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Home My WebLink About20091909.tiffCLERK TO THE BOARD pt Mac COLORADO September 1, 2009 PHONE (970) 336-7215, Ext. 4226 FAX: (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 GROH LYNETTE TREESE 37135 SOARING EAGLE CIR WINDSOR, CO 80550 RE: THE BOARD OF EQUALIZATION, 2009, WELD COUNTY, COLORADO - STIPULATE PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT #: R0963986 PARCEL #: 070931324023 - ETN 14142 E25' L32-33-34 & E25' OF N15' L31 BLK42 SITUS: 216 1 ST EATON 80615 Dear Petitioner: On July 28, July 30, and August 5, 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 the Stipulation on your petition of appeal of the County Assessor's valuation of your property described above, for the year 2009. 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 DETERMINED BY ASSESSOR ACTUAL VALUE AS STIPULATED $168,750 $135,000 CC /j'�C#9j Pte' -(t.--- ) 2009-1909 AS0073 Ori/0/67 GROH LYNETTE TREESE - R0963986 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 2009-1909 AS0073 Jul %:1 09 10:32a Groh '07/21/2009 09:07 FAX 9703046433 970-686-5263 p.1 WELDCOUNTYASSESSOR (1002/003 2009 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSOR'S ACCOUNT NUMBER R0963986 STIPULATION (As To Tax Year 2009 Actual Value) RE PETITION OF: NAME: GROH LYNETTE TREESE 37135 SOARING EAGLE CIR WINDSOR CO 80550 Petitioner(s), GROH LYNETTE TREESE and the Weld County Assessor, hereby enter into this Stipulation regarding the tax year 2009 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: ETN 14142 E25' L32-33-34 & E25' OF N15' L31 BLK42 SITUS: 216 1 ST EATON 80615 2. The subject property is classified as Commercial property 3. The County Assessor originally assigned the following actual value to the subject property for 2009. LAND: 36.750 IMPROVEMENTS: $1&2.000 TOTAL: $168.750 4. After further review and negotiation, the petitioner(s) and Weld County Assessor agree to the following actual value for the subject property. LAND: $6/50 IMPROVEMENTS: 3128.250 TOTAL: $135.000 2009-1909 Jul ail 09 10:32a Groh 17/21/2009 09:07 FA% 9703046433 970-686-5263 p.2 WELDCOUNTYASSESSOR lib 003/003 5. The valuations, as established above, shall be binding only with respect to tax year 2009. 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 8/3/2009 at 3:40 PM be vacated. DATED this 21 day of July, 2009. Pe iti arICV /Ac-t/- dr(s) or AttonIey Petitioner(s) or Attorney Address: .37/35 eirceth) (94} c Pik GLiin,(sn✓ et) (7 8& 6.3 -t --e Address: Telephone: ..97L2 - £ 9c • %2.9 Telephone: County Assessor: ADDRESS: 1400 N.17th Avenue Greeley, CO 80831 (970) 353-3845 ext. 3656 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 ' R0963986 2009 3889 ETN 14142 E25' L32-33-34 & E25' OF N15' L31 BLK42 SITUS: 216 1 ST EATON 80615 1ST 21GROH EATON, CO 80615 I PROPERTY OWNER LYNETTE TREESE 37135 SOARING EAGLE CIR WINDSOR, CO 80550 PROPERTY CLASSIFICATION ASSESSOR'S VALUATION ACTUAL VALUE PRIOR TO REVIEW ACTUAL VALUE AFTER REVIEW COMMERCIAL 168,750 168,750 TOTAL $168,750 $168,750 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: Last known use was a Chiropractic Office which is medical. Office sale at 215 First Street sold 2/7/07 for $67.89 per square foot The building and interior finish are considerable inferior to the subject. 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. Crti C: — , S7 C 0 15-DPT-AR PR 207-08/08 NOD IS 3367 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 9t" Street, P.O. Box C Denver, CO 80203 Greeley, Colorado 80632 (303) 866-5880 Telephone (970) 356-4000 Ext. 4520 www.dola.colorado.qov/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 real property pursuant to § 39-8-106(1.5), C.R.S.) $ /351Oer 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.) /.w G7-{.ci'/rinC ATTESTATION i I, the undersigned owner or agent' of the property identified above, affirm that the statements co tai herein an on any attachments hereto are true and complete. yea 66PA-Jaa" Telephone Number Dat t.,O ure Attach letter of authorization signed by property owner. o)ca9 15-DPT-AR PR 207-08/08 NOD #'. 3367 Re: 216 First Steet, Eaton Colorado Tax Appeal Throughout the period of January 2007 to June 2008 the building remained almost entirely vacant. The actual cash loss for the building's operation in 2007 (exclusive of interest and depreciation) was $5,058.32. On June 30, 2008 the rent roll for three tenants in place totaled $865. Even under the most optimistic of scenarios (see below) the value of the subject by the income capitalization approach is dismal. S.F. Market Rent/s.f. Potential Gross Income Vacancy Effective Gross Income Expenses Advertising Insurance Maintenance Supplies Real Estate Taxes Utilities Total Net Operating Income Capitalized at The reality is that the market vacancy for office space in Eaton is (and was) well over 25% during the period. The only sales were 212 1st Street at $47.85/s.f. and 125 1st Street at $56.27/s.f. These sales took place in 2007, and values declined through the period, reaching the lowest ebb by June 2008, as demonstrated by any number of surveys, such as the Moodys survey shown to the right. 25% 10.00% 2,250 $ 8.00 $ 18,000 $ 4,500 $ 13,500 $ 100 $ 800 $ 500 $ 300 $ 2,544 $ 2,600 $ 6,844 $ 6,656 $ 66,560 z 0.75 '01 '02 '03 '04 '05 '06 '07 '08 Source:,):. Appraisal Institute Appra!`efng Dfstreasee properties November 12, 2008 The subject is erroneously classified as medical office space. It is (and was) general office and retail, for which there is (and was) virtually no demand. The subject has been offered for sale for two years, and there has not been one single inquiry. Given the market decline, which had been well underway in the first half of 2008, it would be inconceivable to justify a value greater than $60.00 per square foot. As such we estimate the market value as follows. S.F. Market Value/s.f. Market Value Indication 2,250 $ 60.00 $ 135,000 12:46 PM Lynette T. Groh 07/15/09 Cash Basis Ordinary Income/Expense Income Rental Total Income Expense Advertising Insurance Interest Expense Painting Professional Fees Repairs Supplies Taxes Utilities Total Expense Net Ordinary Income Net Income Profit & Loss by Class January through December 2007 216 First Street (Investment Props) Total Investment Props TOTAL 510.00 510.00 94.33 -21,860.50 8,460.51 156.37 22.00 20,601.53 2,661.54 2,796.22 1,096.83 14,028.83 -13,518.83 -13,518.83 510.00 510.00 94.33 -21,860.50 8,460.51 156.37 22.00 20,601.53 2,661.54 2,796.22 1,096.83 14,028.83 -13,518.83 -13,518.83 510.00 510.00 94.33 - 21,860.50 8,460.51 156.37 22.00 20,601.53 2,661.54 2,796.22 1,096.83 14,028.83 - 13,518.83 -13,518.83 Page 1 Hello