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Home My WebLink About20111983.tiff d CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4226 FAX: 0) 352-0242 11515 0 O STREET P. O. BOX 758 1 GREELEY, COLORADO 80632 C. COLORADO August 26, 2011 MARSID LAND LLC 925 COOPER HAWK RD EATON, CO 80515 RE: THE BOARD OF EQUALIZATION, 2011, WELD COUNTY, COLORADO - STIPULATE PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT #: R1396102 PARCEL #: 147105306001 - FTL 2FLCC LOT 1 BLK3 FORT LUPTON COMMUNITY CENTER FG #2 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 $1,500,000 $1,200,000 // 1 2011-1983 ec1'/aET(k7/7/e �`c�� `070// AS0079 MARSID LAND LLC - R1396102 Page 2 If you have questions or need additional information, please do not hesitate to contact me at (970) 336-7215, Extension 4226. Very truly yours, Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor 1ST NET REAL ESTATE SERVICES INC 3333 S WADSWORTH BLVD SUITE 200 LAKEWOOD, CO 80227 2011-1983 AS0079 2011 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSOR'S ACCOUNT NUMBER R1396102 STIPULATION (As To Tax Year 2011 Actual Value) RE PETITION OF : NAME: Marsid Land LLC ADDRESS: 201 S Rollie Av Fort Lupton, CO Petitioner(s), Marsid Land LLC 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: LOT 1 BLK3 FORT LUPTON COMMUNITY CENTER FG #2 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 $ 425,304 Improvements$ 1,074,696 Total $ 1,500,000 4. After further review and negotiation, the petitioner(s) and Weld County Assessor agree to the following actual value for the subject property. Land $ 425.304 Improvements$ 774,696 Total $ 1 ,200,000 2011-1983 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 adiusted 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 n/a at n/a be vacated; or, a hearing has not yet been scheduled before the Board of Equalization x (check if appropriate). DATED this 215' day of July, 2011. 74/2.0//-l�•,yn Petit' ner s) or Attorney Petitioner(s) or Attorney Address g ` F41e--wA-aH` "G�d> `4SAddress: ls1` WetBVt I 5574‘74:e.._ SQ./Vicep 3333 S. Walk sui0Ytk RIvoL oo ,Ca_keuaood_., Co 5O2 Telephone: 7aO-r o? 7 O Telephone: cysss277f Address: 1400 N,17th Avenue Greeley, CO 80631 (970) 353-3845 ext. 3656 NOTICE OF DETERMINATION ,1 ;1 Christopher M. Woodruff I ',4 L-'- c Date of Notice: 6/22/2011 Weld County Assessor " ' Telephone: (970) 353-3845 or (720) 652-4255 1400 N 17th Ave f..¢1 13 A I,: 12 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. 6 'lax YEAS '°"1718 AREA LEGAL DESCRIPTION/ PHYSICAL LOCATION R1396102 2011 0882 FTL 2FLCC LOT 1 BLK3 FORT LUPTON COMMUNITY CENTER FG#2 MARSID LAND LLC 201 S ROLLIE AV, FORT LUPTON 3O 925 COOPER HAWK RD EATON,CO 80515 I- cc w a O x a ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER REVIEW REVIEW COMMERCIAL 1,500,000 1,500,000 TOTAL $1,500,000 $1,500,000 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 2009 and the first 6 months of 2010 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 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. 1ST NET REAL ESTATE SERVICES INC 3333 S WADSWORTH BLVD SUITE 200 LAKEWOOD CO 80227 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 10`"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 ppur uant to § 39-8-106(1.5), C.R.S.) / 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.) s ec /117/1 e,•% i ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements contained her 'n and on y atta ments hereto are true and complete. ( 7a©-76a —i2s'n T-/� /V/ aO// Signature Telephone Number Date ' Attach letter of authorization signed by property owner. • /.iii►L NMlil IN MI �� 1St Net Real Estate Services, Inc., l onuc nn uunueot 3333 S. Wadsworth Blvd. Ste D-200 Lakewood, CO 80227 iiinui Phone: 720-962-5750 Fax: 720-962-5760 nmI`vul LETTER OF AUTHORITY To Whom It May Concern: I, Sidney Wilke, am the owner and LLC Manager of the following real and/or business personal property: ADDRESS PARCEL/SCHEDULE NUMBER COUNTY 201 S.Rollie Ave,Ft.Lupton #1471-05-306-001/R1396102 Weld I do hereby authorize I"Net Real Estate Services,Inc. to represent my interests and to appear on my behalf before County Assessor, County Board of Equalization, Board of County Commissioners, the Colorado Board of Assessment Appeals, binding arbitration, District Court, all Colorado state courts, and/or any other agency or entity with regard to any and all matter(s)concerning the valuation and taxation of the above mentioned property(s) for tax years 2011, 2012 and any or all previous years as allowed by Colorado law. The undersigned requests that copies of all decisions from any of the above entities, or any other agency or entity, as is involved pertaining to matters of valuation and/or taxation for the above-mentioned property(s),be mailed to: 1"Net Real Estate Services,Inc. 3333 S. Wadsworth Blvd.,Suite D-200 Lakewood, CO 80227 Phone: (720) 962-5750 Fax: (720)962-5760 I hereby expressly revoke any and all previous authorizations relating to the Property(s). This authorization shall remain in effect until this authorization is terminated in a written instrument executed by the undersigned. Dated this y day of May.2011 Owner: Marsid Land,LLC. With. D th Signature: Lewf t/i . Print Name: Sidney Mike Title: Owner and LLC Manager Address: 925 Cooper Hawk Rd Ci State Zi.: Eaton CO 80515 . Phone: 303-857-1695 Fax#: 303-857-1701 "pip...... (�ttt ' y STATE OF COLORADO ) I C'iArdEh1E i ]s ! ) SS I =��i COUNTY OF Me-id ) /1 CA`, •p Sworn to and subscribed before me this /WI day o f Mav Itn6[1": y Sidney Wilke. Witness my hand and officia seal. I ‘‘ OF C4 = My Commission expires ll: —O.6/1} C1 /j(1')rN iih I y ' m j141/10 J (;�l/( er Nbtary Public 1 Address i y/ .g 1 rr'Ahl;t/ (it 2d+!'=> £'d 1,0L tL98£0£ uoldnl pod to JMPH aoV dhp:£0 l t SZ M ?gain, �� l5tNet Real Estate Services, Inc., fb!�""""' 3333 S. Wadsworth Blvd. Ste. D-200 """'H' Lakewood, CO 80227 n"nnm o"uvm Phone: 720-962-5750 Fax: 720-962-5760 uuu�"o :::: "I mfrieman@lstnet.biz July 14, 2011 Sched. /Acct# 1471-05-306-001 / R1396102 Owner: Marsid Land, LLC Subject Property Address: 201 S. Rollie Ave., Fort Lupton Petition to Weld County Board of Equalization Agent's Value Estimate: $1,040,000.00=$69.33 per square foot of improvement The subject property is owned by the Owner who operates it as an Ace Hardware Store. Retail stand-alone buildings are valued through the Income Approach by capitalizing the net operating rental income. Retail rent is closely associated with the present and potential gross sales activity the merchant will have. Specifically, the "rule of thumb" for non-grocery retail is that gross rent or occupancy costs (not including utilities) should not be greater than 8% to 10% of gross sales. This "Rule of Thumb" also does not apply to regional malls or specialty centers which are much higher. We will be conservative and use 10% The Subject Property, over the last 5 years, started at approximately $1,000,000 in 2007, had increased to $1,400,000 in 2009 and to $1,500,000 in 2010. See the diagram below for how this estimates an NOI and a capitalized value. $1,500,000.00 Per S/F Gross sales $ 93,889.87 $6.26 NNN Rent $ 56,110.13 $3.74 NNN Expenses $ 150,000.00 $10.00 10%cost $1,043,220.78 NNN Rent capped at 9% The present Actual Value of$1,500,000 would indicate 9% cap rate NNN rent of$135,000. That plus the NNN expense of$56,110 = $191,110. At 10% gross rent "Rule of Thumb", that would indicate the gross sales should be $1,911,000 which not anywhere near a remlote possibility. Res ect y submitted. Michael R. Frieman, Property Tax Agent 1s`Net Real Estate Services Hello