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Home My WebLink About20091955.tiffCLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4226 FAX: (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 WIIle COLORADO September 3, 2009 MILE HIGH BANKS 1726 HOVER ST LONGMONT, CO 80501 RE: THE BOARD OF EQUALIZATION, 2009, WELD COUNTY, COLORADO - STIPULATE PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE DESCRIPTION OF PROPERTY: ACCOUNT #: R4196606 PARCEL #: 146719323002 - ERI RMA L7 RIGHT MOVE RPLT A SITUS: ERIE 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 $303,717 $194,379 2009-1955 AS0073 As, 04 inGeztO MILE HIGH BANKS - R4196606 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 STERLING PROPERTY TAX SPECIALISTS, INC. 950 S. CHERRY ST STE 320 DENVER, CO 80246 2009-1955 AS0073 Jul 13 J9 08:47a Sterling P T S 3037577691 p.3 2009 COUNTY BOARD OF EQUALIZATION WELD COUNTY ASSESSORS ACCOUNT NUMBER R4196606 STIPULATION (As To Tax Year 2009 Actual Value) RE PETITION OF : NAME: Mile High Banks ADDRESS: 1726 Hover ST Longmont, CO. 80501 r w r + Petitioner(s), Mllejilgh Banks 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: (Legal description) ERI RMA L7 RIGHT MOVE RPLT A 2. The subject property is classified as Vacant Land property. 3. The County Assessor originally assigned the following actual value to the subject property for tax year 2009. Land $ 303.717 4. After further review arid negotiation, the petitioner(s) and Weld CountyAssessor agree to the followinglactual value for the subject property. Land $ {194.379 2009-1955 Jul 13 179 08:47a Sterling P T S Ara 3037577691 p.2 5. The valuations, as established above, shall be binding only with respect to tax year $009. 6. Brief narrative as to why the reduction was made: Value was adiusted based upon the application of present worth discount. 7. Both parties agree that the hearing scheduled before the Weld County Board of Equalization on DATE at TIME am be yamd: or, a hearing has not yet been scheduled before the Board of Equalization x (check if appropriate). DATED this day 9 July 2009. Poner(s) or Attorney Petitioner(s) or Attorney Address: Address: Telephone: Telephone: County Asses Address: 1400 N.17th Avenue Greeley, CO 80631 (970) 353-3845 ext. 3656 Jul 13 -09 08:47a Sterling P T S •'. �. ;. r 3037577691 p.1 1400 N. r Ave Creasy. Co SOS315 Q70-ft3S'en 3672 970-30441433 w ieleecco.weW. M. us Ta Weld County Assessor Cliff it.* - Kendra Cohen "Mail Wade Mettles Pars 303-757-7691 Pages: 3 Phew= 303-757-8865 Dates 9 -Jul -09 Re: Stipulation ccr O Urgent Cl Pee Review El Phase Cenarenl x Place Reply Cl Please Recycle e can fMbs Sign and return Thank you. Wade 3. The County Assessor originally assigned the following actual value to the subject property for tax year 2009. Land $ 303,717 4. Afterfurther review ar4d negotiation, the petitioners) and Weld CountyAssessor agree to the following actual value for the subject property. Land $ 1 7 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 R4196606 2009 1333 ERI RMA L7 RIGHT MOVE RPLT A SITUS: ERIE 000000000 ERIE, CO 000000000 PROPERTY OWNER MILE HIGH BANKS 1726 HOVER ST LONGMONT, CO 80501 PROPERTY CLASSIFICATION ASSESSOR'S VALUATION ACTUAL VALUE PRIOR TO REVIEW ACTUAL VALUE AFTER REVIEW VACANT LAND 303,717 303,717 TOTAL $303,717 $303,717 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: LF102 - No change has been made to the valuation of this property. Colorado law requires us to send this notice of denial for all properties on which we do not adjust the value. 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. r7 Please refer to the reverse side of this notice.for additional info atioa, STERLING PROPERTY TAX SPECIALISTS INC 950 S CHERRY ST SUITE 320 DENVER CO 80246 O C: cr. c)c_ nr3 C) c:: U. (.1) cn 15 -DPI -AR PR 207-08/08 NOD #: 6829 APPEAL PROCEDURES County Board of Equalization Hearings will be held from July 1 through August 5 at 915 10`" 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 Avg enue and 9`" 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.) $ IS-7)400 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.) gee Ctflar-lked. ATTESTATION I, a undersig ed o er or agent' of the property identified above, affirm that the statements t ' r a'hereto are true and complete. 303-is-1-SSth,s Signatur By: Bo rrl O: Etot4S+Itek {or Ster(1A:oi Pro perTc4 `eet,iaHs13, G. Telephone Number Date 'Attach letter of authorization signed by property owner. 15 -OPT -AR PR 207-08/08 NOD #: 6829 ASS -MINES - - -a IS .ANIMS Si S S S !_!- MS M UPS PM MS Ms a s - a S a s alai a a a a a a a a a a a a a a -a a - a a s s i S fflEaMI PROPERTY TAX SPECIALISTS, INC 950 S. Cherry Street, Suite 320 Denver, CO 80246 Office: 303-757-8865 Fax: 303-757-769 www.sterlingpropertytaxspecialists.com May 29, 2009 Mr. Christopher Woodruff Weld County Assessor 1400 N. 17th Avenue Greeley, CO 80631 Re: 1010 Carbon Court (See Schedule Numbers attached hereto on Exhibit A and made an integral part hereof) (the "Property") Gentlemen: The undersigned, Sterling Property Tax Specialists, Inc., represents the owner of the Property for the purpose of protesting the 2009 Notice of Valuation. A copy of the Letter of Authorization is attached hereto and made an integral part hereof. The first parcel is vacant land under schedule number R4196606. The assessor has valued this land at $3 per square foot. However, Petitioner contends that present worth valuation should be applied to this parcel. For similar land along the I-25 corridor with the same retail value, the assessor has applied a present worth valuation of $1.56 per square foot. Petitioner contends this parcel should have the same present worth discount resulting in a value of: 101,239 sq. ft. x $1.56 = $157,900 (rounded) The remaining 8 schedule numbers are totally vacant condominium warehouse spaces, which the assessor has valued between $60 and $95 per square foot. Generally, warehouses in the 30,000 square foot range have sold in the vicinity of $30 to $50 per square foot. Condominiumizing a warehouse into smaller units will generally generate a higher sales price, provided there are users for such spaces who are willing to pay the higher price. These properties were divided at the end of 2006 and only one unit sold to a user. The assessor has informed us that that unit sold in December 2006 for $295,000. However, none of the other units have sold, and the entire property, except for this one unit, has been vacant since 2005. A unit acquired by a user will sell for substantially more than multiple vacant units sold in bulk on the open market. A bulk value is substantially less than the individual value of all of these units. The fact that this Property was lost to a lender (Petitioner) indicates the problem relating to these units as they have been on the market for approximately 3 years. 1010 Carbon Court Page 2 In effect, the concept of a totally vacant unit is similar to applying a present worth discount to land as the value to a developer or non -user is substantially less than what a user would pay for the property. In this case only one user has acquired a unit in over 3 years. Petitioner contends that the value of a totally vacant property, as well as a bulk value for all 8 units, should receive a 25% discount to cover no income; cost of operations by the owner of a vacant unit as well as anticipated marketing time to sell. In addition, we have used a reasonable check of value based on an income approach. We have utilized a fully occupied space renting at a triple net rent of $8 per square foot for these units. Applying a 10% vacancy and 10% landlord expenses and a 9% capitalization rate results in a value of $216,000 (rounded) for those units valued by the assessor at approximately $285,000. For the two units valued by the assessor at approximately $423,000 and utilizing approximately 4,500 square feet for those two units' square footage would result in a value of approximately $324,000. Therefore, the income approach will confirm the market value discount applied to vacant units as set forth hereinabove. Petitioner's value for each unit is set forth on Exhibit A attached hereto. Based upon the foregoing, Petitioner hereby requests the assessor adjust the value of these units taken over by the bank, as well as the land, as set forth on Exhibit A. All information contained herein should be considered confidential and not available to any third parties. Respectfully submitted, Si LRLING PROPERTY TAX SPECIALISTS, INC. By: Barry J. Goldstein, President BJG/sal LETTER OF AUTHORIZATION May 1, 2009 Sterling Property Tax Specialists, Inc. 950 South Cherry Street, Suite 320 Denver, Colorado 80246 RE: 2009 and 2010 Property Tax Assessment Matters Gentlemen: The undersigned, as owner(s) of property located in Weld County, Colorado, at 1010 Carbon Court (See attached for unit multiple unit numbers) and more particularly described on Assessor's Notice of Valuation, Schedule No(s). See Attached hereby authorizes Sterling Property Tax Specialists, Inc. and Barry J. Goldstein, Esq., to act as agent on my behalf regarding all 2009 and 2010 property tax assessment matters, and obtain any and all documents relating thereto and file any protests necessary. This Authorization shall be effective as of the date set forth above. MILE HIGH BANKS By: Tom Scheel, Executive Vice President Telephone: 303-682-3704 1010 CARBON COURT Weld County 2009-2010 Unit A R4655707 UnitB R4655807 Unit C R4655907 Unit D R4656007 Unit E R4656107 Unit F R4656207 Unit G R4656307 Unit I R4656507 Commercial Land R4196606 PETITIONER' S EXHIBIT A Schedule Numbers Protested Petitioner's Value Unit A R4655707 Unit B R4655807 Unit C R4655907 Unit D R4656007 Unit E R4656107 Unit F R4656207 Unit G R4656307 Unit I R4656507 Commercial Land R4196606 $213,750 $213,750 $315,000 $213,750 $213,750 $213,750 $315,000 $213,750 $157,900 Hello