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Home My WebLink About20091812.tiffCOLORADO CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4226 FAX: (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 August 6, 2009 CO -NE PROP LTD 222 N MORLAN AVE HOLYOKE, CO 80734 RE: THE BOARD OF EQUALIZATION, 2009, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT #: R8029499 PARCEL #: 080533306003 - GR 1 PRR L3 PUD IC POUDRE RIVER RANCH 1ST FILING Dear Petitioner: On August 3, 2009, 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 your petition of appeal of the County Assessor's valuation of your property described above, for the year 2009. The Board of Equalization found that the evidence presented at the hearing clearly supported the value placed upon your above described property by the County Assessor. Such evidence indicated the value was reasonable, equitable, and derived according to the methodologies, percentages, figures and formulas dictated to the Weld County Assessor by law. The assessment and valuation of the Weld County Assessor was affirmed as follows: ACTUAL VALUE AS DETERMINED BY ASSESSOR ACTUAL VALUE AS SET BY BOARD $85,000 $85,000 2009-1812 AS0073 i' f7 in.?, (LT/cr CO -NE PROP LTD - R8029499 Page 2 A denial of a petition, in whole or in part, by the Board of Equalization may be appealed by selecting one of the following three options; however, said appeal must be filed within 30 days of the denial: 1. Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's (CBOE's) decision to the Board of Assessment Appeals (BAA). Such hearing is the final hearing at which testimony, exhibits, or any other evidence may be introduced. If the decision of the BAA is further appealed to the Court of Appeals, only the record created at the BAA hearing shall be the basis for the Court's decision. No new evidence can be introduced at the Court of Appeals. (Section 39-8-108(10), C.R.S.) Appeals to the BAA must be made on forms furnished by the BAA, and such appeals should be mailed or delivered within thirty (30) days of denial by the CBOE to: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, CO 80203 Phone: 303-866-5880 Fees: A taxpayer representing himself is not charged for the first two appeals to the Board of Assessment Appeals; however, a taxpayer being represented by an agent or an attorney must submit a fee of $101.25 per appeal. OR 2. District Court: You have the right to appeal the CBOE's decision to the District Court of the county wherein your property is located. New testimony, exhibits or any other evidence may be introduced at the District Court hearing. For filing requirements, please contact your attorney or the Clerk of the District Court. Further appeal of the District Court's decision is made to the Court of Appeals for a review of the record. (Section 39-8-108(1), C.R.S.) OR 3. Binding Arbitration: You have the right to submit your case to arbitration. If you choose this option the arbitrator's decision is final and your right to appeal your current valuation ends. (Section 39-8-108.5, C.R.S.) Selecting the Arbitrator: In order to pursue arbitration, you must notify the CBOE of your intent. You and the CBOE select an arbitrator from the official list of qualified people. If you cannot agree on an arbitrator, the District Court of the county in which the property is located will make the selection. Arbitration Hearing Procedure: Arbitration hearings are held within sixty days from the date the arbitrator is selected. Both you and the CBOE are entitled to participate. The hearings are informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records, documents and other evidence. He 2009-1812 AS0073 CO -NE PROP LTD - R8029499 Page 3 also has the power to administer oaths, and all questions of law and fact shall be determined by him. The arbitration hearing may be confidential and closed to the public, upon mutual agreement. The arbitrator's written decision must be delivered to both parties personally or by registered mail within ten (10) days of the hearing. Such decision is final and not subject to review. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the OBOE. In the case of residential real property, such fees and expenses cannot exceed $150.00 per case. The arbitrator's fees and expenses, not including counsel fees, are to be paid as provided in the decision. 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 2009-1812 AS0073 Weld County CHRISTOPHER M. WOODRUFF COUNTY ASSESSOR BRENDA DONES, DEPUTY ASSESSOR VALUATION REPORT OF VACANT LAND FOR County Board of Equalization CO -NE PROP LTD PETITIONER VS. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 0805-33-3-06-003 Schedule Number: R8029499 Log Number: 2457 Date: 8/3/1009 Time: 11:20 AM Board: Board #1 PREPARED BY DUANE M. ROBSON Signature Date ASSESSOR'S OFFICE STAFF APPRAISER ASSESSOR'S VALUE VACANT LAND $85,000 Total: $85,000 2009-1812 COOE_VacLana_D10998 Page 1 MARKET APPROACH SUMMARY Real property for the tax year 2009 must be valued utilizing the level of value for the period of one and one-half years immediately prior to July 1, 2008. A period of five years immediately prior to July 1, 2008 shall be utilized to determine the level of value if adequate data is not available from such one and one-half year period to adequately determine the level of value for a class of property. Said level of value shall be adjusted to the final day of the data -gathering period. Changes occurring between base years are not to be accounted for until the following level of value is implemented, other than additions, change in use, detrimental acts of nature, damage due to fire, etc., creation of a condominium, new regulations restricting or increasing the use of the land, or a combination thereof (39-1-104(11)(b)(I), CRS}. The subject property has been classified as Residential Vacant Land for assessment purposes. Residential property value shall be determined by appropriate consideration of the Market Approach to Value {39-1-103(5)(a), CRS}. The Assessor has considered the Market Approach to Value for the subject parcel. ASSESSOR'S VALUE VACANT LAND $85,000 Total: $85,000 GENERAL DESCRIPTION AND MARKET SUMMARY SUBJECT SITE This property is located L3 PUD IC Poudre River Ranch 1st in the city of Greeley. The lot is .34 acres in size and is typical for this. This lot is fully developed with street, curb, and gutter, along with sewer and water taps. The utilities available to the site are in place and typical for the area. All power and utility lines have been buried and the subdivision is Covenant controlled. CBOE_VacLand_010998 Page 2 LAND VALUE L 0 o C L a ^W%` C (6 To N j o O E 7 N } -O E t- O C J N J N N • N U 0) > T N +'t J j, �L C L > as 0 N > Q t TOO 1°4C p" a J a O () a O To U O > Q N C N O L O co wO J N L N a.- -N0 (A C " — E O 0) o p U N L L w a N+0' H O'2 L 0) -O L O 2 N • isa. •N N f6 N J C O a co_ -p p '@ a N O > 5 N y w -O a 4 o O•— T @ ENm > as i-'a N -0 (6-0 C L N t o 4+' C N V) To N O N C E (o t .≤ N N J E p- to- o o O O N 0 C 2 92 a U L N a 0 a N Lo - >' U r p L >, w N N a) -s J (n .O N L C 2 as o a) a @ J U -o N O N a 0 w 'C o o) O 0) N >,-0 O w N N a) •— "O O > ▪ m 0) 0) C fi O O- 7 C N L N co O N 0) L .CO J coy0 > 'co cri N as O) L C(0 N N N C O T C (0 N -0 p O C) L p C L 'r C L L (6 L N N O N as N N C 'C 0) > (0 > > o N O N N O L Q co 0 L U U N p . CI)C j o p E 'p a E o> N J a) N U • N O) y p (n ._ -d C N N Y N a O L a (0 > a a in roLD ' > L a) 'N o a Five vacant land sales were found in the area. Sale Date Tm Adj Sale $ Gross Acres O co N co C▪ O N N N <Y CO O O O O O O Lot valued @ $85,000 80533306003 N O O N O CO CO 0 O N O M N M O O CO O M N- O O O M O O O o a O N- N r r EA ER N N MCV CV () a a o cc O in CO CO CO CO O O O O CO CO O O CO CO O O CO 00• N - CO M o O O O O a O ci 6) O ER ER 0 0 N N — — r CO CO N O CO r CO 00 O r N c0 CO CO O O O O CO CO O O CV CO CD CO O O CO CO • V M M r N CO V 0 v 0) N N N N • _0_010_0.0 M CO N (6 CO (6 CO N (6 a a a 0- Q EEEEE O O o 0 0 0 0 0 0 0 PRESENT WORTH The "anticipated market absorption rate" otherwise known as "the present worth method" is a method which adjusts the value of property to account for the developer's cost of development and the placing of site improvements. Its purpose is to assist a developer by relieving some of the burden of carrying the up -front costs expended in preparing the property for development and retail sale. The anticipated market absorption rate recognizes the time value of a developer's investment by treating the value of individual subdivision lots like payments in an anticipated future annuity stream. Instead of valuing a multiple -lot subdivision development as the sum of the values of the individual lots, the anticipated market absorption rate discounts the value of the development to the amount that a purchaser of the development would be willing to pay for the entire development on the assessment date. The value derived is the present value of the future income stream represented by the anticipated future sales of the individual lots. This adjustment of value is important because; in valuing property the sum of the parts can be, and often is, greater than the whole. "The market value of a large parcel does not necessarily equal the sum of the market value of the parts into which that parcel may be divided or subdivided because smaller parcels may be more readily marketable." Offsetting the marketability of smaller parcels of a property is the fact that selling a large number of lots takes time. First, the assessor must determine a "marketing area," that is a group of properties used for marketing or sales of platted land by a sub -divider or developer, not necessarily limited to platted subdivisions, filings, blocks, or other defined legal descriptions. After a marketing area is determined, an assessor must determine an adjusted selling price for each individual lot. Collecting comparable sales and adjusting them according to time and location does this. Third, an assessor must determine the absorption period, by dividing the number of tracts remaining in the marketing area by the rate at which the tracts historically have sold. Finally, the assessor must discount the adjusted selling price to present value. The assessor must choose an appropriate discount rate and determine the appropriate discounting factor. This factor is the present value of an annuity of one dollar per period over the absorption period. This is done by dividing the adjusted selling price of each lot by the absorption period, and then multiplying this quotient by the discounting factor.' 'Board of Assessment Appeals for the State of Colorado vs. American Capital Fidelity Corporation C DOE_VacLand_010996 Page 5 THE MARKET PRESENT WORTH DISCOUNTING METHOD IS NOT APPLICAPLE WITH THIS LOT AS THE SUBDIVISION HAS REACHED THE 80% THESHOLD. PER C.R.S. 39-1-103 (14), ALL PARCELS WITHIN AN APPROVED PLAT ARE ELLIGIBLE FOR DISCOUNTING UNTIL 80% OF THE BUILDABLE LOTS, TRACTS, SITES, OR PARCELS HAVE BEEN SOLD. IN Poudre River Ranch 1st, THERE ARE 31 BUILDABLE LOTS, OF WHICH 3 REMAIN VACANT. THIS EQUATES TO 97% OF ALL THE BUILDABLE LOTS HAVING IMPROVEMENTS, THUS REMOVING THE PRESENT WORTH DISCOUNTING AND BRINGING ALL VACANT LOTS TO THEIR FULL MARKET VALUE. CBOE_VacLantl 010998 Page 6 REAL AND PERSONAL PROPERTY NOTICE OF DETERMINATION Christopher M. Woodruff WELD Assessor 1400 N 17th Ave GREELEY, CO 80631 Date of Notice: 6/24/2009 Telephone: (970) 353-3845 Fax: (970) 304-6433 Office Hours: 8:00 AM - 5:00 PM SCHEDULE/ACCOUNT NO. TAX YEAR TAX AREA LEGAL DESCRIPTION/ PHYSICAL LOCATION R8029499 2009 0652 GR 1PRR L3 PUD IC POUDRE RIVER RANCH 1ST FILING PROPERTY OWNER CO -NE PROP LTD 222 N MORLAN AVE HOLYOKE, CO 80734 PROPERTY CLASSIFICATION ASSESSOR'S VALUATION ACTUAL VALUE PRIOR TO REVIEW ACTUAL VALUE AFTER REVIEW VACANT LAND 85,000 85,000 TOTAL $85,000 $85,000 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: LNO3 - A review of the market value of land in your neighborhood indicates your land valuation is correct. 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. I5-DPT AR PR 207-08/08 NOD k'. 2360 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, Colorado 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 11. 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 9'" Avenue and 9r" Street, P.O. Box C Denver, CO 80203 Greeley, Colorado 80632 (303) 866-5880 Telephone (970) 356-4000 Ext. 4520 www.dola.colorado.gov/baa 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, 2008? (Your opinion of value in terms of a specific dollar amount is required for gal ProRerMursuant 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 co t, app ai al etc.) 11 1 11 p } p T LS �S rti`roS r,{ � �A "net Uornnl lca,,nc aligprrt CLQ,Ssi4irc o As T'vn A.Csvetc e - seal 4Le &tscrtbe& ii>reTetti s. Lau kcX seoer4 local veaators dp mo.rlt�eianalysis dik-ln. oll oanalySls cor t_n \n beaow'55,tt0 At ma{ 2 e eTkwe brae -tea u ce ,%,ed ct ltaisck, ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that th statements con d heed o any ttach ents hereto are true and complete. Ltras;eke v� 9ZD-8521-Mo79 I4 Oct Sig ure Telephone Number Date Attach letter of authorization signed by property owner. 15-DPT-AR PR 207-08/08 NOD# 2360 Terry Martin 222 North Morlan Avenue Holyoke, CO. 80734 Office & Home 970-854-4079 Fax 970-854-4078 Cell 970-520-2353 E-mail: tmartln©acctelcom.coop June 14th, 2009 Christopher M. Woodruff Weld County Assessor 1400 N 17th Ave Greeley, CO 80631 RE: Lot #3, Block #3, PUD 1C, Poudre River Ranch 1st filing: Schedule #R8029499 To Whom It May Concern; Letter of authorization signed by owner and dated 7/14/09. Respectfully 'C�� i-he51 Tjefry Martin President of CO -NE PROP LTD Terry Martin 222 North Morlan Avenue Holyoke, CO. 80734 Office & Home 970-854-4079 Fax 970-854-4078 Cell 970-520-2353 E-mail: tmartinnapctelcom.cop May 29th, 2009 Christopher M. Woodruff Weld County Assessor 1400 N 17`" Ave Greeley, CO 80631 RE: Lot #3, Block #3, PUD 1C, Poudre River Ranch 1st filing: Schedule #R8029499 Attention; Weld County Assessor Enclosed is a copy of your valuation notice of my real property as of June 30th, 2008. Given the negativity in the real estate industry regarding residential new construction and the tremendous availability of residential lots prior to 6/30/08; I would estimate my property value to be below what I gave for the property in June of 2003: $55,000.00. FIRST PROTEST being "VALUATION": FOUR PAGES. Enclosed you will find MLS listings (not sold listings) in the immediate area of my described property. I have been working with Tracy Beal of the Group Real Estate firm and her opinion is, "you would be very fortunate to get your original purchase price back"! If you deem necessary I would be more than willing to hire a certified appraiser (my total expense) to substantiate my position on this matter and bring you the results of that certified appraisal. SECOND PROTEST being "RECLASSIFICATION": TWO PAGES. You currently have my property valuated as vacant land in a total residential neighborhood. The enclosed spread sheet is specific to the Poudre River Subdivision and was compiled by Tracy Beal from The Group Real Estate firm. The first column is the assessed value by land use type. The second column is the tax amount by value and the 3rd column is how many lots are assessed at that value. It's my belief that my described property is not and has not been in the correct classification. Respectfully II %ia nJ Res i Ter Martin Martin President of CO -NE PROP LTD uct �Lu II C4 44 l ce N 93 3 fi co nJ N r N 1490 0004 N 0 0 0 CO 0 O w it= co 13 cr3 et COLORADO July 23, 2009 CO -NE PROP LTD 222 N MORLAN AVE HOLYOKE, CO 80734 Dear Petitioner(s): CLERK TO THE BOARD PHONE (970) 356-4000 EXT 4226 FAX: (970) 352-0242 WEBSITE: www.co.weld.co.us 915 10TH STREET P.O. BOX 758 GREELEY, COLORADO 80632 Parcel No.: 080533306003 Account No.: R8029499 The Weld County Board of Equalization has set a date of August 3, 2009, at or about the hour of 11:20 AM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Centennial Center, First Floor Hearing Room, 915 10th Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 2009, and mailed to you on or before August 12, 2009. Because of the volume of cases before the Board of Equalization, all cases shall be limited to 15 minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you provide evidence to support your position. This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have. Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. If you wish to obtain the data supporting the Assessor's valuation of your property, please submit a written request directly to the Assessor's Office by fax (970) 304-6433, or if you have questions, call (970) 353-3845. Upon receipt of your written request, the Assessor will notify you of the estimated cost of providing such information. Payment must be made prior to the Assessor providing such information, at which time the Assessor will make the data available within three (3) working days, subject to any confidentiality requirements. CO -NE PROP LTD - R8029499 Page 2 Please advise me if you decide not to keep your appointment as scheduled. If you need any additional information, please call me at your convenience. Very truly yours, BOARD OF EQUALIZATION Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor Hello