HomeMy WebLinkAbout20122045.tiff '86' CLERK TO THE BOARD
PHONE (970) 336-7215, EXT 4226
fE FAX (97O) 352-0242
WEBSITE: www.co.weld.co.us
1150 O STREET
P.O. BOX 758
G O U_N T Y GREELEY CO 80632
August 8, 2012
EASTMAN KODAK COMPANY
OFFICE OF THE CONTROLLER
9952 EASTMAN PARK DRIVE
WINDSOR, CO 80551-1308
RE: THE BOARD OF EQUALIZATION 2012, WELD COUNTY COLORADO
APPROVAL OF STIPULATION BETWEEN PETITIONER AND ASSESSOR
ACCOUNT NO.: P0008514
Dear Petitioner:
On July 31, 2012, 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 2012.
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
$20,651,009.00 $15,373,993.00
The above 'Stipulated Value' is the value which will be used in the calculation of your property
taxes for 2012. This value is not appealable.
If you have questions concerning the above information, please call me at (970) 336-7215,
Ext. 4226,
Ve truly yours,
Esther E. Gesick, Deputy Clerk
Weld County Board of County Commissioners
Cc: Christopher Woodruff, Weld County Assessor
ERNST & YOUNG LLP
2 N CENTERAL AVENUE STE 2300
PHOENIX, AZ 85004
91O44-aoV5-
4soo/12
COUNTY BOARD OF EQUALIZATION
WELD COUNTY
Docket Number
Single,County Schedule Number P0008514
STIPULATION(As To Tax Year_2012_Actual Value)
RE PETITION OF
NAME: EASTMAN KODAK COMPANY
ADDRESS: 9952 EASTMAN PARK DRIVE
WINDSOR CO 80551-1308
Petitioner(s)and the Weld County Assessor hereby enter into this Stipulation
regarding the tax year 2012 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:
Personal Property located at Kodak facility in Windsor,CO
2. The subject property is classified as personal property.
3. The County Assessor originally assigned the following actual value to the
subject property for the tax year 2012:
Land
Improvements $20,651,009.00
Total $20,651,009.00
4. After further review and negotiation,Petitioner(s)and Weld County Assessor
agree to the following tax year 2012 actual value for the subject property:
Land
Improvements $15,373,993.00
Total $15,373,993.00
5. The valuation,as established above, shall be binding only with respect to tax
year 2012.
6. Additional agreements:
Petitioner agrees that it will not file abatement claims or appeals for all prior
years for this property.
7. Brief narrative as to why the reduction was made:
P0008514
1 2012-2045
The floor value of fully depreciated equipment was adjusted to 10%good
from 15%.
8. Both parties agree that:
ZThe hearing scheduled before the Board of Equalization on 7/31/12 at
2:45PM be vacated.
DA hearing has not yet been scheduled before the Board of Equalization.
DATED this 25th day of July,2012.
/app x d a
eetitioner s or Agent or Attorney (Assistant) County Attorney for
Respondent, Weld County Board of
Commissioners
Address:: Address:
t c Nt.n.a.\ s t&C Cric,cr" 1150 "O" Street
ctclv4 tr. ,..,.Aoa\c rv-..e 1 P.O. Box 758
W:t c.4c\cc got!,\-'C\CR Greeley, CO 80632
Telephone: (s%' \ ay-?\89 _ Telephone:(970) 336-7235
? 49 fi
County Asse or
Address:
1400 N.17th Avenue
Greeley, CO 80631
Telephone: (970) 353-3845 ext. 3697
Docket Number
Stip-1.Frm
P0008514
2
NOTICE OF DETERMINATION
WELD COUNTIDENIED
Christopher M. Woodruff'RlISIORER$ Date of Notice: 07/10/2012
Weld County Assessor,„,, Telephone: (970) 353-3845 or(720) 652-4255
1400 N 17th Ave JUL 23 A II: 44 Fax: (970) 304-6433
Greeley, CO 80631 E-mail: appeals@Weldgov.com
www.Weldgov.com R z L F I V FD Office Hours: 8:00 AM - 5:00 PM
SCHEDULE/ACCOUNT NO. TAX YEAR TAX AREA LEGAL DESCRIPTION/
PHYSICAL LOCATION
P0008514 2012 0400 NON HEALTH W2 26 6 67
re
z EASTMAN KODAK COMPANY
0 OFFICE OF THE CONTROLLER
9952 EASTMAN PARK DRIVE
K WINDSOR,CO 80551-1308
a
O
a
ASSESSOR'S VALUATION
PROPERTY CLASSIFICATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER
REVIEW REVIEW
PERSONAL PROPERTY 20,651,009 20,651,009
TOTAL $20,651,009 $20,651,009
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:
PP04 - No change has been made to the valuation of this property. Colorado law requires us to
send this notice of denial for all properties on which we do not adjust the value.
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 deadline for filing personal property appeals is July 20.
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.
ERNST & YOUNG LLP
C/O MATTHEW RAKELA
2 N CENTERAL AVENUE STE 2300
PHOENIX AZ 85004
15-DPT-AR
PR 207-08/11
P0008514 15613
APPEAL PROCEDURES
County Board of Equalization Hearings will be held from July 15 through August 3
at 1150 O Street, P.O. Box 758, Greeley, CO
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 and on or before July 20 for
personal 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 9th Avenue and 9th Street
Denver, CO 80203 P.O. Box C
(303) 866-5880 Greeley, Colorado 80632
www.dola.colorado.gov/baa (970) 356-4000 Ext. 4520
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, 2010? (Your opinion of value in terms of
a specific dollar amount is required for real property pursuant
nt to§ 39-8-106(1.5), C.R.S.)
9 9 00
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.)The rise of online and digital media has caused a drastic and permanent
down turn in the paper manufacturing industry. Kodak's personal property in Weld County consists of two photo
print manufacturing plants which are part of the paper manufacturing industry. We have used two methods in the
cost approacn to quantify the negative impact foosolesCence) or the Industry on the value or Kodak's personal
property in Weld County. Please see the attached report for details and our analysis.
ATTESTATION
I, the un rsianed owner or agent' of the property identified above, affirm that the statements contained
q
on an a chments hereto are true and complete.
Matthew Rakela 916-591-5389 7/19/12
Signature Telephone Number Date
matthew.rakela@ey. com
Email Address
'Attach letter of authorization signed by property owner. PR 2O7P0snR
P0008514 15613
Letter of Authorization for Property Tax Matters
I/We,the undersigned,as the owner of the property listed below located in Weld County,delegate the
agent listed below full authority to handle all matters relative to assessments and to O represent me/us,
with the assistance of legal counsel if necessary,in the appeal process for taxyear 2012.
Ernst & Young LLP
Agent Name
All correspondence regarding my/our appeal of the value of the property listed below should be directed to:
Matthew Rakela, Ernst & Young LLP
2 N Central Ave, Suite 2300
Phoenix, 112 85004
916-591-5389
Owner Information:
Property Owner Name ..___3 C.n(1.c _ S-Vccvecv.,r,S
Please Print
Property Owner Signature. ,..e...
Date
Property Information(Please attach additional sheets as necessary)
1. Parcel#and/or Account# Account ft P0008514
Property Address 9552 Eastman Park Dr. Windsor_ CO 80551
2. Parcel#and/or Account#
Property Address
3. Parcel#and/or Account#
Property Address
4. Parcel#and/or Account#
Property Address
5. Parcel#and/or Account#
Property Address
2012 Assessment
P0008514
Weld County, Colorado
Kodak Colorado Division
Eastman Kodak Co.
III ' I III
Informal Conference
July 3rd, 2012
ES ERNST&YOUNG
1
En5Lnran NOJa✓Co Huual Co oiatlo DNumn
July 3,2012
COMPANY OVERVIEW
Eastman Kodak Company (Kodak) offers a range of imaging products and services to
photographic and graphic communication markets. The FPEG segment of the
company offers photographic products and services such as paper, film and
chemicals. The company's customers consist of picture and paper developing
consumers, professional and industrial imaging consumers, and creators of motion
pictures.
Competitive pricing and rising commodity costs negatively impacted results in Kodak's
more mature product lines, including Prepress Solutions, Digital Capture and Devices,
and Entertainment Imaging.
The company has reported poor operational efficiency with increased cost and
decreased margins. Kodak reported decreased revenue of $7,187m in 2010 as
compared to $7,606m in 2009, reflecting a decline of 5.5% over 2009. The decline in
revenue was principally due to decrease in sales of the FPEG segment. The company's
operating margin was (6.1%) for the fiscal year 2010, as compared to (0.1%) in 2009.
The negative operating margin may indicate inefficient cost management or a weak
pricing strategy by the company. The operating margin has decreased 600 bps over
2009 which may indicate management's low focus on profitability. The company's net
profit margin also declined from (2.8%) in 2009 to (9.6%) in 2010.
Kodak is undergoing bankruptcy proceedings and has shed 47,000 employees since
2003 and closed 13 factories that produced film, paper and chemicals, along with
130 photo laboratories.
ERNST & YOUNG, LLP - APPEAL ANALYSIS CONFIDENTIAL MATERIAL
•
Kodak - Color and Thermal Media Manufacturing
Weld County, CO - PP Appeal Analysis
As of 1/1/2012
Inutility Analysis I if inn Analysis Salvana Analysis
112,056,133 112,056,133 112,056,133 Original Cost
120,832,396 120,832,396 120,832,396 Reproduction Cost New
100,181,387 100,181,387 100,181,387 Physical Depreciation
20,651,009 20,651,009 20,651,009 ReproCNLD
10,771,481 10,724,927 8,210,219 Economic Obsolescence
9,879,528 9,926,082 12,440,790 Market Value Range
$9,900,000 J Indicated Market Value
ASA Inutility Analysis
FO Inutility FO Adjustment
Total Estimated Economic Obsolescence per ASA Inutility Guidelines: 10,771,481
Estimated Economic Obsolescence Thermal Media Manufacturing: 55% 8,131,900
Estimated Economic Obsolescence Color Media Manufacturing: 45% 2,639,582
Thermal Media Manufacturing
Inutility Adjustment=[1-(Actual Production/Rated Capacity)^x]*100
x=Scale Factor(Cost-to-Capacity Exponent) (0.6 to 0.7)
Year 2011 2011 2010 2010
Actual Production 33,684,056 33,684,056 29,339,010 29,339,010
Practical Capacity 110,000,000 110,000,000 110,000,000 110,000,000
Capacity Factor 31% 31% 27% 27%
Scale Factor 0.70 0.60 0.70 0.60
Inutility 56% 51% 60% 55%
Color Media Manufacturing
Inutility Adjustment=(1-(Actual Production/Rated CapacityY x1*100
x=Scale Factor(Cost-to-Capacity Exponent) (0.6 to 0.7)
Year 2011 2011 2010 2010
Actual Production 42,848,327 42,848,327 49,005,812 49,005,812
Practical Capacity 113,000,000 113,000,000 113,000,000 113,000,000
Capacity Factor 38% 38% 43% 43%
Scale Factor 0.70 0.60 0.70 0.60
Inutility 49% 44% 44% 39%
Marshal&Swift Lifing and Salvage Value Analysis
Color&Thermal Media Manufacturing
Economic Life and Salvage Value Adjustment
Salvage Value 7.0%
Life Variable(State Suidelines)
Original Cost 112,056,133
Reproduction Cost New 120,832,396
RCNLD 12,440,790
Life 5 Yr
Original Cost 112,056,133
Reproduction Cost New 120,832,396
RCNLD 9,926,082
ERNST&YOUNG,LLP-APPEAL ANALYSIS CONFIDENTIAL INFORMATION
3
Color&Thermal Media Manufacturing-Production Trend Analysis
Continued Decline In Production 8 Capacity:
The Color Media Manufacturing Facility is part of Kodak's FPEG segment and produces photographic products such as paper,film,and chemicals
for developing consumers and for professional and industrial imaging applications. The facility utilizes a procedure known as"wet processing"to
finish its products for delivery to the next stop in value chain. The Thermal Media Manufacturing Facility produces light-sensitive films and papers
for use in photography. The facility utilizes the processes of plastic extrusion and coating to finish its products. Both of these facilities have seen
drastic declines in production and capacity over the last five years due to increased competition and the changing demand of consumers away
from hard copy printing of film and paper to electronic photos and reports. This decline is commensurate with the way the entire paper
manufacturing industry has been heading for the last ten years.
Kodak-Manufacturing Volumes(2004-2011)
Color Media Finishing Manufacturing Thermal Media Manufact�rinc
Display Paper Total Inkjet Thermal Total
Year Actual Actual Actual Actual Actual Actual
Production Production Production Production Production Production
2004 2,290,072 110,634,637 112,924,709 397,077 73,708,929 74,106,006
2005 2,732,959 74,783,055 77,516,013 2,484,331 105,773,216 108,257,546
2006 2,821,331 94,429,197 97,250,529 2,739,222 93,406,815 96,146,037
2007 3,202,694 108,789,604 111,992,298 1,384,336 59,199,310 60,583,646
2008 3,191,137 99,932,241 103,123,378 12,131 53,334,802 53,346,933
2009 2,190,064 69,653,326 71,843,390 477,975 50,776,776 51,254,751
2010 2,577,739 46,428,073 49,005,812 631,193 28,707,816 29,339,010
2011 2,193,716 40,654,611 42,848,327 1,156,670 32,527,386 33,684,056
Practical Capacity 3,200,000 111,000,000 113,000,000 2,700,000 106,000,000 110,000,000
Color&Thermal Media Manufacturing-Capacity Analysis
Utilization Report(2004-2011)
Color Media Finishing Manufacturing
Year Ending 2004 2005 2006 2007 2008 2009 2010 2011
Annual Capacity 113,000,000 113,000,000 113,000,000 113,000,000 113,000,000 113,000,000 113,000,000 113,000,000
Annual Production 112,924,709 77,516,013 97,250,529 111,992,298 103,123,378 71,843,390 49,005,812 42,848,327
Capacity factor 100% 69% 86% 99% 91% 64% 43% 38%
Capacity factor=Production/Normal Capacity
Thermal Media Manufacturing
Year Ending 2004 2005 2006 2007 2008 2009 2010 2011
Annual Capacity 110,000,000 110,000,000 110,000,000 110,000,000 110,000,000 110,000,000 110,000,000 110,000,000
Annual Production 74,106,006 108,257,546 96,146,037 60,583,646 53,346,933 51,254,751 29,339,010 33,684,056
Capacity factor 67% 98% 87% 55% 48% 47% 27% 31%
*Capacity factor=Production/Normal Capacity
ERNST& YOUNG,LLP-APPEAL ANALYSIS CONFIDENTIAL INFORMATION
4
Color Media Manufacturing Volumes
14,000,000
12,000,000
10,000,000 - __ - - - - - -
8,000,000 - - - - - -
6,000,000 - - - — -
4,000,000 - - - — - -
2,000,000
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ERNST & YOUNG, LLP - APPEAL ANALYSIS CONFIDENTIAL MATERIAL
• Bureau of Labor Statistics Data 5
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Change Output From, 2002 To: 2012
Options:
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Data extracted on: June 25, 2012 (7:43:08 PM)
Employment,Hours, and Earnings from the Current Employment Statistics survey(National)
Series Id: CES3232200001
Seasonally Adjusted
Super Sector: Nondurable Goods
Industry: Paper and paper products
NAICS Code: 322
Data Type: ALL EMPLOYEES, THOUSANDS
i 550-\
500-
F
rn
p 450-
E'
4 400-
01102 01103 01104 01!05 01106 01107 01108 01109 01110 01!11 01;12
Month
Download: .xls
Year Jan Feb Mar Apr May I Jun Jul Aug Sep 1 Oct Nov I Dec !Annual
2002`556.9 553.7 552.5 I 551.4 549.8 1 548.1 546.3 545.51 543.41 540.0 537.9 1 534.2
2003)530 8 528.0 524.5, 522.3 520.01 517.4 512.3 511.4 509.61508.1-506.51 504.51
2004 I 502.41 498.7 t 498.8 497 4 4958 1493 91.494.2 495.51 494.1 t 493.9491.3 14 90.21_
2005 1 489.0 490.0 490.41 487.9 486.2 I 484.9 483.9 483.6 1481.2 4478.9 478.0 476.4
2006_476 3 477.1 475 5' 472.6 472.4'471.3 470.9 468 1 466.9•465.3 465.4 464.3
2007 965.5 464.0 462.2 _
461 2 459.9 458 5 456.6 455 2 454 2 454.1 452 5 1453.7
2008 i 1
452.4'1 450.4 450.3 451 3 450.6448 1 447.1 443.8 439.4 14 434.9 1432.1 i
20091425.1 418.5 415,2 410.9 406.9'405.3 403.6 402.0 401.1!399 0 398.0 396.7
2010'396.9'397.4 395 5 396.5 396.8+395 7 394.0 393.4 392.81 392 9 391.6 391.7
2011 390.7 390.9 391.0 391.3 389.5 1390.9 391.0 391.8 392.0 1 391.4 391.4 392.2
2012,392.6',391.4 394.3!392.6(P) 391.8(P)
P: preliminary
http://data.bls.gov/pdq/SurveyOutputServlet 6/25/2012
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9
2012 GENERAL PERCENT GOOD TABLE
AVERAGE ECONOMIC LIFE IN YEARS
3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
EFFECTIVE 1 68 76 82 85 88 90 91 93 93 94 95 96 96 96 97 97 97 98
AGE 2 38 53 63 70 75 79 82 85 87 88 90 91 92 93 93 94 95 95
3 17 33 46 56 63 69 73 77 79 82 84 86 87 89 90 91 92 92
4 7 18 31 41 50 58 63 68 72 75 78 81 82 84 86 87 88 89
5 7 7 19 30 39 48 54 60 64 68 72 75 78 80 82 84 85 86
6 7 7 7 19 28 37 45 51 57 62 66 70 72 75 78 80 81 83
7 7 7 7 7 20 29 37 43 50 55 60 64 67 71 73 76 78 80
8 7 7 7 7 7 21 29 35 43 48 53 58 62 66 69 72 74 76
9 7 7 7 7 7 7 22 28 35 41 47 52 57 60 64 67 70 73
10 7 7 7 7 7 7 7 22 28 35 40 46 51 56 59 63 66 69
11 7 7 7 7 7 7 7 7 23 28 35 41 46 51 54 58 62 65
12 7 7 7 7 7 7 7 7 19 24 29 35 40 45 49 54 58 61
13 7 7 7 7 7 7 7 7 7 20 25 31 35 40 43 49 54 57
14 7 7 7 7 7 7 7 7 7 7 22 25 31 37 40 46 50 53
15 7 7 7 7 7 7 7 7 7 7 17 20 26 32 37 41 45 49
16 7 7 7 7 7 7 7 7 7 7 7 18 21 27 32 37 41 45
17 7 7 7 7 7 7 7 7 7 7 7 7 20 23 28 33 37 41
18 7 7 7 7 7 7 7 7 7 7 7 7 7 22 24 29 33 37
19 7 7 7 7 7 7 7 7 7 7 7 7 7 18 20 25 30 34
20 7 7 7 7 7 7 7 7 7 7 7 7 7 7 16 21 26 30
21 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 18 23 27
22 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 20 24
23 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 17 22
24 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 19
25 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 17
26 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7
Source: Colorado Division of Property Taxation
Salvage value according to Marshall & Swift (7%) paper mfg
10
2012 GENERAL PERCENT GOOD TABLE
AVERAGE ECONOMIC LIFE IN YEARS
3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
EFFECTIVE 1 68 76 82 82 82 82 82 82 82 82 82 ' 82 82 82 82 82 82 82
AGE 2 38 53 63 63 63 63 63 63 63 63 63 63 63 63 63 63 63 63
3 17 33 46 46 46 46 46 46 46 46 46 46 46 46 46 46 46 46
4 7 18 31 31 31 31 31 31 31 31 31 31 31 31 31 31 31 31
5 7 7 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19
6 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7
7 7 7 , 7 7 7 7 , 7 7 7 7 7 7 7 7 7 7 7 7
8 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7
9 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7
10 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7
11 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7
12 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7
13 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7
14 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7
15 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7
16 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7
17 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7
18 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7
19 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7
20 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7
21 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7
22 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7
23 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7
24 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7
25 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7
26 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7
Source: Colorado Division of Property Taxation
Salvage value according to Marshall & Swift (7%) paper mfg
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