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Home My WebLink About20112042.tiff . tCLERK TO THE BOARD 6PHONE (970) 336-7215, Ext. 4226 FAX: (970) 3 T 115150 O STREETREET P. O. BOX 758 IGREELEY, COLORADO 80632 1 C. COLORADO August 30, 2011 GARAGE PROPERTIES LLC 1371 HECLA DRIVE STE D110 LOUISVILLE, CO 80027 RE: THE BOARD OF EQUALIZATION, 2011, WELD COUNTY, COLORADO - STIPULATE PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY:ACCOUNT#: R6778811 PARCEL#: 146702309005-UNIT B5 BLDG B GARAGE UNITZ AT DACONO CONDO Dear Petitioner: On July 29, 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 $39,026 $30,000 2011-2042 AS0079 GARAGE PROPERTIES LLC - R6778811 Page 2 If you have questions or need additional information, please do not hesitate to contact me at (970) 336-7215, Extension 4226. Very truly yours,y.�f Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor 2011-2042 AS0079 2011 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSOR'S ACCOUNT NUMBER R6778811 STIPULATION (As To Tax Year 2011 Actual Value) RE PETITION OF : NAME: Garage Properties LLC ADDRESS: 151 Mt. Elbert Av, Unit B5 Dacono, CO Petitioner(s), Garage Properties LLC and the Weld County Assessor, hereby enter into this Stipulation regarding the tax year 2011 valuation of the subject property, and jointly move that the Board of Equalization to enter its order based on this Stipulation. Petitioner(s) and the Assessor agree and stipulate as follows: 1. The property subject to this Stipulation is described as: UNIT B5 BLDG B GARAGE UNITZ AT DACONO CONDO 2. The subject property is classified as Commercial property. 3. The County Assessor originally assigned the following actual value to the subject property for tax year 2011. Improvements$ 39.026 Total $ 39,026 4. After further review and negotiation, the petitioner(s) and Weld County Assessor agree to the following actual value for the subject property. Improvements$ 30,000 Total $ 30,000 2011-2042 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 sq. 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 21S`day of July, 2011. (s y Petitioner(s) or Attorney Address: Address: t31-c ,C•ie Telephone: 1 s ) 6A -- q( Telephone: I County Assessor . 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 . I 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 tkl : JJL JO A j) 22 LEGAL DESCRIPTION/ SCHEDULE/ACCOUNT NO. TAX YEAR TAX AREA PHYSICAL LOCATION R6778811 • • • ' ' POI f e •- 3271 UNIT B5 BLDG B GARAGE UNITZ AT DACONO CONDO 151 MT. ELBERT AV 65, DACONO GARAGE PROPERTIES LLC 1371 HECLA DRIVE STE D110 LOUISVILLE,CO 80027 a O ¢ a ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER REVIEW REVIEW COMMERCIAL 65,000 39,026 TOTAL $65,000 $39,026 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: CM03 -After review of your property, we have made adjustments. This was done because of additional information obtained, or provided thru the appeal 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 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. 15-DPT-AR PR 207-08/11 R6778811 12892 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.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 to § 39-8-106(1.5), C.R.S.) $ ‘&,31_c — 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 and on any attachments hereto are true and complete. • atur- Telepholne Number Date ' Attach letter of authorization signed by property owner. Garage Properties,LLC 1371 Hecla Drive,Unit D110 Louisville, CO 80027 July 14, 2011 Weld County Board of Equalization 915 10th Street, P.O. Box 758 Greeley, CO 80632 RE: Appeal of Assessed Value/Classification—Garage Unitz @ Dacono Dear Sir/Madam: We are writing this letter to appeal the 2011 notice of determination for Garage Properties, LLC, located at 151 Mt. Elbert Avenue, Dacono, CO 80514 (Unit B5 —Account#R6778811)and(Unit D3 —Account #R6778822). We would like to appeal the Assessor's decision of both the classification and the value. First,this product is driven by residential homeowners' associations. People have a need for this product due to the stringent codes of their respective homeowners' associations. In most cases, RVs, boats, trailers, 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. In summary,this product is driven by residential storage constraints, which explains why we feel this product should fall under the residential classification. Second, the assessed value of each individual garage was based on a per square foot basis of sales data collected from similar properties such as Garage Town located in Longmont and Frederick West Storage Garage Condos located in Frederick in the time frame between January 1, 2009 and June 30, 2010. During the time frame from January 1, 2009 to June 30, 2010 there were no sales at Garage Unitz. Therefore, we would argue that the income approach to valuation should be used to determine an appropriate valuation at this location. We have attached a calculation of the value per square foot based on the income approach using the rental activity data as of June 30, 2010. Under the income approach on the attached spreadsheet, the value per square foot would be $19.36. Based on this value per square foot, the value of Unit B5 would be $19,360 for 1,000 square feet and the value of Unit D3 would be $21,780 for 1,125 square feet. We appreciate your consideration with respect to these matters. Please feel free to contact me at(303) 908-0561 if you have any further questions. Sincerely, Aric T. Hilmas Managing Member Garage Properties, LLC Garage Properties, LLC Unit B5 -Account#R6778811 Property Tax Appeal July 14,2011 Income Approach: As of June 30, 2010, Unitz, LLC had zero sales and 8 units rented. As such,there was a 73.33% vacancy rate as of 06/30/10. The following information is taken from the actual leases in existence as of June 30, 2010. Monthly Rental Income(Gross) 4,340 times: Months in Year 12 Annual Rental Income(Gross) 52,080 divided by:Square Footage of Rented Units 8,775 Rental Price per Square Foot 5.94 Less:Vacancy(50%) (2.97) Actual Vacancy Rate is 73.33% Less: Management Fees(5%) (0.30) Less: Reserves (3%) (0.18) Adjusted Rental Price per Square Foot 2.49 divided by:Adjusted Capitalization Rate 0.12860132 (A) Value per Square Foot based on Income Approach $19.36 Square Footage of Unit B5 1,000 Value of Unit BS based on Income Approach $19,360.00 Capitalization Rate Calculation: Commercial Tax Rate 0.29 x Mill Levy 0.133108 0.03860132 + Capitalization Rate 0.09000000 Adjusted Capitalization Rate 0.12860132 (A) Garage Properties, LLC Unit D3-Account*,R6778822 Property Tax Appeal July 14,2011 Income Approach: As of June 30, 2010, Unitz, LLC had zero sales and 8 units rented. As such,there was a 73.33% vacancy rate as of 06/30/10 . The following information is taken from the actual leases in existence as of June 30, 2010. Monthly Rental Income (Gross) 4,340 times: Months in Year 12 Annual Rental Income (Gross) 52,080 divided by:Square Footage of Rented Units 8,775 Rental Price per Square Foot 5.94 Less:Vacancy(50%) (2.97) Actual Vacancy Rate is 73.33% Less: Management Fees (5%) (0.30) Less: Reserves (3%) (0.18) Adjusted Rental Price per Square Foot 2.49 divided by:Adjusted Capitalization Rate 0.12860132 (A) Value per Square Foot based on Income Approach $19.36 Square Footage of Unit D3 1,125 Value of Unit D3 based on Income Approach $21,780.00 Capitalization Rate Calculation: Commercial Tax Rate 0.29 x Mill Levy 0.133108 0.03860132 +Capitalization Rate 0.09000000 Adjusted Capitalization Rate 0.12860132 (A) , I I o r ti - in%-- N _ I r O r U V1 r pp0 sO O yF� 1l a� J a — -\ m J _ ' o °¢ g�` iI i t. LL �S(2.1.0N0Q w * la I o r•O —_ # MI� O C _ r. 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