HomeMy WebLinkAbout20112022.tiff 0 CLERK TO THE BOARD
PHONE (970)M: (915, Ext.352 4226
FAX: 15 0) 3 STREET
1150 O STREET
P. O. BOX 758
GREELEY, COLORADO 80632
111k
COLORADO
August 26, 2011
UNION COLONY BANK
1701 23 AVE
GREELEY, CO 80631-5014
RE: THE BOARD OF EQUALIZATION, 2011, WELD COUNTY, COLORADO - STIPULATE
PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE
DESCRIPTION OF PROPERTY: ACCOUNT#: R0585001 PARCEL#: 080719006007-WIN 1 HS
L5 BLK1 HOEHNE 1ST FG
Dear Petitioner:
On July 26, 2011,the Board of County Commissioners of Weld County, Colorado, convened,
and acting as the Board of Equalization, pursuant to Section 39-8-101, C.R.S., et.seq., considered
the Stipulation on your petition of appeal of the County Assessor's valuation of your property
described above, for the year 2011.
The Stipulation was entered into between the Assessor and said petitioner(s), and accepted
by the Board of Equalization, agreeing that the assessment and valuation of the Weld County
Assessor be Stipulated as follows:
ACTUAL VALUE AS ACTUAL VALUE
DETERMINED BY AS STIPULATED
ASSESSOR
$812,244 $759,694
2011-2022
C'e;ArT 1 q7D// AS0079
UNION COLONY BANK - R0585001
Page 2
If you have questions or need additional information, please do not hesitate to contact me at
(970) 336-7215, Extension 4226.
Verytruly yours,
gt c�
Esther E. Gesick
Deputy Clerk to the Board
cc: Christopher Woodruff, Assessor
DOWNEY & MURRAY LLC
383 INVERNESS PARKWAY SUITE 300
ENGLEWOOD, CO 80112
2011-2022
AS0079
2011
COUNTY BOARD OF EQUALIZATION
WELD COUNTY
ASSESSOR'S ACCOUNT NUMBER R0585001
STIPULATION (As To Tax Year 2011 Actual Value)
RE PETITION OF :
NAME: Union Colony Bank
ADDRESS: 1701 23rd Avenue
Greeley, CO 80631
t R # y * * k
Petitioner(s),NAME and the Weld County Assessor, hereby enter into this
Stipulation regarding the tax year 2011 valuation of the subject property,and jointly move
that the Board of Equalization to enter its order based on this Stipulation.
Petitioner(s) and the Assessor agree and stipulate as follows:
1. The property subject to this Stipulation is described as:
WIN 1HS L5 BLK1 HOEHNE 1ST FG
Aka 1505 Main Street, Windsor, CO 80550
2. The subject property is classified as COMMERCIAL
property.
3. The County Assessor originally assigned the following actual value to the subject
property for tax year 2011.
Land $ 535.948
Improvements$ 276.296
Total $ 812,244
4. After further review and negotiation,the petitioner(s) and Weld County Assessor
agree to the following actual value for the subject property.
Land $ 535.948
Improvements$ 223,746
Total $ 759.694
2011-2022
5. The valuations, as established above, shall be binding only with respect to tax
year 2011.
6. Brief narrative as to why the reduction was made: Value was adjusted based
upon the general market prices per sa. ft. that were in place in the base period,
additionally the income was considered as backup for the market.
7. Both parties agree that the hearing scheduled before the Weld County Board of
Equalization on DATE at TIME am be vacated; or, a hearing has not yet
been scheduled before the Board of Equalization x (check if
appropriate).
DATED this DAY 18th of July, 2011.
--Irkywor, ,
Petitioner(s) or Attorney Petitioner(s) or Attorney
Address: Address:
�Jv1��: we-mss Rd,
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Telephone: —?).-2—:/3-''l�9 Telephone:
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County Assessor - +
pl,
Address:
1400 N.17th Avenue
Greeley, CO 80631
(970) 353-3845 ext. 3656
NOTICE OF DETERMINATION
Christopher M. Woodruff Date of Notice: 6/22/2011
Weld County Assessor Telephone: (970) 353-3845 or (720) 652-4255
1400 N 17th Ave Fax: (970) 304-6433
Greeley, CO 80631 E-mail: appeals@co.weld.co.us
www.co.weld.co.us Office Hours: 8:00 AM - 5:00 PM
SCHEDULE/ACCOUNT NO. TAX YEAR TAX AREA LEGAL DESCRIPTION/
PHYSICAL LOCATION
80585001 2011 0437 WIN 1HS L5 BLK1 HOEHNE 1ST FG
1505 MAIN ST,WINDSOR
rc
= UNION COLONY BANK
O 1701 23 AVE
GREELEY,CO 80631-5014
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CC
ASSESSOR'S VALUATION
PROPERTY CLASSIFICATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER
REVIEW REVIEW
COMMERCIAL 940,792 812,244
TOTAL $940,792 $812,244
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:
AL02- The actual valuation of your property has been adjusted based on new information. This
may be information you have supplied, corrections of characteristics or additional sales which
we have uncovered during the appeals process.
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 tPat you
attend these budget hearings. Please refer to last year's tax bill or ask your Assesstir:for a
listing of the local taxing authorities.
Please refer to the reverse side of this notice for additional information.
c
DOWNEY & MURRAY LLC
383 INVERNESS PARKWAY SUITE 300 ,
ENGLEWOOD CO 80112
APPEAL PROCEDURES
County Board of Equalization Hearings will be held from July 1 through August 5
at 915 10th Street, 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
915 10th Street, P.O. Box 758
Greeley, CO 80632
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.00v/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 to g 39-8-106(1.5), C.R.S.)
$ 5 2,4) W fe
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.)
\ .
ATTESTATION
I, the undersigned owner or agent' of the property identified above, affirm that the statements contained
herein and on a ttachments her are true and complete.
tit-VD/l d>� (So )iI -11i I I3 ) 9O i \
Signature y elepho a Number Date •
' Attach letter of authorization signed by property owner.
qA DOWNEY & MURRAY LIC
Thomas E.Downey,Jr.
ATTORNEYS AT LAW 303 813-III I
led(dy`don neymurray.com
July 13, 2011
VIA CERTIFIED MAIL RETURN RECEIPT REQUESTED
Weld County Board of Equalization
P.O. Box 758
Greeley, CO 80632
Re: 1505 Main Street,Windsor, CO
Schedule No. R0585001
Dear Clerk to the Board:
We represent the owner of the above referenced real property in Weld County. Enclosed
is a Petition to the Board of Equalization protesting the denial, or inadequate adjustment,by the
Weld County Assessor.
I would appreciate your setting this matter for hearing on the same day as my other
CBOE appeals in your county. Because of cases scheduled for hearing at the Board of
Assessment Appeals, I am not available for hearings on July 13th and 14th or July 27th and 28th.
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.
Very truly yours,fkmiD
,9 Thomas E. Downey, Jr.
TED/ss
Enclosure
cc: McIntosh & Associates
383 Inverness Parkway 0 Suite 300 u Englewood,Colorado 80112 L fax 303 813-1122
EXHIBIT "A"
ATTACHMENT TO COUNTY BOARD OF EQUALIZATION PETITION OF
1505 Main Street, Windsor, CO - Schedule No. R0585001
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, 2010.
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. While Petitioner appreciates the initial reduction in value from $940,792 to $812,244,
Petitioner still believes that the value of the subject property, based upon information
currently available and subject to further revision, is excessive and should be reduced.
5. The attached analysis by McIntosh & Associates indicates that the assigned value
for 2011 is excessive and should be reduced to the Target Income Value of$584,464.
McIntosh & Associates, LLC
1505 Main St
County: Weld
Parcel: 080719006007
Bldg Area 5,700
Year Built 2001
Income Approach
per SF
Potential Gross Income $ 61,218 $ 10.74 per CoStar Mid-Year 2010 Report-Northern CO Retail
Vacancy&Collection Loss $ (3,061) 5.0% ' 10.6%Vacancy per CoStar
Effective Gross Income $ 58,157
Operating Expenses $ (11,400) $ 2.00 Management Fees and other Operating Expenses
Net Operating Income $ 46,757
Capitalization Rate 8.00%
Indicated Value $ 584,464
M &A Final Indicated Value $ 584,464 $ 103
2011 FMV Assessment $ 940,792 $ 165
Assessment $ 272,830
Assessment Ratio 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.
'Comparable retail properties for sale in the same submarket are listed at values lower than
the assessed value.
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