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Home My WebLink About20092170.tiffVcLCt4 REAL AND PERSONAL PROPERTY NOTICE OF DETERMINATION (T d 't' Woodruff or ve t. rwc C i , 80631 Date of Notice: 7/8/2009 Telephone: (970) 353-3845 Fax: (970) 304-6433 Office Hours: 8:00 AM - 5:00 PM SCHEDULFJACCOUNT NO. TAX YEAR TAX AREA LEGAL DESCRIPTION/ PHYSICAL LOCATION P3110106 2009 0600 GR GCM L1 GREELEY COMMONS MINOR SITUS SITUS: 4735 29 ST GREELEY 80631 4735 29 ST GREELEY, CO 80631 PROPERTY OWNER 1 CIRCUIT CITY STORES INC ATTN: TAX DEPT-LOC No. 03675 P O BOX 42304 RICHMOND, VA 23242-2304 PROPERTY CLASSIFICATION ASSESSOR'S VALUATION ACTUAL VALUE PRIOR TO REVIEW ACTUAL VALUE AFTER REVIEW PERSONAL PROP 392,392 392,392 TOTAL . $392,392 S392,392 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: PP01 - Your personal property has been valued in accordance with Colorado law Other personal property, similar in nature, has been consistently valued using the same statutory methods. 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. ERNST & YOUNG LLP C/O ONE JAMES CENTER, SUITE 1000 901 E CARY ST RICHMOND VA 23219 2009-2170 /1'..0:73 15-DPT-AR P' 2C7 C8IOG NOD M 7573 o�l0-0l01 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 915 101" 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 9" Street, P.O. Box C Denver, CO 80203 Greeley, Colorado 80632 (303) 866-5880 Telephone (970) 356-4000 Ext. 4520 www.dola.colorado.ctov/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.) $ 64,250 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.) See Attached ATTESTATION I, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein and on any attachments hereto are true and complete. See Attached 704 331 2004 07/20/09 Signature Telephone Number Date Attached Attach letter of authorization signed by property owner. 15 -OPT -AR PR 207-08/08 NOD it 7573 I��IIIIIIIII"'Ilf JERNST&YOUNG July 20, 2009 Weld County Board of Equalization 915 10th Street P.0 Box 758 Greeley, CO 80632 Dear Sirs: Ernst & Young LLP One James Center Suite 1000 901 East Cary Street Richmond, Virginia 23219-4065 Main tel: +1 804 344 6000 www.ey.com Notice of Appeal Circuit City, Inc. and all legal subsidiaries Property Account # P3110106 2009 0600 On behalf of our client, Circuit City Inc., we respectively appeal the assessment of the above property. As a result of their protection under the current federal bankruptcy proceedings, we must protect their administrative appeal rights and are using this letter as a means exercising such protection. Further information will be provided at a later date in support of our opinion of value. We may be reached at (704) 331-2004 in case you have further concerns or questions. Very truly yours, L kitnf.A Charles Long Authorized Agent Copy to: Jeff McDonald, Circuit City Jeff Knopke, Circuit City A member firm of Ernst & Young Global Limited JERNST&YOUNG June 29, 2009 Christopher M. Woodruff Weld County Assessor 1400 N 17th Ave Greeley, CO 80631 Notice of Appeal Circuit City, Inc. and all legal subsidiaries Property Account P3110106 Dear Sirs: On behalf of our client, Circuit City Inc., we respectively appeal the assessment of the above property. As a result of their protection under the current federal bankruptcy proceedings, we must protect their administrative appeal rights and are using this letter as a means exercising such protection. Further information will be provided at a later date in support of our opinion of value. We may be reached at (704) 331-2004 in case you have further concerns or questions. Very truly yours, C hAfPfA Charles Long Authorized Agent Copy to: Jeff McDonald, Circuit City Jeff Knopke, Circuit City A member firm of Ernst 8 Youno Global Limited Storc 3675 locatcd ) )rh Strcct Si F (irecic'. ('t) Circuit City Cenoagedf Ernst & Young to dererrn ne the appropriate personal proue,ty ta'' value of their store's personal property assets as of January 1, 2009. The standard used to determine their value is in accordance with Colorado's code section C.R.S. 39-1-105, where the "actual value" is determined by consi,!e r- tion of the cost approach, thH rrrar kel approach, and the income approach is implied. In accordance with this standard, Ernst & Young applied the Fair Market Value In -Place & In -Use premise of value. This is the highest premise of value under the value standard. In determining the appropriate personal property value of the assets in place and in use as of January 1, 2009, the following steps were taken. • To determine the value of the taxable furniture, fixtures, equipment, and leasehold improvements, Ernst & Young visited representative models of the subject property's site configuration and reviewed the subject store's detailed list of assets, as inventoried by Circuit City, to determine the replacement cost new, of the taxable assets. The replacement costs were derived using current vendor costs to Circuit City and, where appropriate, costs to install and place the assets in service. • Through personal interviews with used equipment vendors, Ernst & Young derived the selling price of the assets to determine the amount of accumulated depreciation to apply to the replacement cost new, and, where appropriate, determine the like amount of accumulated depreciation of the costs to install and place the assets in service. • Where (1) retail inventory held for sale, and/or (2) consumable supplies, are taxable assets, the same premise of value for the furniture, fixtures, equipment, and leasehold improvements were used. After a review of the adjustments made to the company's beginning cost of the retail inventory, including but not limited to obsolescence, distribution, freight, and etc., the fair market value of the inventory would not exceed its book value. Therefore, we have elected to use the book value of the inventory as its fair market value under the stated premise of value. For consumable supplies, the value was determined by the amount reported on the company's personal property tax rendition, which is approximately a one month's supply of the year ending balances for expensed supplies. Therefore, for the purpose of the subject property, the replacement cost of the furniture, fixtures, equipment, and leasehold improvements is determined to be $224,200 and its installed costs are determined to be $16,800. The depreciated value of the furniture, fixtures, equipment, and leasehold improvements is determined to be $55,700 and its depreciated installed costs are determined to be $8,300. Regarding store inventory and consumable supplies, their respective values are $0 and $250. Therefore in total, the fair market value of the taxable assets at the subject location is determined to be $64,250. 2009.04'28 14:27 Circit City 967.8811 nr 7i 911r.667291O P 3/9 tx 7h,. <-,..,, - Appointment of Agent Appraisal District USE ONLY Date Received Instructions: You can use this form: • To name a tax agent to represent you in property tax matters; • To direct that tax notices be mailed to 3 person you name. Read the instructions carefully. This form will be in effect until you file another form with the appraisal district that revokes it or until you file a form that names a different agent Step 1: Owner's name and address Owner's name Circuit City Stores, Inc. & legal subsidiaries Current mailing address (number and street) P.O. Box 42304 City Richmond VA 23242 , Telephone number 804-486-4000 Step 2: Describe the property R All property listed for this owner at the above address O The following property (give account or legal description) continue on attached pages if needed Step 3: Specify the agent's authority for property tax matters (skip to step 6 it you only want to change tax notice mailing ® General power to represent o Specked powers: the agent O file notices of protest board 0 receive confidential ID negotiate and resolve O other action (specify) me in property tax matters has only the powers and present protests Information disputed tax matters _._ . concerning this property specified below before the appraisal review - '' .. " _ Step 4: Name the agent for property tax matters Agent's name ERNST & YOUNG LLP % Property Tax Services Current mailing address (number and street) One James Center, Suite 1000 901 East Cary Street City, state and zip code Richmond, VA 23219 Telephone number 804-3446000 Step 5: Date the agent's Date authority ends If you do not fail in a date, the agent's authority will continue indefinitely. You must file a statement revoking this form or designate a new agent to end the agent's authority. 2009 J! _:?7 Circuit City f04-267-0831 ' 06604.7209118667990C P 4/9 Complete steps 6-9 if you want tax notices mailed to an agent. SKIP TO STEP ID IF YOU DON'T WANT TO CHANGE' TAX NOTICE MAILING. Step 6: Check if you want property tax notices dc!fv^red to an agent ® t want my agent to receive all my property tax notices and other communications for this property, including appraisal notices, appraisal review board orders and hearing notices, tax bills, and collections notices O Specified powers: the agent has only tree powers specified below O Alf communionticne, from the. chief n,:;,raiser O All orders, notices, and other communications from the ARB D All tax bills and notices from all taxing entities served by the appraisal district. Note: These notices can affect your legal rights. The affected offices are not required by taw to send you duplicate copies. Step 7: Describe the property for which property tax notices will be delivered ® The following property (give account number or legal description) Please see Step 2. continue on attached pages if needed O My agent will provide a list Note: The designation of an agent to receive communications only applies to properties you expressly identify and only affects notices generated after the date you file the list identifying the property with the appraisal district. Step 8: Name the person who will get the notices Name of the person or firm Circuit City Stores, Inc. Current mailing address (number and street) P.O. Box 42304 City, state and zip code Richmond VA 23242 Telephone number 804-486-4000 Step 9: Date the change of delivery ends _ Date If you do not fill In a date, tax notices will continue to be mailed to your agent indefinitely. You must file a statement revoking this form or designate a new agent to end the agent's authority. Step 10: Sign the form Signature ,.......°O7...e.......--/".--/ Date the designation took effect April 23, 2009 /' and firm name If not the property owner This form must be signed by the property owner: a person the owner has specifically authorized to name tax agents; or by a corporate officer (if the owner is a corporation). A property manager or other agent should attach a copy of the document authorizing the person to designate agents. 2009-04-2 14:27 Circuit City 804-967-8831 » 0660472091186679900 P 2/9 April 2tMq GENERAL. APPOINTMENT O1 AGENCY I have authorized Ernst & Young to represent Circuit. City Store, Inc. and ;III Icgal subsidiaries for all property tax matters in the Stales listed on the attached. Ernst & Young has the general power to represent us in receiving notices of value. tiling of returns, obtaining copies of appraisals, tax assessments, or any other information relevant to property tax matters. F.mst & Young is also authonzc to negotiate and accept any settlement reached with all assessment and appraisal authorities to including boards of equalization, appraisal review boards, state tax commissions, or other entities exercising authorities or review of property tax assessments. abatements, exemptions or any matter upon which it has administrative jurisdiction. This appointment of agency remains in effect for tax year 2009 or until revoked in writing by Circuit City, Inc. or Ernst & Young. Please send all correspondence the Circuit City addrexx. Si �tcd (Jets McDonald) Jeff McDonald, VI' Tax Printed Name and Title Circuit City Stores, Inc. % Tax Department Post Olrce liox 42304 Richmond. VA 23242 Mailing Address (R04) 4Rh-O0(X) Telephone Fax vumber April 23,'i)09 I )ate Ernst & Young LIP Signed (Ernst & Young) Ernst & Young LLl' Printed Name and Title Attn: Property Tax Services One James Center, Suite 10(0 901 East Cary Street Rkbmgo4 VA 23219 Mailing Addrt-ss 1804) 344-600() Telephone (R04) 344-453A Fax Number COLORADO July 27, 2009 CIRCUIT CITY STORES INC ATTN: TAX DEPT-LOC No. 03675 P O BOX 42304 RICHMOND, VA 23242-2304 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.: 095922149001 Account No.: P3110106 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 5, 2009, at or about the hour of 4:30 PM, 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. CIRCUIT CITY STORES INC - P3110106 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 c (2:21t(,_ C:— •7 : Esther E. Gesick Deputy Clerk to the Board cc: Christopher Woodruff, Assessor ERNST AND YOUNG LLP/PROPERTY TAX SERVICES ONE JAMES CENTER STE 1000 901 E CARY ST RICHMOND, VA 23219-4065 Esther Gesick From: Sent: To: Subject: Hi Esther Courtney Anaya Tuesday, August 04, 2009 10:17 AM Esther Gesick Circuit City Another FYI O The hearing for Circuit City is being "vacated." Cyndi Giague is also aware of this. Apparently, we sent them an NOV and shouldn't have due to a previous abatement? Therefore, they should not have been allowed to enter the appeals process altogether. I am going to go ahead and take them off the schedule. Thanks! Courtney ( z o ��/ ✓ _ u : a X16 a' Lic 1 Esther Gesick From: Sent: To: Subject: Brenda Dones Friday, August 07, 2009 8:42 AM Esther Gesick RE: Circuit City 2009 Tangible Personal Property Appeal - Weld County CO No problem, I am happy that we now have an email account to communicate with! Thanks! From: Esther Gesick Sent: Friday, August 07, 2009 8:41 AM To: Brenda Dones Cc: Esther Gesick; Courtney Anaya Subject: FW: Circuit City 2009 Tangible Personal Property Appeal - Weld County CO Brenda, Do you want to reiterate your previous voice message via e-mail? I received this today and apparently he hasn't received any of our previous messages concerning vacation of the hearing and direction concerning the tax abatement process. Thanks! Esther E. Gesick Deputy Clerk to the Board Weld County, Colorado 915 10th Street Greeley, CO 80631 (970)356-4000 X4226 (970)352-0242 (fax) From: charles.long@ey.com [mailto:charles.long@ey.com] Sent: Friday, August 07, 2009 6:24 AM To: Esther Gesick Cc: Vrushali.More@ey.com Subject: Circuit City 2009 Tangible Personal Property Appeal - Weld County CO Per our most recent conversation, we will not be appearing at a hearing regarding the above property; therefore, we are requesting an administrative denial be returned to us on behalf of our client, Circuit City. Regards, Charlie (I t � I NEenrsr&Youwc Charles Long, CMI I Executive Director I National Tax - Property Tax Advisory Ernst & Young LLP 100 N Tryon Street Suite 3800, Charlotte, NC 28202, United States of America Office: +1-704-331-20041 Fax: +1-866-393-9126 Cell: +1-704-975-3214 I EY/Comm: 7225665 Assistant: Denisa McCain Phone: +1-704-331-1899 I denisa.mccain@lev.com Thank you for considering the environmental impact of printing emails. Any U.S. tax advice contained in the body of this e-mail was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue 1 Code or applicable state or local tax law provisions. The information contained in this message may be privileged and confidential and protected from disclosure. If the reader of this message is not the intended recipient, or an employee or agent responsible for delivering this message to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately by replying to the message and deleting it from your computer. Notice required by law: This e-mail may constitute an advertisement or solicitation under U.S. law, if its primary purpose is to advertise or promote a commercial product or service. You may choose not to receive advertising and promotional messages from Ernst & Young LLP (except for Ernst & Young Online and the ey.com website, which track e-mail preferences through a separate process) at this e-mail address by forwarding this message to no-more-mail(dev.com. If you do so, the sender of this message will be notified promptly. Our principal postal address is 5 Times Square, New York, NY 10036. Thank you. Ernst & Young LLP 2 Esther Gesick From: Sent: To: Cc: Subject: Brenda Dones Friday, August 07, 2009 9:37 AM charles.long@ey.com Esther Gesick; Vrushali.More@ey.com Circuit City appeal in Weld County, Colorado Good Morning, I was forwarded the below communication regarding the Circuit City appeal in Weld County, Colorado, and I wanted to follow up to try to ensure that we are on the same page. On Tuesday, August 4th I left a voice mail message for you to let you know that at the direction of our County Attorney we vacated the CBOE hearing on August 5th. That is because we discovered that we had already certified the 2009 value to the Treasurer at the end of January, 2009, at their request. The Notice of Value that was sent to Circuit City in June, 2009 was mailed in error. Therefore, because the value has already been certified to the Treasurer, the standard appeal process does not exist. The appeal process that does exist is the right to file for an abatement of taxes. If you have any questions about the abatement process or need more information on the vacated hearing, feel free to contact me. Regards, 13revtcicvDone* Chief Deputy Assessor Office of the Weld County Assessor bdones@co.weld.co.us (970) 353-3845 x 3699 From: charles.long@ey.com [mailto:charles.long@ey.com] Sent: Friday, August 07, 2009 6:24 AM To: Esther Gesick Cc: Vrushali.More@ey.com Subject: Circuit City 2009 Tangible Personal Property Appeal - Weld County CO Per our most recent conversation, we will not be appearing at a hearing regarding the above property; therefore, we are requesting an administrative denial be returned to us on behalf of our client, Circuit City. Regards, Charlie 1 Hello