702.
In addition to low occupancy and below -market rental rates, the subject property
had a large number of highly discounted rental rates (off of the already below -
Page 2 of 3
market rates), and approximately 20% of tenants seriously in arrears in rental
payments (a very high accounts receivable balance).
The amount paid for the subject property was NOT based on its true market value
at the time of purchase, but was in anticipation of potential upside from
significantly improved management of the property over a multi -year period.
The original actual cost to purchase the land and build the subject self -storage
facility in 2003 was $1,930,212. The current owner paid less than the property
originally cost to build. Assuming straight-line depreciation over a 30 -year life,
the depreciated value of the property at June 30, 2012 would be $910,148.
The Assessor's valuation of the residential portion of the subject real property
was INCREASED 75.48% from $29,732 to $52,173. This portion of the real
property is a NON -INCOME producing asset and was not considered in the current
owner's evaluation of the property for purchase. The current owner also had to
repair damage to the apartment in the amount of $8,624 to just get the
apartment back to its previously assessed value. The assessed valuation of this
portion of the real property should not have been increased at all.
Thank you for your careful consideration of the above points in determining the
fair and reasonable tax valuation of the property.
Page 3 of 3
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NET INCOME
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
WILKENING STORAGE LLC
11535 W HAMPDEN AVE
LAKEWOOD, CO 80227
Account No.: R0841201
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of July 30, 2013, at or about the hour of
2:15 PM, 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.
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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
JJ
Esther E. Gesick
Deputy Clerk to the Board
cc: Christopher Woodruff, Assessor
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