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WELD COUNTY
PROPERTY ASSESSMENT
STUDY
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ROCKY MOUNTAIN
VALUATION SPECIALISTS
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ROCKY MOUNTAIN
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VALUATION SPECIALISTS
September 15, 2008
Mr. Mike Mauer
Director of Research
Colorado Legislative Council
Room 029,State Capitol Building
Denver, Colorado 80203
RE: Final Report for the 2008 Colorado Property Assessment Study
for Colorado's sixty four counties
Dear Mr. Mauer:
Rocky Mountain Valuation Specialists LLC is pleased to submit the Final Reports for the 2008
Colorado Property Assessment Study for all sixty four counties that make up the State of
Colorado.
These reports represent the result of a two-part analysis and audit for each county: A procedural
analysis and a statistical analysis.
The procedural analysis, for each county, included all classes of property and specifically looked
at how the assessor developed economic areas, confirmed and qualified their sales, developed
their time adjustments, and performed their periodic physical property inspections. 'the audit
also reviewed the procedures for discovering, classifying and valuing agricultural outbuildings,
discovering subdivision build-out and subdivision discounting procedures. Valuation
methodology for residential properties and commercial properties was examined. Procedures
for producing mines, oil and gas leaseholds and lands producing, producing coalmines,
producing earth and stone products, severed mineral interests, and non-producing patented
mining claims were also reviewed. Starting in 2007, procedural analyses of agricultural
outbuildings were performed for each county.
ROCKY MOUNTAIN
VALUATION SPECIALISTS
Statistical analysis was also performed, for each county, on vacant land, residential properties,
commercial/industrial properties, and agricultural land. A statistical analysis was performed to
check for personal property compliance on the top 11 counties: Adams, Arapahoe, Boulder,
Denver, Douglas, I il Paso, Jefferson, I.arimer, Mesa, Pueblo, and Weld. All other counties
received a procedural study.
Throughout this project RMVS has remained committed to its belief that for an ad valorem
system to be successful, values must be equitable and market-driven in all parts of Colorado.
Only then is the taxpayer assured of a fair property tax.
RMVS appreciates the opportunity to be of service to the State of Colorado.
04th
Mark R. I Anne MAI, CAE,ASA, CRE, FRICS
Managing Director
Rocky Mountain Valuation Specialists LLC
ROCKY MOUNTAIN
VALUATION SPECIALISTS
TABLE OF CONTENTS
Introduction 3
Regional/Historical Sketch of Weld County 5
Ratio Analysis 7
Time Trending Verification 9
Sold/Unsold Analysis 10
Agricultural Land Study 12
Agricultural IAnd 12
Agricultural Outbuildings 13
Sales Verification 14
Economic Area Review and Evaluation 13
Natural Resources 16
Vacant Land 17
Subdivision Discounting 17
Possessory Interest Properties 18
Personal Property Audit 19
RMVS Auditor Staff 21
Appendices 22
2008 Weld County Property Assessment Study— Page 2
ROCKY MOUNTAIN
VALUATION SPECIALISTS
INTRODUCTION
do not reflect the proper valuation period
II Colorado level of value.
C.R.S. 39-1-1U4 (16)(a)(b) and (c) outlined
The Colorado Constitution directs that each how this was to be accomplished by stating
property tax levy shall be uniform upon all
real and personal property not exempt from that during each property tax year, the
director of research of the legislative council
taxation. The constitution goes on to direct shall contract with a private person for a
that the actual value of all applicable real for assessment study to he
and personal property shall be determined
conducted as set forth in this subsection
under general laws, which shall prescribe (16). The study shall be conducted in all
such methods and regulations as shall secure
counties of the state to determine whether
just and equalized valuations (Colo. Cons[.' or not the assessor of each county has, in
Art. X, Sec. 3 (1)(a)). fact, used all manuals, formulas, and other
directives required by law to arrive at the
In order to check that all applicable valuation for assessment of each and every
property has been valued with just and class of real and personal property in the
equalized valuations, the Constitution states
hat commencing in 1983 the general county. The person conducting the study
shall sample each class of property in a
assembly shall cause a valuation for statistically valid manner, and the aggregate
assessment study to be conducted. Such of such sampling shall equal at least one
study shall determine whether or not the
percent of all properties in each county of
assessor of each county has complied with the state. The sampling shall show that the
the property tax provisions of this various areas, ages of buildings, economic
constitution and of the statutes in valuing conditions, and uses of properties have been
property and has determined the actual sampled. Such study shall he completed,
value and valuation for assessment of each and a final report of the findings and
and every class of taxable real and personal conclusions thereof shall be submitted to
property consistent with such provisions. the state board of equalization, by
Such study shall sample at least one percent September 15 of the year in which the study
of each and even class of taxable real and is conducted.
personal property in the county (Colo.
Cons[., Art. X, Sec. 3 (2)(a)). The legislative council sets forth two criteria
The State Board of liqualization (SBOE) that are the focus of the audit group:
reviews assessments for conformance to the
Constitution. The SBOE will order To determine whether each county assessor
revaluations for counties whose valuations is applying correctly the constitutional and
2008 Weld County Property Assessment Study—Page 3
•
ROCKY MOUNTAIN
VALUATION SPECIALISTS
statutory provisions, compliance out and subdivision discounting procedures.
requirements of the State Board of Valuation methodology for vacant land,
Equalization, and the manuals published by improved residential properties and
the State Property Tax Administrator to commercial properties s exam ned.
arrive at the actual value of each class of Procedures for producing mines, oil and gas
property. leaseholds and lands producing, producing
coal mines, producing earth and stone
To determine if each assessor is applying products, severed mineral interests and non-
correctly the provisions of law to the actual producing patented mining claims are also
values when arriving at valuations for reviewed.
assessment of all locally valued properties
subject to the property tax. Statistical analysis is performed on vacant
land, residential properties, commercial
The property assessment audit conducts a industrial properties, agricultural land, and
two-part analysis: A procedural analysis and personal property. The statistical study
a statistical analysis. results are compared with State Board of
Equalization compliance requirements and
The procedural analysis includes all classes the manuals published by the State Property
of property and specifically looks at how the Tax Administrator.
assessor develops economic areas, confirms
and qualifies sales, and develops time RMVS has completed the Property
adjustments. The audit also examines the Assessment Study for 2008 and is pleased to
procedures for adequately discovering, report its findings for Weld County in the
classifying and valuing agricultural following report.
outbuildings, discovering subdivision build-
2008 Weld County Property Assessment Study—Page 4
41)
ROCKY MOUNTAIN
VALUATION SPECIALISTS
REGIONAL / HISTORICAL SKETCH
OF WELD COUNTY
Regional Information South Platte and Arkansas rivers on the east
side of the Rockies.
Weld County is located in the Front Range
region of Colorado. The Colorado Front The Front Range includes Adams,
Range is a colloquial geographic term for Arapahoe, Boulder, Broomfield, Denver,
the populated areas of the State of Colorado Douglas, El Paso, Jefferson, Larimer,
which are just east of the foothills of the Pueblo, and Weld counties. The Colorado
Front Range, from which the region takes Front Range communities include (in a
its name. The region contains the largest roughly north-to-south order): Fort Collins,
cities and the majority of the population of Greeley, Loveland, Longmont, Boulder,
Colorado, aligned in a north-south Denver-Aurora Metropolitan Area, Castle
configuration on the western edge of the Rock, Colorado Springs, Pueblo.
Great Plains, where they meet the Rockies.
Geologically, the region lies mostly within
the Colorado Piedmont, in the valley of the
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2008 Weld County Property Assessment Study — Page 5
10
ROCKY MOUNTAIN
_..-_
VqLUgTION SPECIALISTS
Historical Information
Weld County has a population of
The county seat is Greeley, named for
approximately 236,857 people with 45.3
people per square mile, according Horace Greeley c of the editor, York Tribune,
U.S. Census Bureau's 2006 estimated Meeker,wheke agricultural pess with C.
population data. was so impressed with the
agricultural potential of the area that he
Weld Count r, one of the original seventeen began a publicity campaign in the paper to
found a colony. This group, known as The
territorial counties, was established in 1861
with an area of 4,002 square miles. The Union Colony, bought a town site and
county was named for Lewis Ledyard Weld, named it in Greeley's Pla Names,
(William
Bright,o Colorado Place Kamen, 8 Edition,
the first secretary of Colorado Territory.
Johnson Books, 2004, p.184 and 78)
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2008 Weld County Property Assessment Study —Page 6
ROCKY MOUNTAIN
STS
VALUATION SPECIALISTS
RATIO ANALYSIS
Methodology failed by these latter measures, but were
All significant classes of properties were counseled if there were anomalies noted
analyzed. Sales were collected for each during our analysis. Qualified sales were
proper class over the appropriate sale based on the qualification code used by each
county, which were typically coded as either
period, which was typically defined as the
"Q" or "C." The ratio analysis included all
18-month period between January 2005 and
June 2006. Counties with less than 30 sales sales. The data was trimmed for counties
typically extended the sale period back up to with obvious outliers using IAAO standards
5 years prior to June 30, 2006 in 6-month for data analysis. In every case, we
increments. If there were still fewer than 30 examined the loss in data from trimming to
ales, supplemental appraisals were insure that only true outliers were excluded.
Any county with a significant portion of
performed and treated as proxy sales.
Residential sales for all counties using this sales excluded by this trimming method
method totaled at least 30 per county'. For were examined further. No county was
commercial sales, the total number analyzed allowed to pass the audit if more than 5% of
was allowed, in some cases, to fall below 30. the sales were "lost" because of trimming.
For the largest 11 counties, the residential
There were no sale quantity issues for
counties requiring vacant land analysis or a o statistics were broken down by
condominium analysis. Although it was economic area as well.
required that we examine the median and Conclusions
coefficient of dispersion for all counties, we For this final analysis report, the minimum
also calculated the weighted mean and price- acceptable statistical standards allowed by
related differential for each class of the State Board of Equalization are:
property. Counties were not passed or
ALLOWABLE STANDARDS RATIO GRID
Unweighted Coefficient of
Property Class Median Ratio Dispersion
Commercial/industrial Between .95-1.05 Less than 20.99
Condominium Between.95-1.05 less than 15.99
Single Family Between .95-1.05 less than 15.99
Vacant Land Between .95-1.05 Less than 20.99
2008 Weld County Property Assessment Study — Page 7
4)
ROCKY MOUNTAIN
VALUATION SPECIALISTS
The results for Weld County are:
Weld County Ratio Grid
Number of Unweighted Price Coefficient
Qualified Median Related of Time Trend
Property Class Sales Ratio Differential Dispersion Analysis
Cl,mmcrcial/industrial 197 0.975 1.025 10 Compliant
Condominium
N/;\ N/;\ N/.\ N/;\ N/A
Single Family
11,391 0.971 1.007 7.6 Compliant
Vacant IAnd 210 0.999 1.018 10.4 Compliant
Ratio Statistics
SALE Weighted Price Related Coefficient of
ECON AREA COUNT Median Mean Differential Dispersion
0 974 .971 .966 1.006
2 2,645 .970 .965 1.007 .076
3 2,591 .979 .974 1.007 .071
4 635 .966 .955 1.009 .089
5 120 .971 .967 1.007 .119
6 7
8
9
1,960 .970 .966 1.012 .092
57 .973 .955 1.025 .138
54 .961 .975 1.014 .150
276 .973 .976 1.009 .086
NONE SPECIFIED* 719 .966 .968 .997 .042
Overall 10,031 .971 .968 1 007. .076
RATIO=CURRENT ASMT/TASP
After applying the above described compliance with S13O1 DPT, and
methodologies, it is concluded from the Colorado State Statute valuation guidelines.
sales ratios that Weld County is in Recommendations
None
2008 Weld County Property Assessment Study—Page 8
•
ROCKY MOUNTAIN
VALUATION SPECIALISTS
TIME TRENDING VERIFICATION
Methodology and a further examination is warranted.
While we recommend that counties use the This validation methodology also considers
inverted ratio regression analysis method to the number of sales and the length of the
account for market (time) trending, some sale period. Counties with few sales across
counties have used other [AAO-approved the sale period were carefully examined to
methods, such as the weighted monthly
determine if the statistical results were valid.
median approach. We are not auditing the Coriclusloris
methods used, but rather the results of the After verification and analysis, it has been
methods used. Given this range of determined that Weld County has complied
methodologies used to account for market with the statutory requirements to analyze
trending, we concluded that the best the effects of time on value in their county.
validation method was to examine the sale Weld County- has also satisfactorily applied
ratios for each class across the appropriate the results of their time trending analysis to
sale period. To he specific, if a county has arrive at the time adjusted sales price
considered and adjusted correctly for (TASP).
market trending, then the sale ratios should
Recommendations
remain stable (i.e. flat) across the sale
period. if a residual market trend is None
detected, then the county may or may not
have addressed market trending adequately,
I
2008 Weld County Property Assessment Study —Page 9
ROCKY MOUNTAIN
VALUATION SPECIALISTS
SOLD / UNSOLD ANALYSIS
Methodology unsold sample. This sample was at least I
of the total population of unsold properties
Weld County was tested for the equal and excluded any sale properties. The
treatment of sold and unsold properties to unsold sample was filtered based on the
insure that"sales chasing" has not occurred. attributes of the sold dataset to closely
The auditors employed a multi-step process correlate both groups. The ratio analysis
to determine if sold and unsold properties was then performed on the unsold
were valued in a consistent manner. properties and stratified. The median and
mean ratio distribution was then compared
All qualified residential and commercial between the sold and unsold group. A non-
class properties were examined using the parametric test such as the Mann-AX'hitney
unit value method, where the actual value test for differences between independent
per square foot was compared between sold samples was undertaken to determine
and unsold properties. A class was whether any observed differential was
considered qualified if it met the criteria for significant. If this test determined that the
the ratio analysis. The median value per unsold properties were treated in a manner
square foot for both groups was compared similar to the sold properties, it was
from an appraisal and statistical perspective. concluded that no further testing was
If no significant difference was indicated, warranted and that the county was in
then we concluded that no further testing compliance.
was warranted and that the county was in
compliance in terms of sold/unsold If a class or sub-class of property was
consistency. determined to be significantly different by
this method, the final step was to perform a
If either residential or commercial multi-variate mass appraisal model that
differences were significant using the unit developed ratio statistics from the sold
value method, or if data limitations made properties that were then applied to the
the comparison invalid, then the next step unsold sample. This test compared the
was to perform a ratio analysis comparing measures of central tendency and
the 2006 and 2008 actual values for each confidence intervals for the sold properties
qualified class of property. All qualified with the unsold property sample if this
vacant land classes were tested using this comparison was also determined to be
method. The sale property ratios were significantly different, then the conclusion
arrayed using a range of 0.8 to 1.5, which was that the county had treated the unsold
theoretically excluded changes between properties in a different manner than sold
years that were clue to other unrelated properties.
changes in the property. These ratios were
also stratified at the appropriate level of These tests were supported by both tabular
analysis. Once the percent change was and chart presentations, along with saved
determined for each appropriate class and sold and unsold sample files.
sub-class, the next step was to select the
2008 Weld County Property Assessment Study—Page 10
ROCKY MOUNTAIN
VALUATION SPECIALISTS
Sold/Unsold Results
Property Class Results
Compliant
Commercial/industrial
N/A
Condominium
•
Compliant
Single Family
Compliant
Vacant Land
Conclusions Recommendations
After applying the above described None
methodologies, it is concluded that Weld
County is reasonably treating its sold and
unsold properties in the same manner.
2008 Weld County Property Assessment Study—Page 11
410
ROCKY MOUNTAIN
VALUATION SPECIALISTS
AGRICULTURAL LAND STUDY
Acres By Subclass Value By Subclass
Sprinkler
Waste 4% 35.000.000
ar
30,000,000
Flood
13% 25,000,000
20 000,000
15 000,000
Dry 28%m 10 000,000
r I-' r' aMit 5000000
Grazing ,, rl i, • •
0
50z Sprinkler Flood Dry Farm Meadow Grazing Waste
Meadow Hay Hay
1%
Agricultural Land
County records were reviewed to determine capacities, and expenses. Records were also
major land categories such as irrigated farm, checked to ensure that the commodity
dry farm, meadow hay, grazing and other prices and expenses, furnished by the
lands. In addition, county records were Property Tax Administrator (PTA), were
reviewed in order to determine if: Aerial applied properly. (See Assessor Reference
photographs arc available and are being library Volume 3 Chapter 5.)
used; soil consen-ation guidelines have been Conclusions
used to classify lands based on productiyin-;
crop rotations have been documented; An analysis of the agricultural land data
npical commodities and yields have been indicates an acceptable appraisal of this
determ ned; orchard lands have been property type. Directives, commodity
properly classified and valued; expenses prices and expenses provided by the PTA
reflect a ten year average and are typical were pmperk applied. County yields
landlord expenses; grazing lands have been compared favorably to those published by
properly classified and valued; the number Colorado Agricultural Statistics. I;xpenses
of acres in each class and subclass have used by the county were allowable expenses
been determined; the capitalization rate was and were in an acceptable range. Grazing
properly applied. Also, documentation was lands earning capacities were in an
required for the valuation methods used and acceptable range. The data analyzed
any locally developed yields, carping resulted in the following ratios:
2008 Weld County Property Assessment Study—Page 12
ROCKY MOUNTAIN
VALUATION SPECIALISTS
Weld County Agricultural Land Ratio Grid
Number County County RMVS
Abstract O1 Value Assessed Total
Code Land Class Acres Per Acre Total Value Value Ratio
410%' Sprinkler
85,365 68.91 5,882,413 6,081,926 0.97
4117 14uod 259,440 12(1.67 31,306,599 32,6(16,900 11.96
41r Drc Farm 558,312 12.77 7,129,930 7,721,884 0.92
41r NI each nc l lay 15,558 40.41 628,708 628,708 1.00
4147 Grazing 964,546 4.82 4,646,035 4,646,035 1.00
4167 ANastc 81,006 1.63 132,277 132,277 1.00
Total/Avg 1,964,227 25.32 49,725,961 51,817,729 0.96
Recommendations
N one
Agricultural Outbuildings
Methodology Conclusions
1 A sample of various use types of agricultural Weld County has developed a written plan
I outbuildings with varying ages was reviewed for the implementation of the
to see if the guidelines found in the recommended procedures provided Iw the
Assessor's Reference Library (\RI.) Volume Division of Property Taxation for the
3, pages 5.73 through 5.78 were being valuation of agricultural outbuildings.
followed. Recommendations
N one
i
2008 Weld County Property Assessment Study—Page 13
10
ROCKY MOUNTAIN
VALUATION SPECIALISTS
SALES VERIFICATION
According to Colorado Revised Statutes: 1 he assessor is required to use sales of real property
only in the valuation process.
-i representative body of sales is required when
considering the market approach to appraisal. (8)(J) .Such true and typical sales shall include only
those sales which hare been determined on an
(8) In any case in which sales prices of comparable individual basis to reflect the selling price of the real
properties within any class or subclass are utilised property only or which hare been adjusted on an
when considering the market approach to appraisal individual basis to reflect the selling price of the real
in the determination of actual value of any taxable property only. (39-1-103, C.R.S.)
property, the firllowigg limitations and conditions
shall apply: Part of the Property Assessment Study is
the sales verification analysis. RMVS has
(a)(I) Use of the market approach shall require a used the above-cited statutes as a guide in
representative body of sales, including sales by a our study of the county's procedures and
lender or government, sufficient to set a pattern, and practices for verifying sales.
appraisals shall reflect due consideration of the
I degree of comparability of sales, including the extent RMVS reviewed the sales verification
h of similarities and dissimilarities among properties procedures in 2008 for Weld County. This
I that are compared far assessment purposes. In order study was conducted by checking selected
I to obtain a reasonable sample and to reduce sudden sales from the master sales list for the
price changes or fluctuations, all sales shall he valuation period. Specifically RMVS
I included in the sample that reasonably reflect a true selected 45 sales listed as unqualified.
or typical sales price during the period specified in
section 39-1-104 (10.?). .Sales of perconal property All but nvo of the sales selected in the
exempt pursuant to the provisions et sections 39-3- sample gave reasons that were clear and
102, 39-3-103, and 39-3-119 to 39-3-122 shall supportable. Two sales had insufficient
not be included in any such sample. documentation.
Conclusions
(h) Each such sale included in the .sample shall be Weld County appears to be doing a good
coded to indicate a typical, negotiated sale, as o of verifying their sales. There are no
screened and verified by the assessor: (39-1-103, )
recommendations.
C.fz.S.) Recommendations
None
2008 Weld County Property Assessment Study— Page 14
ROCKY MOUNTAIN
VALUATION SPECIALISTS
ECONOMIC AREA REVIEW AND
EVALUATION
Methodology adequatel identified homogeneous
Weld County has submitted a written economic areas comprised of smaller
narrative describing the economic areas that neighborhoods. Each economic area
make up the county's market areas. Weld defined is equally subject to a set of
County has also submitted a map illustrating economic forces that impact the value of
these areas. Each of these narratives have he proper es within that geographic area
been read and analyzed for logic and and this has been adequately addressed.
appraisal sensibility. The maps were also Each economic area defined adequately
compared to the narrative for consistency delineates an area that will give "similar
values for similar properties in similar
between the written description and the
map. areas."
Conclusions Recommendations
After review and analysis, it has been None
determined that Weld County has
2008 Weld County Property Assessment Study— Page 15
ROCKY MOUNTAIN
VALUATION SPECIALISTS
NATURAL RESOURCES
Earth and Stone Products Producing Oil and Gas Procedures
Methodology Methodology
Under the guidelines of the Assessor's The Colorado Revised Statues (CRS) in
Reference Library (ARI), Volume 3, Article 39, Section 7, and the Assessor's
Natural Resource Valuation Procedures, the Reference Library (ARL), Volume 3 were
income approach was the primary method the basis for valuing the production of gas
applied to find value for production of earth property. For gas, the gross volume of
and stone products. The number of tons thousand cubic feet (NICE) sold was
was multiplied by an economic location multiplied by the current average field price
factor that represented the landlord's
per unit sold. For Oil, the gross volume of
rocaln'. The landlord's share was multiplied barrels sold was multiplied by the current
by a recommended Hoskold factor to average field price per unit sold. Any
federal, state or local government ownership
factor determine the actual value. The Hoskold (royalty) was deducted from the gross value
factor was determined by the life of the
reserves, or the lease. The value was sold to arrive at actual value.
primarily based on two variables: life and Conclusions
tonnage. The operator determines these County oil gas production using
since there is no other means to obtain County
valued appraisal l andpr gas prod
1acceptable
s.
production data through any state or private
agency.
Recommendations:
Conclusions None
County has applied the correct formulas and
state guidelines to earth and stone
production.
Recommendations
None
2008 Weld County Property Assessment Study — Page 16
ROCKY MOUNTAIN
VALUATION SPECIALISTS
VACANT LAND
Subdivision Discounting
In 2008 subdivisions were reviewed in Weld plat, the absorption period was left
County. The review showed that unchanged.
subdivisions were discounted pursuant to
the Colorado Revised Statutes in Article 39- Conclusions
1-103 (14) and by applying the
Weld County has implemented proper
recommended methodology in ARI. Vol 3,
procedures to adequately estimate
Chap 4. Subdivision Discounting in the
absorption periods, discount rates, and lot
intervening year was accomlished by
values for qualifying subdivisions.
reducing the absorption period by one year.
In instances where the number of sales Recommendations
within an approved plat was less than the None
absorption rate per year calculated for the
2008 Weld County Property Assessment Study —Page 17
110
ROCKY MOUNTAIN
VALUATION SPECIALISTS
POSSESSORY INTEREST
PROPERTIES
Possessory interest property discovery and interest properties. The county has also
valuation is described in the Assessor's been queried as to their confidence that the
Reference Library (ARI.) Volume 3 section possessory interest properties have been
7 in accordance with the requirements of discovered and placed on the tax rolls.
39-1-103 (17)(a) (11) C.R.S. Possessory Conclusions
Interest is defined by the Property Tax
Weld County has implemented a discover
Administrator's Publication AM, Volume 3,
process to place possessory interest
Section 7: A private property interest in
properties on the roll. They have also
government-owned property or the right to
in
correctly and consistently applied the
the occupancy and use of any benefit
government-owned property that has been correct procedures and valuation methods
( granted under lease, permit, license, in the valuation of possessory interest
properties.
concession, contract, or other agreement.
Recommendations
Weld County has been reviewed for their None
procedures and adherence to guidelines
when assessing and valuing possessory
1
2008 Weld County Property Assessment Study—Page 18
ROCKY MOUNTAIN
VALUATIO
N SPECIALISTS
PERSONAL PROPERTY AUDIT
Weld County was studied for its procedural counties to be included in this study arc
compliance with the personal property Adams, Arapahoe, Boulder, Denver,
assessment outlined in the Assessor's Douglas, El Paso,Jefferson, Lorimer, Mesa,
Reference Library (ARL) Volume 5, and in Pueblo, and Weld. All other counties
the State Board of Equalization (SBOE) received a procedural study.
requirements for the assessment of personal
property. The SBOF requirements are Weld County is compliant with the
outlined as follows: guidelines set forth in ARL Volume 5
regarding discovery procedures, using the
Use ARI, Volume 5 including current following methods to discover personal
discover}-, classification, and documentation property accounts in the county:
procedures, and including current economic
lives table, cost factor tables, depreciation • Public Record Documents
table, and level of value adjustment factor
• NILS Listing and/or Sold Books
table.
• Chamber of Commerce/Economic
The personal property audit standards Development Contacts
narrative must he in place and current. A • Local Telephone Directories,
listing of businesses that have been audited Newspapers or Other Local
by the assessor within the twelve-month Publications
period reflected in the plan is given to the • Persona Observa on, Physical
auditor. The audited businesses must be in Canvassing or Word of Mouth
conformity with those described in the plan. • Questionnaires, Letters and/or
Phone Calls to Buyer, Seller and/or
Aggregate ratio will be determined solely Realtor
from the personal property accounts that
have been physically inspected. The The county uses the Division of Property
minimum assessment sample is one percent Taxation (DPT) recommended classification
or ten schedules, whichever is greater, and and documentation procedures. The DPT's
the maximum assessment audit sample is recommended cost factor tables,
100 schedules. depreciation tables and level of value
adjustment factor tables are also used.
Lor the counties having over 100,000
population, RMVS selected a sample of all Weld County submitted their personal
personal property schedules to determine property written audit plan and was current
iwhether the assessor is correctly applying for the 2008 valuation period. The number
the provisions of law and manuals of the and listing of businesses audited was also
iProperty Tax Administrator in arriving att submitted and was in conformance with the
he assessment levels of such property. This written audit plan. The following audit
sample was selected from the personal triggers were used by the county to select
property schedules audited by the assessor. accounts to be audited:
In no event was the sample selected by the
contractor less than 30 schedules. The
2008 Weld County Property Assessment Study—Page 19
ROCNV MOUNTAIN
VALUATION SPECIALISTS
• Businesses in a selected area
• Accounts with obvious
discrepancies Weld County's median ratio is 1.00. This is
• New businesses filing for the first in compliance with the State Board of
time Itqualization (SBOE) compliance
• Accounts with greater than 10% requirements which range from .90 to 1.10
change with no COD requirements.
• Incomplete or inconsistent
declarations Conclusions
• Accounts with omitted property Weld County has employed adequate
• Same business type or use discovery, classification, documentation,
• Businesses with no deletions or valuation, and auditing procedures for their
additions for 2 or more years personal property assessment and is in
• Non-filing Accounts - Best statistical compliance with SBOE
Information Available requirements.
• Accounts close to the $2,500 actual
Recommendations
value exemption status
• Accounts protested with substantial None
disagreement
2008 Weld County Property Assessment Study—Page 20
ROCKY MOUNTAIN
VALUATION SPECIALISTS
RIMS AUDITOR STAFF
Mark Linne, MAI, CRE, CAE, ASA, FRICS, Corporate AManaging Director of RAH'S
Suzanne J. Howard, Audit Manager for RAIVV
Uwe Hohoff, Chit] Statistic rn"Or RAP S, Audit Dipirion
James Gresham,Audit Chief Data Analyst for RAIL S
Garth Thimgan, CAE, General Audit Support and Consultant for RA1 VS'
Helen D. Powszukiewicz, General Audit.S'upport Administrative Assistant
Carl W. Ross, Agricultural Coordinator and Supervisor.*RAIL IV
Cathie E. Ross, General Audit Suppod Administrative Assistant
Katie Linne, Admmzltrative Assistant
r
2008 Weld County Property Assessment Study—Page 21
ROCKY MOUNTAIN
VALUATION SPECIALISTS
APPENDICES
2008 Weld County Property Assessment Study—Page 22
ROCKY MOUNTAIN
VALUATION SPECIALISTS
STATISTICAL ANALYSIS WELD COUNTY
2008
I. OVERVIEW
Weld County is located in northeastern Colorado. The County has a total of 120,086 real
property parcels based on the data submitted by the County Assessor's office in 2008, The
breakdown by property type is listed in the table below.
PROPERTY TYPE
Frequency Percent
VACANT LAND 17,729 14.8
RESIDENTIAL 69,718 58.1
COMMERCIAL 3,664 3.1
INDUSTRIAL 545 5
OTHER 28,430 237
Total 120,086 100.0
Vacant Land
The vacant land class of properties has a total of 17,729 parcels. The majority (84/) of these
parcels have a residential (100,1112) subclass code. The remaining vacant parcels are a mix of
commercial/industrial, multi-family, Kill and mobile home, or have a subclass code that is
delineated by the acreage of the parcel.
2008 Weld County Property Assessment Study—Page 23
110
ROCKY MOUNTAIN
VALUATION SPECIALISTS
SUBCLASS CODE
Frequency Percent
100 Residential Lots 13,693 77.2
200 Commercial Lots 871 4.9
300 Industrial Lots 257 1 4
400 PUD Lots 402 2.3
510 Less Than 1.0 ACRES 87 5
520 1.0 to 4.99 ACRES 106 6
530 5.0 to 9.99 ACRES 32 2
540 10.0 to 34.99 ACRES 35 2
550 35.0 to 99.99 ACRES 24 1
560 100.0 ACRES and Up 2 0
1112 Single Family Residence Land 1,279 7 2
1115 Duplexes-Triplexes Land 1 .0
1120 Multi-Units(4-8)Land 4 0
1125 Multi-Units(9&Up)Land 4 .0
1135 Manuf Housing(Mobile Homes)Land 889 5.0
1140 Manuf Housing(Land,Park,Etc.)Land 43 .2
Total 17,729 100.0
Residential
The residential subclass category has a total of 69,718 parcels. Over 92% of the parcels have a
single-family residential (1212) subclass code. The remaining parcels in this category are multi-
unit, condominium and mobile home properties.
SUBCLASS CODE
Frequency Percent
1212 Single Family Residence 64,285 92.2
1215 Duplexes-Triplexes 987 1.4
1220 Multi-Units(4-8) 647 .9
1225 Multi-Units(9&Up) 142 2
1230 Condominiums 3,541 5.1
1235 Manuf Housing(Mobile Homes) 115 .2
1240 Manuf Housing(Land, Park, Etc.) 1 .0
Total 69,718 100.0
Commercial/Industrial
'the commercial/industrial subclass category has a total of 4,209 properties. This category
represents 3.6% of the total real property inventors-. The majority (87%) of these parcels have a
commercial use. The breakdown by subclass code is listed below.
2008 Statistical Report: \VI1].D COl'IN1I Page 24
F
ROCKY MOUNTAIN
VALUATION SPECIALISTS
SUBCLASS CODE
Frequency Percent
2112 Merchandising 11 .3
2120 Offices 8 .2
2125 Recreation 12 .3
2130 Special Purpose 40 1.0
2135 WareHouse/Strg 17 .4
2212 Merchandising 732 17.4
2215 Lodging 37 9
2220 Offices 708 16.8
2225 Recreation 41 1.0
2230 Special Purpose 1,012 24.0
2235 WareHouse/Strg 1,041 24.7
2245 Commercial Condo 5 .1
3112 Contract/Service 5 .1
3115 Manuf/Processing 21 .5
3212 Contract/Service 223 5.3
3215 Manuf/Processing 292 6.9
3230 Industrial Condos 3 .1
3410 Industrial Personal Property 1 .0
Total 4,209 100.0
Other
The majority of the remaining 28,430 parcels have an agricultural subclass code.
II. SALES FILE
The sale file provided by the Weld County Assessor's Office contained 14,021 real property sales
between the dates of_January 2005 and June 2006. The breakdown of sales activity by sale
month and year is as follows:
2(108 Statistical Report:\X III) U1CATl' Page 23
•
ROCKY MOUNTAIN
VALUATION SPECIALISTS
Count
SALE YEAR
2005 2006 Total
SALE January 616 539 1,155
MONTH February 667 628 1,295
March 860 843 1,703
( April 835 757 1,592
1 May 947 840 1,787
1 June 905 868 1,773
4 July 849 0 849
1 August 971 0 971
September 872 0 872
October 649 0 649
' November 705 0 705
December 670 0 670
Total 9,546 4,475 14,021
1(
1
Once the sales were edited to keep the most recent sale, transactions that were coded as
i unqualified by the County were excluded from the analysis. The following table provides a
breakdown of the qualified and unqualified sales.
1,
A
SALE INVESTIGATION CODE
Frequency Percent
QUALIFIED 11,391 84.9
UNQUALIFIED 2,024 15.1
Total 13,415 100.0
There were 11,391 sales that were classified as qualified. The breakdown of the sales by current
property type is listed below.
2008 Statistical Report:WC-ELL)COI'NT)! Page 26
f
4
ROCKY MOUNTAIN
VALUATION SPECIALISTS
SALE TYPE
Frequency Percent
VACANT 217 19
VACANT SALE WITH NON-VACANT LAND SUBCLASS 915 8.0
RESIDENTIAL 10,038 88.1
COMM/IND 197 1.7
IMPROVED SALE WITH VACANT SUBCLASS 2 0
OTHER
Total
22 .2
11,391 100.0
III. RESIDENTIAL SALES RESULTS
l'or the residential analysis, 10,038 sales between the dates January 2003 and June 2006 were
analyzed. A break-down of the sales by subclass is listed below.
SUBCLASS CODE
Frequency Percent
1212 Single Family Residence 9,180 91.5
1215 Duplexes-Triplexes 141 14
1220 Multi-Units (4-8) 45 4
1225 Multi-Units(9&Up) 5 .0
1230 Condominiums 663 6.6
1235 Manuf Housing (Mobile Homes) 4 0
Total 10,038 100.0
*Note:4 sales with a subclass code 1235 were excluded from the analysis.
These sales were used to perform a sales ratio analysis to determine whether the statutory
guidelines for the level and quality of the assessments have been satisfied. In order to perform a
sales ratio analysis all sales must reflect market conditions as of June 30, 2006.
Based on an examination of the sales file, the County applied time adjustments to the sales
during this time period. The following graph illustrates the various time adjustment factors
applied to the residential sales.
20118 Statistical Report:\A'8LD COUNTY
Page 27
I .ROCNY MOUNTAIN
VALUATION SPECIALISTS II WELD COUNTY RESIDENTIAL TIME ADJUSTMENT FACTORS
O
O
0
O
t
1.05- O °
O 0 O O
O O O
ce
O ° O °
0 O O 0
l a ° O ° O O O O O
LL Q O O
i-
tS ° ° o 0 O
O O
Z R C O
III
2 t00- O i O O O O O O O O O O O O O O O O
8
4i M
a ° 0O ,
w ° ° ° O O O 0
O O O 0 O O
~ o o O O
t O 0 O
I O °
0.95- O
0
0
O
0
O
O
O
•
r r r r r
0.00 3.00 6.00 9.00 12.00 15.00 18.00 21.00
MONTHS FROM JUNE 2006(1=JUNE 2006, 18= JANUARY 2005)
1
The following table outlines the sales ratio statistics by economic area for all residential
properties in Weld County.
r
2008 Sr.ltisrical Report \Y r] COUNTY Page 28
licilD
ROCKY MOUNTAIN
VALUATION SPECIALISTS
Ratio Statistics
SALE Weighted Price Related Coefficient of
ECON AREA COUNT Median Mean Differential Dispersion
0 974 .971 .966 1.006 .062
2 2,645 .970 .965 1.007 .076
3 2,591 .979 .974 1.007 .071
4 635 .966 .955 1.009 .089
5 120 .971 .967 1.007 .119
6 1,960 .970 .966 1.012 .092
• 7 57 .973 .955 1.025 .138
8 54 .961 .975 1.014 .150
9 276 .973 .976 1.009 .086
NONE SPECIFIED* 719 .966 .968 .997 042
Overall 10,031 .971 .968 1.007 .076
RATIO = CURRENT ASMT/TASP
*Note: The majority of these sales are condominiums.
All economic areas have sale ratios that are in compliance with the standards set forth by the
Colorado State Board of Equalization (SBOE) for the overall sales.
The following graphical exhibits describe further the sales ratio distribution for all of these
properties:
2008 Statistical Report:VELD COUNTY Patna 29
ROCKY MOUNTAIN
VALUATION SPECIALISTS
2,000-
1,500—
a
C
cr 1,000-
L
LL
500—
Mean=0.97
Std.Dev.=0.107
N=10,031
0
0.00 0.50 1.00 1.50 2.00
RATIO
•
20118 Statistical Report; AGELD CULNT1.
Page 30
ROCKY MOUNTAIN
VALUATION SPECIALISTS
2.00^.. _...
O
0
(QO O
O
00
8 O
1.50 • . 0 0
0
• 0
L000 % 0
7 .....om 88
� o
0 0 0 0
O 0 0 0
00
Q100—. • .;boo a oa 0. o
go 00 0 0 0 0
0 0 0
:0 a 0
{. ,0C0•• •
O o 0
0
0.50—. mgo._.
0 0
0 0 00
0.00— _. .. _..
I
$0 $500,000 $1,000,000 $1,500.000 $2,000,000 $2,500,000
TIME ADJUSTED SALE PRICE
The above graphs indicate that the distribution of the sale ratios is within state mandated limits,
and that there is no significant price related differential issues.
Residential Market Trend Analysis
We verified that market trending was accounted for in the residential valuations by analyzing the
sale ratios over the 18 month time period. The following graph illustrates that there is no trend
in sale ratios during this time period when evaluated on a count•-wide basis.
2008 Statistical Report:AGI?Lll C(it N"T'V Page 31
•
ROCKY MOUNTAIN
VALUATION SPECIALISTS
Sale Ratio by Months
2.00
a
•
a
0 ° ° °
._ _.e ... . . 1 _. 2 ._.. 'a ___ ._..
1.50-.. e gg
e e ° e ° I e g 8
a ° a e e ° 8
e , ° • o ° e ' e•
` B
Fe 1.0o-
_ II ' e p ° a ' 0
I • ° e ° e
a a a
_. .°. _. _. ° _.
0 ° °
I 0.00—
I I TI " I 1 is ' 19 21
0 3 6 9 2
MONTHS FROM JANUARY 2005
I
II
Time trends were next analyzed for each economic area. The results are as follows:
Pape 32
2008 Statistical Report:AA 11ll COt NTl
Rocnr MOUNTAIN
VALUATION SPECIALISTS
TIME TREND SIGNIFICANCE TEST BY ECONOMIC AREA
Unstandardized Standardized
Coefficients Coefficients
EconArea Model B Std. Error Beta t Sig.
0 1 (Constant) -.041 .006 -7.140 .000
MONTHS .001 .001 .053 1.662 .097
2 1 (Constant) -.022 .004 -5.142 .000
MONTHS -.001 .000 -.062 -3183 .001
3 1 (Constant) -.022 .004 -5.452 .000
MONTHS .000 .000 -.014 -.731 .465
4 1 (Constant) -.045 .012 -3.924 .000
MONTHS -8.7E-005 .001 -.003 -.085 .932
5 1 (Constant) -.068 .029 -2.362 .020
MONTHS .003 .003 .108 1.184 .239
6 1 (Constant) -.051 .006 -8.298 .000
MONTHS .002 .001 .086 3.801 .000
7 1 (Constant) -.042 .045 -.939 .352
MONTHS .001 .004 .021 .157 .876
8 1 (Constant) -.103 .062 -1.657 .103
MONTHS .007 .006 .171 1.252 .216
9 1 (Constant) .000 .016 -.031 .975
MONTHS -.002 .001 -.094 -1.568 .118
99 1 (Constant) -.044 .005 -8.410 .000
MONTHS .001 .000 .048 1.274 .203
a. Dependent Variable: LNRATIO
Economic areas (2 and 6) have significant trends that are highlighted in red. These economic
areas both suggest nominal time adjustments (.1 and .2`V per month). The following graph
outlines the sale ratios trend in each of these areas.
I2O18 Statistical Report:WI':I.1) C()LNTY Page 33
ROCKY MOUNTAIN
VALUATION SPECIALISTS
° EconArea
° 0 8 O 2
0
O 0 0 0 0 ° O 6
0
1.40_. o _.. 0 _Q o _._o • _. ; 2
o 6
9 0 0 •
O 0 8 ° o
0 8 8 0 0 0 ° ° 0 ° B
0 0 0
e 0 0 0 0 8 00 0 0 8 s o
1.20—... 1. .o c. 0 _o. ° o p 8 e B._ Q._.•�..
O
1.00 -._ -
0.80— 8 ° ® e o e _° °e _8
0 s ° g �
° ° 8 $ , s
O e 8 8 ° 8 8 $ ° ° °
o ° ° 8 o 0 0 0 •
° 0 8 o o ° ° O
O °
0.60—.. 0 °
0 0
0
0 0 0 0
0
0
0.00 3.00 6.00 9.00 12.00 15.00 18.00 21.00
MONTHS FROM JANUARY 2005
Since the target level of .95-1.115 is maintained in both economic areas for the entire study
period, no further analysis is necessary.
Sold/Unsold Analysis
For the 2007 revaluation year audit, an analysis was performed that confirmed that the median
assessed value per square foot for sold and unsold residential property was similar. Since tax year
2008 is the intervening year, this relationship should not change. If there is no change in either
category, the conclusions from the 2007 audit would also he applicable to the current year.
2(x)8 Statistical Repute tAl(I.1) CUI N'fl P.Ige 34
•
ROCKY MOUNTAIN
VALUATION SPECIALISTS
2007 -2008 PERCENT CHANGE
CHANGE
CATEGORY Median N
SOLD .0000 10,034
UNSOLD .0000 59,353
The above median percent change table of sold and unsold residential properties indicates that
there is no change. Therefore, we can conclude that the analysis performed for the 2007 audit is
also applicable for the 2008 tax year.
IV. COMMERCIAL/INDUSTRIAL SALES RESULTS
For the commercial/industrial analysis, 197 sales between the dates of January 2005 and June
2006 were analyzed. A breakdown of the sales by subclass is as follows:
SUBCLASS CODE
Frequency Percent
2212 Merchandising 33 16.8
2215 Lodging 7 3.6
2220 Offices 40 20.3
2230 Special Purpose 31 15.7
2235 Wareldouse/Strg 53 26.9
3212 Contract/Service 18 9.1
3215 Manuf/Processing 15 7.6
Total 197 100.0
In order to perform a sales ratio analysis all commercial/industrial sales must reflect market
conditions as of June 30, 2006. Based on an examination of the sales file, the County did not
apply time adjustments to the sales during this time period. The following table outlines sales
ratio statistics for commercial and industrial properties in Weld County.
Ratio Statistics
Mean .946
Median .975
Weighted Mean .923
Price Related Differential 1.025
Coefficient of Dispersion .100
RATIO = CURRENT ASMT/TASP
`Note: 1 sale with a ratio > 2.15 was excluded from the ratio study.
?tits Statistical Report:WELD I.D CUt N l I'age 3�
4
ROCKY MOUNTAIN
VALUATION SPECIALISTS
The commercial/industrial sale ratios are in compliance with the standards set forth by the
Colorado State Board of Equalization (SBOI?) for the overall sales. The following graphical
exhibits describe further the sales ratio distribution for all of these properties:
60—
c 40-
4
a
m
LL
20—
Mean=0.95
Std.Dev.=0.144
N=196
0
0.50 0.75 1.00 1.25 1.50
RATIO
2005 Statistical Report: WNW C(1CN Y Pagel()
4
ROCKY MOUNTAIN
VALUATION SPECIALISTS
1.50_ Q _..
8
O
1.25- 00..
4,
o
O Q
O 3Q
Pe 1.00- Q...°�
� ®o
9 e O
coo Q
oQo
0.75- o4o....uo 8
o ao O
O
O
0
o Q
o0
0.50-.
I
$0 $2.000,000 $4,000.000 $6.000,000 $8,000,000 $10.000,000
NetPrice
%Note:fir interpre/ation pmposes, I su/e wi/h a price > 20,000,000 was excluder/from the()Gore chart.
Commercial Market Trend Analysis
We verified that market trending was accounted for in the commercial valuations by analyzing
the sale ratios over the 18 month time period. The following graph illustrates a horizontal
pattern in sales ratios indicating that there is no significant trend during this time period.
2008 Statistical Rcpore WELD(()t-NTY Page 37
40
ROCKY MOUNTAIN
VALUATION SPECIALISTS
Sale Ratio by Months
1.50 _ .. - ... _. . e
e
0
1.25 0 _. I._ _. ..
B 0
0 ° 0
e e e
e
O e e e e
e q yy p
Q too _e g s.. _e_. , !. I _t . 9. 0 = 6_. Y #. a. 6 t_.
ce e • e I • e • e 8 e 0 • e B ° e
a • e e
e e 8 0 e e
e
e
0 . °
0.75 n ..e _ e. 7 -0- o_. • •a ..
e • 0 • • 0
•
•
e
R Sig Linear=6.47E-4
e 0
0.50 _ _ _. . . .. .
1 1 1 I I 1 1 1
0 3 6 9 12 15 18 21
MONTHS FROM JANUARY 2005
Sold/Unsold Analysis
i For the 2007 revaluation scar audit, an analysis was performed that confirmed that the median
l assessed value per square foot for sold and unsold commercial/industrial property was similar.
Since tax year 2008 is the intervening year, this relationship should not change. If there is no
change in either category, the conclusions from the 2007 audit would also he applicable to the
current year.
i
200K Statistical Report:ACI:LD CUI.N.Il. Page aft
l
4
POCKY MOUNTAIN
VALUATION SPECIALISTS
2007-2008 PERCENT CHANGE
CHANGE
CATEGORY Median N
SOLD .0000 197
UNSOLD .0000 3,865
The median percent change table of sold and unsold commercial/industrial property indicates
that there is no change in either category. Therefore, we can conclude that the analysis
performed for the 2007 audit is also applicable for the 2008 tax year.
V. VACANT LAND SALE RESULTS
For the vacant land analysis, 1,125 sales between the dates of January 2005 and June 2006 were
analyzed. A breakdown of the sales by current property type is listed below.
PROPERTY TYPE
Frequency Percent
VACANT LAND 210 18.7
RESIDENTIAL 871 77.4
COMMERCIAL 34 3.0
INDUSTRIAL 7 .6
OTHER 3 .3
Total 1,125 100.0
Sales that were coded as vacant (210) were used in the vacant land sale ratio study. The
remaining sales were excluded from the analysis.
In order to perform a sales ratio analysis all vacant land sales must reflect market conditions as
of June 30, 2006. Based on an examination of the sales tile, the County applied time adjustments
to a small percentage of the sales during this time period. The following table outlines the sales
ratio statistics for vacant land in Weld County.
2008 Statistical Report:WI 1) Cd)UNTS Page 3?
ROCKY MOUNTAIN
VALUATION SPECIALISTS
Ratio Statistics
Mean 1.001
Median .999
Weighted Mean .983
Price Related Differential 1.018
Coefficient of Dispersion .104
RATIO=CURRENT ASMT/TASP
*Note: 3 sales with ratios < .30 were excluded from the ratio statistic calculations.
The sales ratios are in compliance with the standards set forth by the Colorado State Board of
I?yualira on (SBOE) for the overall sales. The following graphical exhibits describe further the
sales ratio distribution for all of these properties:
60—
T
c 40—
C711
N
LL
20—
Mean=1.00
Std.Dee.=0.164
N=20➢
0
075 1.00 125 1.50 1 7 2.00
RATIO
2iIOS Statistical Report VA Fl COUNTY Page 4(1
ROCKY MOUNTAIN
VALUATION SPECIALISTS
2.00- . _... _.. _... _..
0
1.75_ _... _
0
0
1.50- O O
0
Cb
O O
fib O
ce 1.25- O
Om° OO
0 p 0
9 O O
0 OO
1.00--. _..o. �ppr_p. _ .. o _. . p__. .O. 0-
0°0 %15 ° ®O O
O COO 0 Oe O O
O
O O O O O
®OO O O O
0.75- ebC _.. _._.._.
O
O
OO O
O
$0 $250,000 $500,000 $750,000 $1,000,000 $1,250,000
TIME ADJUSTED SALE PRICE
Vacant Land Market Trend Analysis
The "Sales Ratio by Months" graph describes the vacant land sale ratios over the 18 month time
period. The following graph illustrates a relatively horizontal pattern indicating no significant
changes in sale ratios during this time period.
20O8 Statistical Rcpon:AU I.D COt N1'i Pagc 4I
I.
ROCKY MOUNTAIN
VALUATION SPECIALISTS
Sale Ratio by Months
2O0-. ... _ _. _. ...
1 75- •
1.50— . e
•
O - •
•
re 1.25 e • -e 8 e
•
e a • •
., e I e •
! • e e 2 .. a e... 8 .a. ,.._y- a. e-
•
6 ° Y• e •
e • e ♦
e e
•
I I 6
9 2 5 18 21
0 3
MONTHS FROM JANUARY 2005
Sold/Unsold Analysis
For the 2007 revaluation year audit, an analysis was performed that confirmed that the median
change in value between sold and unsold land was consistent. Since tax year 2008 is the
intervening year, this relationship should not change. If there is no change in either category,
the conclusions from the 2007 audit would also be applicable for the current year.
2007 -2008 PERCENT CHANGE
CHANGE
ICATEGORY I Median N
SOLD .0000 210
UNSOLD .0000 15,822
Page 42
2008 Statistical Report VAlLI.11 C(1ll NTY
4
ROCKY MOUNTAIN
VALUATION SPECIALISTS
VI. AGRICULTURAL IMPROVEMENTS ANALYSIS
For the 2007 revaluation year audit, a comparison was made between the improvement value per
square foot of agricultural residential improvements and the rates assigned to single-family
residential improvements in Weld County. This analysis concluded that the County valued its
agricultural residential improvements in a manner consistent with single-family residential
improvements. Since tax year 20(18 is the intervening year, this relationship should not change.
If there is no change in the improvement values for both categories, the conclusions from the
2007 audit would also be applicable for the current year.
2007 -2008 PERCENT CHANGE
IMPCHANGE
SUBCLASS CODE Median N
1212 Single Family Residence .0000 62,750
4277 Farm/Ranch Residences .0000 5,206
Since single family and agricultural improvement values did not change, we can conclude that
the analysis performed for the 2007 audit is applicable for the 2008 tax year.
VII. CONCLUSIONS
Based on this statistical analysis, there are no intervening year compliance issues concluded for
Weld County.
2008 Statistical Report WI(I.1) C.(11.NT). P gc 4 3
Hello