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Home My WebLink About20112023.tiff 6 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4226 Kee FAX: 1500) 3 TREE2 1150 O STREET P. O. BOX 758 GREELEY, COLORADO 80632 Ci COLORADO August 26, 2011 UNION COLONY BANK 205 W OAK ST CIO FINANCE & PLANNING FORT COLLINS, CO 80521 RE: THE BOARD OF EQUALIZATION, 2011, WELD COUNTY, COLORADO - STIPULATE PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT#: R3575305 PARCEL#: 121119312001 -PVI 3BV L1 BELLA VISTA 3RD 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 $319,770 $308,655 /n / 2011-2023 ee: Aer(le l) J O7 -o2D// AS0079 UNION COLONY BANK- R3575305 Page 2 If you have questions or need additional information, please do not hesitate to contact me at (970) 336-7215, Extension 4226. Very truly yours, 4 Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor DOWNEY & MURRAY LLC 383 INVERNESS PARKWAY SUITE 300 ENGLEWOOD, CO 80112 2011-2023 AS0079 2011 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSOR'S ACCOUNT NUMBER R3575305 STIPULATION (As To Tax Year 2011 Actual Value) RE PETITION OF : NAME: Union Colony Bank ADDRESS: 385 Justin Av Platteville, CO Petitioner(s), Union Colony Bank and the Weld County Assessor, hereby enter into this Stipulation regarding the tax year 2011 valuation of the subject property, and jointly move that the Board of Equalization to enter its order based on this Stipulation Petitioner(s) and the Assessor agree and stipulate as follows: 1. The property subject to this Stipulation is described as' L1 BELLA VISTA 3RD FG 2. The subject property is classified as Commercial property. 3. The County Assessor originally assigned the following actual value to the subject property for tax year 2011. Land S 102.96.8 Improvements$ 216,802 Total $ 319.770 4. After further review and negotiation, the petitioners) and Weld County Assessor agree to the following actual value for the subject property. Land $ 102,968 Improvements$ 205,687 Total $ 308,655 2011-2023 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 19 day of July, 2011. ..." ' Petitioner(s) or Attorne Petitioner(s) or Attorney 44 Keas: � 04-/() j Address: c:.---)A-6-6 Le- ---v (/d/( >/)- Telephone: ��. 3/J// Telephone: C, :6-„,-„--j--- .N6,-,::: f:// County Assesgor 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 R3575305 2011 0180 PVI 3BV L1 BELLA VISTA 3RD FG 385 JUSTIN AV, PLATTEVILLE et UNION COLONY BANK 33 CIO FINANCE&PLANNING R205 W OAK ST FORT COLLINS,CO 80521 cc O 0. ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER REVIEW REVIEW COMMERCIAL 319,770 319,770 TOTAL $319,770 $319,770 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 AIssestif for a - listing of the local taxing authorities. Please refer to the reverse side of this notice for additional information. DOWNEY & MURRAY LLC 383 INVERNESS PARKWAY SUITE 300 ENGLEWOOD CO 80112 L 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'h 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.D. Box C (303) 866-5880 Greeley, Colorado 80632 www.dola.colorado.00v/baa (970) 356-4000 Ext. 4520 Binding Arbitration I-or 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.) $ p tan,a (o What is the basis for your estimate of value or your season 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 her in and on tachments hereto are true and co ete. �")4j G o — / O / / Signature lephone umber Date J ' Attach letter of authorization signed by property owner. DOWNEY & MURRAY Lc 94_ Thomas E.Downey,Jr. ATTORNEYS AT LAW 303 813-1111 ted@downeymurraycorn July 13, 2011 VIA CERTIFIED MAIL RETURN RECEIPT REQUESTED Weld County Board of Equalization P.O. Box 758 Greeley, CO 80632 Re: 385 Justin Ave., Platteville, CO Schedule No. R3575305 Parcel No. 121119312001 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. 11Very truly yours, 007 ceppiii), A, Thomas E. Downey, Jr. TED/ss Enclosure cc: McIntosh & Associates 383 Inverness Parkway 0 Suite 300 H Englewood,Colorado 80112 0 fax 303 813-1122 EXHIBIT "A" ATTACHMENT TO COUNTY BOARD OF EQUALIZATION PETITION OF 385 Justin Ave., Platteville, CO - Schedule No. R3575305 Parcel No. 121119312001 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. 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$212,526. McIntosh & Associates, LLC 326 pt(Justin Ave County: Weld Parcel: 121119312001 Bldg Area 1,389 Year Built 1979 Income Approach per SF Potential Gross Income $ 20,821 $ 14.99 per CoStar Mid-Year 2010 Report-Northeast Retail Vacancy&Collection Loss $ (1,041) 5.0% *5.9% Vacancy per CoStar Effective Gross Income $ 19,780 Operating Expenses $ (2,778) $ 2.00 Management Fees and other Operating Expenses Net Operating Income $ 17,002 Capitalization Rate 8.00% Indicated Value $ 212,526 M &A Final Indicated Value $ 212,526 $ 153 2011 FMV Assessment $ 319,770 $ 230 Assessment $ 92,733 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. , DOWNEY & MURRAY ttc Thomas E.Downey,Jr. ATTORNEYS AT LAW 303 813-III I ted(pdowneymurray.com July 13, 2011 VIA CERTIFIED MAIL RETURN RECIEPT REQUESTED Weld County Board of Equalization P.O. Box 758 Greeley, CO 80632 RE: Property Tax Appeals Dear Clerk to the Weld County Board of Equalization: Enclosed for filing, please find the following tax appeals for Weld County: Colorado 1st National Bank Properties 1. 385 Justin Ave., Platteville, CO Schedule No. R3575305 Parcel No. 121119312001 2. 100 Johnstown Center Drive, Johnstown, CO Schedule No. R0276895 3. 1505 Main Street, Windsor, CO Schedule No. R0585001 Colorado United States Post Office Properties 4. 150 Wells Street c._, ' i Schedule No. R0013292 (4 5. 650 Glen Creighton Drive ... Schedule No. R741 1598 -, C:'i .. ) 0 w 383 Inverness Parkway i Suite 300 - Englewood,Colorado 80112 II fax 303 813-1122 Weld County Board of Equalization July 13, 2011 Page 2 Please contact me if you have any questions concerning these appeals. Thank you for your consideration. Very truly yours, Sue Schield, Paralegal to Thomas E. Downey, Jr. /ss Enclosures 1-14 383 Inverness Parkway 0 Suite 300 Englewood, Colorado 80112 fax 303 813-1122 Hello