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Home My WebLink About20072179.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2007, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE PETITION OF: GAMBLE BARBARA L & 306 WARK AVE BERTHOUD, CO 80513 DESCRIPTION OF PROPERTY: ACCOUNT#: R0080690 PARCEL#: 131325401011 -FRE TB-2 L2 TOPS BUSINESS PARK(IMPS ONLY: 1313-25-4-01-014#6926798)SITUS:717313 CR FREDERICK WHEREAS, the Board of County Commissioners of Weld County,Colorado,convened as the Board of Equalization for the purpose of adjusting, equalizing, raising or lowering the assessment and valuation of real and personal propertywithin Weld County,fixed and made bythe County Assessor for the year 2007, and WHEREAS, said petition has been heard before the County Assessor and due Notice of Determination thereon has been given to the taxpayer(s), and WHEREAS, the taxpayer(s) presented a petition of appeal of the County Assessor's valuation for the year 2007,claiming that the property described in such petition was assessed too high, as more specifically stated in said petition, and WHEREAS, said petitioner being present, and WHEREAS,the Board has made its findings on the evidence,testimony and remonstrances and is now fully informed. NOW,THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County,acting as the Weld County Board of Equalization,that the evidence presented at the hearing clearly supported the value placed upon the Petitioner's property,after review by the Weld County Assessor. Such evidence indicated the value was reasonable,equitable,and derived according to the methodologies,percentages,figures and formulas dictated to the Weld County Assessor by law. The assessment and valuation of the Weld County Assessor shall be, and hereby is, affirmed as follows: ACTUAL VALUE AS DETERMINED BY ASSESSOR Land $ 107,418 Improvements OR Personal Property 343,520 TOTAL $ 450,938 2007-2179 de/4. - O4 Aiod AS0067 RE: BOE - GAMBLE BARBARA L & PAGE 2 BE IT FURTHER RESOLVED that a denial of a petition, in whole or in part, by the Board of Equalization maybe appealed by selecting one of the following three options; however,said appeal must be filed within 30 days of the denial: 1. Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's(CBOE's)decision to the Board of Assessment Appeals(BAA). Such hearing is the final hearing at which testimony, exhibits, or any other evidence may be introduced. If the decision of the BAA is further appealed to the Court of Appeals, only the record created at the BAA hearing shall be the basis for the Court's decision. No new evidence can be introduced at the Court of Appeals. (Section 39-8-108(10), C.R.S.) Appeals to the BAA must be made on forms furnished by the BAA, and such appeals should be mailed or delivered within thirty(30)days of denial by the CBOE to: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, CO 80203 Phone: 303-866-5880 Fees: A taxpayer representing himself is not charged for the first two appeals to the Board of Assessment Appeals;however,a taxpayer being represented by an agent or an attorney must submit a fee of$101.25 per appeal. OR 2. District Court: You have the right to appeal the CBOE's decision to the District Court of the county wherein your property is located. New testimony,exhibits or any other evidence may be introduced at the District Court hearing. For filing requirements, please contact your attorney or the Clerk of the District Court. Further appeal of the District Court's decision is made to the Court of Appeals fora review of the record. (Section 39-8-108(1), C.R.S.) OR 3. Binding Arbitration: You have the right to submit your case to arbitration. If you choose this option the arbitrator's decision is final and your right to appeal your current valuation ends. (Section 39-8-108.5, C.R.S.) Selecting the Arbitrator: In order to pursue arbitration, you must notify the CBOE of your intent. You and the CBOE select an arbitrator from the official list of qualified people. If you cannot agree on an arbitrator,the District Court of the county in which the property is located will make the selection. 2007-2179 AS0067 RE: BOE - GAMBLE BARBARA L & PAGE 3 Arbitration Hearing Procedure: Arbitration hearings are held within sixty days from the date the arbitrator is selected. Both you and the CBOE are entitled to participate. The hearings are informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records, documents and other evidence. He also has the power to administer oaths, and all questions of law and fact shall be determined by him. The arbitration hearing may be confidential and closed to the public,upon mutual agreement. The arbitrator's written decision must be delivered to both parties personally or by registered mail within ten (10) days of the hearing. Such decision is final and not subject to review. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the CBOE. In the case of residential real property, such fees and expenses cannot exceed$150.00 per case. The arbitrator's fees and expenses, not including counsel fees, are to be paid as provided in the decision. The above and foregoing Resolution was, on motion duly made and seconded,adopted by the following vote on the 31st day of July, A.D., 2007. BOARD OF COUNTY COMMISSIONERS l'�� W COUNTY, COLORADO ATTEST: .;„..•` �� David E. Long, Chair Weld County Clerk to th :. . � William H. e, Pro-Tem BY: Deputy Clerk t he Board Will . Garcia APPROVED AS TO FORM: t , Robert D. Masden � td4 flaw A istant ounty Attordey Douglas ademacher Date of signature: //a/ (/1777 2007-2179 AS0067 Weld County CHRISTOPHER WOODRUFF COUNTY ASSESSOR BRENDA DONES, DEPUTY ASSESSOR VALUATION REPORT OF COMMERCIAL PROPERTY FOR County Board of Equalization GAMBLE BARBARA L & JOHN H JR PETITIONER VS. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 1313-25-4-01-011 Schedule Number: R0080690 Log Number: 1472 Date: July 31, 2007 Time: 13:00 Board: BOARD ' /`,, PREPARED BY MELIES � July 27, 2007 Signature Date ASSESSOR'S OFFICE STAFF APPRAISER CBOE_COMM_010998 Page 1 SALIENT FACTS AND CONCLUSIONS Purpose of Appraisal To determine Market Value as of 1/1/07 based on an appraisal date of 6/30/06. Property Rights Appraised Unencumbered fee simple interest. Location 7173 13 CR FREDERICK Land Area 53,709 Square Feet Zoning Neighborhood Commercial District Property Type Commercial Mini Warehouse (Self Storage) Year Built 1994 Year Remodeled N/A Quality Average Class Metal Frame Number of Stories 1 Improvement Sq. Ft. 4,680 Basement Finished Sq. Ft. N/A Mezzanine: N/A Number of Units 109 Number Buildings 5 Value Indications: Land $107,418 Cost Approach $540,351 Market Approach $450,000 Income Approach $450,000 Assessor's Value $450,938 CBOE_COMM_010998 Page 2 COST APPROACH LAND VALUE Sales utilized to establish the value in the subject neighborhood are from 2005 and the first six months of 2006 for the 2007 assessment date. The comparative sales approach is the most reliable method of land valuation. Pursuant to 39-104-(10.2) (c) C. R. S., the Assessor may utilize sales from July 2001 through June of 2006 to establish the proper value, if sufficient information is not available in the prior 18 months. Also, comparables outside the subject property area may be used. The Weld County Assessor has an established ongoing sales confirmation and validation program for property transactions used in developing value. The land size of the subject is 53,709 square feet. Comparable commercial land in the subject area is valued at $2.00 per square foot. Parcel Number Sale Date Sale Price Land Size Per Sq Ft Comparable 1 131325102005 05/30/06 $167,000 63,151 $2.64 Comparable 2 131325425002 01/23/04 $350,000 51,751 $6.76 Comparable 3 131325405010 07/10/02 $50,000 24,162 $2.07 Comparable 4 131325102006 01/07/02 $81,700 41,824 $1.95 Comparable 5 131325102008 01/07/02 $81,700 41,824 $1.95 The land sales comparables presented here develop a value range of$1.95 to $6.76 per square foot. The upper end of the range is a lot with frontage on a major arterial. The lower end of the range is developed by older sales. The comparables support the value of$2.00 per square foot for the subject land. ASSESSOR'S SUBJECT LAND VALUE $107,418.00 CBOE_COMM_010998 Page 3 Comparable Land Sales [I, ir�7r .,.. iiipirilli*omp ' ou 4��i +r'Vrs'Iti1's. RIfIiMlli1 a� : �4 :.iiIr >� . milei� #5. ; _ gUCHANliN`AV ESTHER'C ` 'I 2e§r ii t.;:•LaVii lases$ ." a Comp #4" I I Q in!'_i1 ,seikf■Mpi-. 1skm :or rsrwy.C�1a3 ,-, II I ' Lat ltiri: i. '"J �till:IL-61�INFIlN_ 4."'G.ia ITI PKWA �� -X4 �r� r.•R , r..,t..,ter w1Yhii l 1 tt • . 7. N Iw -.:F:L'0RENCE'AV ; II.,_•-I INDUSTRIAL ST MCCIURE'AV,- �HICKORY'CIR =. I ___ Ulf -.. _ • SKYLINE'AV .-:::•ia, i .i,1 t' �,� '' 'n, SI'k ^IR -. �," Sr i ti + GRIMS0N'S_T >• _ ',,:- _ _ I -rZ I_. ` ._ . , us ^t Ns fy1".,.' / ♦ t ISEsy a,rt.rr. III 7 ♦♦'? RUn .-1'� ' R,� 1.'7'•:74.• r-IM y iv.- /4-^s." - `z _ w7`. -�J,. '�' / '' c.<tr N w y -�• C•S ,.. . AD T- K =a; app1a►� �i► /�* `�4 i +�- 'KEY .Sin1ST rq yf”. !fir; sie alrtes0!!Lv7 .x O •/ �/ ♦ e;� KEYESIST �^ 1 Tr: saar•+ttYar_• -mss' y".•: * 4o. `:1 ilia w. r. . is w r_- .�7 a111w imam NE n�.rl p,C�,,. D:��!R4,�' 'WIL'L'IAMS•AV AMR _ �r A Adi D y cr a.. MIN Cm d ..,.NO ■ ril „ ruiliallillIIIIIII "Wm Vw:ot-irua>. GUY�AVll' saw I;r O►:�`i .`C r•r_•I ; - . ��r, a li tit .. 4111111111111 III iii il Ism — — 1STiST ilp,,r,--Kqh PL____ 4 ©Pl13 G'»Ei31':10:ps4 1BA�IP' Comp #3 Mapice+nle`:40'..6'28 b lb.. 10' 56'42.WI CBOE_COMM_0 10998 Page 4 Subject Photographs Bldg#1 Mini Warehouse Class 9 yoc 1999 • 9'wh No Heat 130.0' i 26 unis -- 4680.0 sf 36.0' n!! I - _ sk.e e,w,,v'and,,— Bldg#2 115.0' 40O' 750' yoc 1999 yoc 1994 5 un6s 6unia 20.0' Mini Warehouse Class S IIIHIIII 9'wh yoc 1994&1999 No Heat -- -- -I, 11 units 111 2300.0 sf .C Bldg#3 1150' 500' 650' yoc 1999 yoc 1994 11 units 11 units 300' • __ Mini Warehouse ,I ` Class S 9'wh ..ii ll I I No Heat yoc 1994&1999 -- 22 units 3450 0 sf se.eeviy..ivwse.— CBOE_COMM_010998 Page 5 Subject Photographs Bldg#4 115.0' 50 0 650' yoc 1999 yoc 1996 10 units 12 units 300'. ----" — Mini Warehouse • Class yoc 1996&1999 9'wh No Heat 22 units 3450 0 sf — nk nnrro�vw.eo� 300' Bldg#5 Mini Warehouse Class S yoc 1999 No Heat .I 9 Wh 1400 28 unit 4200 0 sf COST APPROACH SUMMARY The Assessor is currently using Marshall and Swift cost tables for the cost approach of commercial properties in Weld County, which has been approved by the Division of Property Taxation to be utilized by Colorado Assessors. The structure has been classified properly utilizing the Marshall and Swift Valuation service and an appropriate value assigned. A land value has likewise been established through the utilization of vacant land sales of comparable properties. Improvement Value $432,933 Land Value $107,418 TOTAL VALUE BY THE COST APPROACH $540,351 CBOE_COMM_010998 Page 6 MARKET APPROACH SUMMARY Real Property for the tax year 2007 must be valued utilizing data for the period one and one-half years immediately prior to July 1, 2006. If comparable valuation data is not available from such one and one-half year period to adequately determine the level of value for a class of property, pursuant to 39- 1-104 (10.2)(c) C.R.S, the Assessor may utilize sales five years prior to July 1, 2006 to establish the proper value. The Assessor has appropriately considered the Market Approach to value for the property on appeal. The Sales Comparison Approach was considered in developing a market value for the Subject. Limited sales of mini storage in the subject neighborhood required the appraiser to expand the neighborhood and include sales older than the base period of January 1, 2005 through June 30, 2006. Sales used to establish a market value for the tax year 2007 are from November 12, 2004 through June 30, 2006. All sales have been confirmed and verified through transfer declarations as well as interviews with buyers, sellers or their representatives to the sale. All sales used are arm's length transactions, and considered to be the most comparable properties sold in relationship to the Subject property. Based upon investigation and analysis, it is the opinion of the appraisers that the value of $450,000.00 accurately reflects the market value of the subject property. VALUE AS INDICATED BY THE MARKET APPROACH $450,000 COMPARABLE SALES # Parcel# ADDRESS Grantor/Grantee Date of Sale Square Price Per No. Sale Price Foot SF Unit Sub 131325401011 7173 13 CR, N/A N/A N/A 18,080 $25 109 ject Frederick assessed 1 096108405005 505 18'"St., Wilson Daryl 10/6/2005 $775,000 22,320 $27 104 Greeley Campus L&S LLC 2 096105408007 620 4th Ave., Stuff It Storage LLC 11/12/2004 $530,000 16,479 $32 160 Greeley Sysum Jonathan 3 096129219014 3901 Central St., Stuff It Storage LLC 11/12/2004 $320,000 7,200 $44 66 Evans Sysum Jonathan 4 096120101006 505 31's St., RMG Enterprises LIE 6/30/2006 $2,105,000 55,360 $38 317 Greeley Yoshida Partners 5 130931415020 325 FactoryCir., Knight Leah L 11/1/2005 $1,318,800 51,216 $26 50+ Fort Lupton Kay Donald THE COMPARABLE PRESENTED DEVELOP A RANGE FROM $26 TO $44 PER SQUARE FOOT MARKET CALCULATIONS SUBJECT 18,080 SQ. FT. TIMES $25 PER SQ. FT. EQUALS $452,000 ROUNDED TO $450,000 CBOE_COMM_010998 Page 7 /,7 * • l - ., *. 80.6' s L�'\f l YVH 10 Y0C 1967 I-1 - . \�{', \v i _,.. Class C 24.0' , „ Vr'{1'y A'" F t I • 4 o Canopy 320.0 SF_p. `_fX 7 tt!iiiLADIMka fllI i��pl1 ---'� I N yYi _ "� First Floor 1920.0 SF � L�4 a / V � , [{ ,o a,oa , oo ton ,o ,on , a ,00 ,on t�,v I I e oo t , I! 4 [ i_l_LIILL 64000Se _ ------...`__ COMPARABLE SALE #1 COUNTY: WELD ACCOUNT R3319586 PARCEL NUMBER: 096108405005 PRIMARY OCC: Mini Warehouse PERCENT: 91% SECONDARY OCC: Laundromat PERCENT: 9% ADDRESS: 505 18 ST,GREELEY RECEPT NUMBER: 3335365 SALE DATE: 10/6/2005 GRANTOR: WILSON DARYL& SALE PRICE: $775,000 GRANTEE: CAMPUS L&S LLC ADJ SALE PRICE: $600,000 YEAR BUILT: 1967-2001 CLASS: S EFFECTIVE AGE: LAND/BLDG RATIO: 3.45 LAND SIZE (SF): 76,966 LAND VALUE: $130,842 BLDG SIZE (SF): 22,320 IMPS PRICE/SF: $21.10 WALL HEIGHT: 8'- 10' SALE PRICE/SF: $26.88 STORIES: 1 INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: GRE IL POINTS PAID: QUALITY: Average COMMENTS: The subject sale has a multiple commercial use with a 1,920 sq. ft. Laundromat and 20,400 sq ft of mini whse (six bldgs with 100 10 x 20 units and 4 10 x 10 units.) There are a total of 104 storage Units. CBOE_COMM_010998 M_010998 Page 8 4315.3 sq.ft. 210.5' .1 20.5' 30.5' 120.0' 3660.0 sq.5. 120.0' 3660.0 sq.0. u—141 .411151k 4TH AVE SxNon by Poev N^^ COMPARABLE SALE #2 COUNTY: WELD ACCOUNT NUMBER: R2836786 PARCEL NUMBER: 096105408007 PRIMARY OCC: Mini Warehouse PERCENT: 100% SECONDARY OCC: PERCENT: ADDRESS: 620 4 AV GREELEY RECEPT NUMBER: 3235657 SALE DATE: 11/12/2004 GRANTOR: STUFF IT STORAGE LLC SALE PRICE: $530,000 GRANTEE: SYSUM JONATHAN G ADJ SALE PRICE: $530,000 YEAR BUILT: 1985 CLASS: S EFFECTIVE AGE: 1995 LAND/BLDG RATIO: 2.28 LAND SIZE(SF): 37,500 LAND VALUE: $56,250 BLDG SIZE(SF): 16,479 IMPS PRICE/SF: $28.74 WALL HEIGHT: 8 SALE PRICE/SF: $32.16 STORIES: 1 INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM(YRS): ZONING: GRE IM POINTS PAID: QUALITY: Avg COMMENTS: The property has five mini whse bldgs containing (40) 5 x 5 units, (39) 5 x 10 units, (35) 10 x 20 units, (28) 10 x 10 units, (9) 10 x 15 units, (6) 5 x 15 units, and (3) 10 x 30 units, for a total of 160 units. The subject has a security fence, coded entry gate, and some outside RV& boat storage. Estimate vacancy at the time of the sale is 20%. C9OE_COM M_010990 Page 9 Bldg#1 120.0' Mini Warehouse Blt 1978 Class S 10'wh 30.0' No Heat 3600.0 sq.ft. • • ,. •.__ _'Ids• j I �u �• ....., 120.0' -- — — —• — — _ ------ Mini Warehouse 0111978 Class S 30.0' 10'wh No Heat 3600.0 sq.ft. COMPARABLE SALE #3 COUNTY: WELD ACCOUNT NUMBER: R3961786 PARCEL NUMBER: 096129219014 PRIMARY OCC: Mini Warehouse PERCENT: 100% SECONDARY OCC: PERCENT: ADDRESS: 3901 CENTRAL ST EVANS RECEPT NUMBER: 3235660 SALE DATE: 11/12/2004 GRANTOR: STUFF IT STORAGE LLC SALE PRICE: $320,000 GRANTEE: SYSUM JONATHAN G ADJ SALE PRICE: $320,000 YEAR BUILT: 1978 CLASS: S EFFECTIVE AGE: 1990 LAND/BLDG RATIO: 2.25 LAND SIZE(SF): 16,200 LAND VALUE: $28,350 BLDG SIZE(SF): 7,200 IMPS PRICE/SF: $40.50 WALL HEIGHT: 10 SALE PRICE/SF: $44.44 STORIES: 1 INTEREST RATE: 8% BSMNT SIZE: DOWN PYMT: $0 BSMNT FINISH: LOAN TERM (YRS): 5 yrs ZONING: POINTS PAID: QUALITY: Average COMMENTS: The property has two mini storage buildings containing (20) 10 x 20 units, (18) 10 x 10 units, and (28) 5 x 10 units, fora total of 66 units. CBOE_COM M_010998 Page 10 Bldg#1 BLDG#2 40.0' Mini Warehouse • an2oaa Mini Warehouse II �� Class e• 0-16'wir BLT 2000 Mini Warehouse —. - ll • 11 Na Heat ST FLOOR 4680.0sf �- � (21)10x20 units space heat 24fofalunifs Second Floor 800.0 sf 8'WH Total SF 5,480 112)15 x 10 Units (12)25x 10 Units 117 0' 11 0' 40'nii St ResidencResidence/0ffice2411""",. ---•---------- 2story 20.0 Package-air 40.0' .etch by Apex lAndows*" COMPARABLE SALE #4 COUNTY: WELD ACCOUNT R3854086 PARCEL NUMBER: 096120101006 PRIMARY OCC: Mini Warehouse PERCENT: 99% SECONDARY OCC: Apartment PERCENT: 01% ADDRESS: 505 31 ST, GREELEY RECEPT NUMBER: 3403155 SALE DATE: 6/30/2006 GRANTOR: RMG ENTERPRISES LLC SALE PRICE: $2,400,000 GRANTEE: YOSHIDA PARTNERS ADJ SALE PRICE: $2,105,000 YEAR BUILT: 2002 CLASS: D EFFECTIVE AGE: LAND/BLDG RATIO: 4.09 LAND SIZE(SF): 226,643 LAND VALUE: $226,643 BLDG SIZE(SF): 55,360 IMPS PRICE/SF: $33.93 WALL HEIGHT: 8 SALE PRICE/SF: $38.02 STORIES: 1 INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: GRE IM POINTS PAID: QUALITY: Average COMMENTS: A large self storage facility on the southeast side of Greeley. Facility has a total of 317 units with RV storage. The sale price was adjusted for existing lease and personal property. CBOE_COMM_010998 Page 11 . fi !' • COMPARABLE SALE #5 COUNTY: WELD ACCOUNT R0042592 PARCEL NUMBER: 130931415020 PRIMARY OCC: Material Shelters PERCENT: 100% SECONDARY OCC: Mini Warehouse PERCENT: 100% THIRD OCC: Mini Warehouse PERCENT: 100% ADDRESS: 1325 FACTORY CIR FORT LUPTON RECEPT NUMBER: 3337044 SALE DATE: 11/1/2005 GRANTOR: KNIGHT LEAH L& SALE PRICE: $1,318,800 GRANTEE: KAY DONALD& ADJ SALE PRICE: YEAR BUILT: 1972 CLASS: S EFFECTIVE AGE: LAND/BLDG RATIO: 2.19 LAND SIZE(SF): 111,949 LAND VALUE: $118,946 BLDG SIZE(SF): 51,216 IMPS PRICE/SF: $23.42 WALL HEIGHT: 18 SALE PRICE/SF: $25.74 STORIES: 1 INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM(YRS): ZONING: POINTS PAID: QUALITY: Fair COMMENTS: Confirmed sale with buyer.Multiple use property; 44304 SF storage warehouse divided up for use as mini warehouse, 1792 SF bi-level house with residential on top floor and office on bottom level, 2200 SF mini warehouse, 2200 SF mini warehouse, and 720 SF modular residence . Total number of unit is 50 plus because the warehouse area can be changed as needed. CBOE_COMM_010998 Page 12 INCOME APPROACH SUMMARY The Weld County Assessor has appropriately considered the Income Approach to value for the Subject property on appeal. The Assessor has gathered income information from local commercial properties for the time frame of January 1, 2005 through June 30, 2006. The total revenue reported by the owner for 2006 was not used. The potential revenue based on quoted rental rates was used. The expenses reported by the owner for 2006 were used plus a percentage for management and reserves. Typical vacancy for mini storage in Northern Colorado is 20 to 30 percent, because of limited information from the owner we over estimate the subject's vacancy to be 50 percent. This information, combined with statewide and industry-wide data, is used to determine typical income and expenses for various property types. In conclusion of the Income Approach, the Assessor has considered both groups of data and has put more emphasis on the local factors and data than the state and national data. This information was then applied to the subject property to arrive at an appropriate Income Approach Value. TOTAL INCOME VALUE FOR THE SUBJECT PROPERTY $450,000 See table on the following page. CBOE_COMM_010998 Page 13 AA Affordable Storage Income Analysis 2006 Rental Income for 2006, owner stated $11,624 Tax Rate Mill Rate Assm't Rate Eff Tax Rate 0.087432 0.29 0.025355 Rental Income based on going Rates Size Units Rent/Month Total 10 x 10 42 $68 $34,272 10 x 15 10 $80 $9,600 10 x 20 52 $100 $62,400 15 x 15 4 $110 $5,280 15 x 20 1 $100 $1,200 estimated 109 Potential Gross Income $112,752 Vacancy and Loss 50% $56,376 Effective Gross Income $56,376 Expenses Advertising $726 Bank Svc Charge $81 Equipment Rental $49 Health Insurance $3,848 Liability Insurance $1,902 Postage $4 Telephone $546 Utilities $1,413 Mgmt 3% $1,691 Reserves 2% $1,128 Total expenses -20% -$11,389 Net Operating Income $44,987 Cap Rate+Eff Tax Rate 0.075+ 0.025 10.00% Estimate Value using the Direct Capitalization approach $449,870.70 Rounded $450,000.00 Indicated value per S.F. $25 Passed Net Operating Income reported 2000/2001 was$69,223 2003/2004 was$60,482. For 2005/2006 we are using $55,022. CBOE_COMM_010998 Page 14 CONCLUSION Real property for tax year 2007 must be valued utilizing the level of value for the period of one and one-half years immediately prior to July 1,2006. Except that, if comparable valuation data is not available from such one-and one-half-year period to adequately determine the level of value of a class of property, the period of five years immediately prior to July 1, 2006 shall be utilized to determine the level of value. Said level of value shall be adjusted to the final day of the data gathering period. Changes occurring between base years are not to be accounted for until the following level of value is implemented, other than additions, change in use, detrimental acts of nature, damage due to fire, etc., or creation of a condominium, or any new regulations restricting or increasing the use of the land, or a combination thereof. 09-1-104(11)(b)(1)C. R .S.} The subject property has been classified as Commercial Property for assessment purposes. Commercial property value shall be determined by appropriate consideration of the Cost Approach, Market Approach, and Income Approach to value. {39-1-103(5)(a)C. R. S.} The Assessor has considered all three approaches to value for the subject parcel on appeal. FINAL RECONCILIATION After consideration of the cost, market and income approaches, it is the Weld County Assessor's opinion that the value of$450,938.00, most accurately reflects the value of the subject property in Weld County for the 2007 tax year. COST APPROACH MARKET APPROACH INCOME APPROACH $540,351 $450,000 $450,000 ASSESSOR'S VALUE Improvements $343,520 Land $107,418 Total: $450,938 CBOE_COMM_010998 Page 15 APPRAISAL STANDARDS AND ETHICS CERTIFICATION I certify to the best of my knowledge and belief that: The statements of fact contained in this report are true and correct. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions and is my personal unbiased professional analyses, opinions and conclusions. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. My compensation is not contingent on an action or event resulting from the opinion or conclusions in, or the use of, this report. My analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. No one provided significant professional assistance to the person signing this report. I have made a personal inspection of the property that is the subject of this report. Wade.1. Melies Commercial Appraiser Colorado Licensed Appraiser 40036400 CBOE_COMM_010998 Page 16 NOTI CE OF ADJUSTMENT OFFICE OF COUNTY ASSESSOR 1400NORTH 17thAVE. 0X a FRE TB-2 L2 TOPS BUSINESS PARK GREELEY,CO 80631 ' (1 IMPS ONLY: 1313-2 5-4-0 1-014 PHONE(970)353-3845,OCT.3650 #6926798) SITUS : 7173 13 CR www.co.weld.co.us FREDERICK W�`ID OWNER: GAMBLE BARBARA L & JOHN H JR COLORADO GAMBLE BARBARA L & JOHN H JR LOG 1472 306 WARK AVE PARCEL 131325401011 ACCOUNT R0080690 BERTHOUD, CO 80513 YEAR 2007 The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has determined that your property should be included in the following category(ies): Commercial property is valued by considering the cost, market, and income approaches . If your concern is the amount of your property tax,local taxing authorities(county,city,fire protection,and other special districts)hold budget hearings in the fall. Please refer to your tax bill or ask your Assessor for a listing of these districts,and plan to attend these budget hearings. The Assessor has carefully studied all available information,giving particular attention to the specifics included on your protest,and has determined the valuation(s)assigned to your property. The reasons for this determination of value are: After review of your property, we have made adjustments . This was done because of additional information obtained, or provided thru the appeal process . PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW COMMERCrFAL 437911 450938 M cn yz Q O O v;, o tW U U, V o J J =i �rC re; U TOTALS $ $ 437911 $450938 APPEAL DEADLINES: REAL PROPERTY—JULY 16,PERSONAL PROPERTY—JULY 20. 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(I)(a),C.R.S. TO PRESERVE YOUR APPEAL RIGHTS,VOLT MAY BE REQUIRED TO PROVE THAT YOU FILED A TIMELY APPEAL; THEREFORE,WE RECOMMEND ALL CORRESPONDENCE BE MAILED WITH PROOF OF MAILING. 6/26/2007 By: Christopher M.Woodruff WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE NOD 207 62 87/07 YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR' S DECISION The County Board of Equalization will sit to hear appeals beginning July 2 and continuing through August 3 for real property(land and buildings) and personal property (furnishings, machinery, and equipment). § 39-8-104 and § 39- 8-107(2), C.R.S. you c oose to appea t e Assessor' s decision, mail or deliver one copy of this completed form to the County Board of Equalization. To preserve your right to appeal, your appeal must be POSTMARKED OR DELIVERED ON OR BEFORE JULY 16 FOR REAL PROPERTY, AND JULY 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970) 356-4000 Ext. 4225 You wi .e noh ie. o t e time and place set for the hearing of your appeal. dl .; r.: .. "iTti k ct'st`@�k*:.}', &(• The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 3. I you are not satis ie' wit t e County Boar' o Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): 1313 Sherman Street, Room 315 Denver, Colorado 80203 Telephone (303) 866-5880 www.dola.colorado.gov/baa District Court: 9th Avenue and 9th Street, P.O. Box C Greeley, Colorado 80632 Telephone (970) 356-4000, Ext. 4520 Arbitration: WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970) 356-4000, Ext. 4225 If you do not receive a determination from the County Board of Equalization, contact the county board. If the county board is not going to mail a decision, you must file an appeal with the Board of Assessment Appeals by September 10th. TO PRESERVE YOUR APPEAL RIGHTS, YOU MUST PROVE YOU HAVE FILED A TIMELY APPEAL; THEREFORE, WE RECOMMEND ALL CORRESPONDENCE BE MAILED WITH PROOF OF MAILING. PETITION TO THE COUNTY BOARD OF EQUALIZATION In the space below, please explain why you disagree with the Assessor' s valuation. IN ACCORDANCE WITH § 39-8-106(1.5), C.R.S., IF YOUR APPEAL INVOLVES REAL PROPERTY, YOU MUST STATE YOUR OPINION OF VALUE IN TERMS OF A SPECIFIC DOLLAR AMOUNT. Attach additional documents as necessary. 1� �� S KIURE OF PE I IIIONER 10 NOD 207 62 87/07 6:16 AM AA Affordable Storage 05/17/07 Profit & Loss Accrual Basis January through December 2006 Jan-Dec 06 Ordinary Income/Expense Income Rental Income 11,624.26 Total Income 11,624.26 Expense Advertising 726.36 Bank Service Charges 81.47 Equipment Rental 49.13 Insurance Health insurance 3,848.27 Liability Insurance 1,902.33 Total Insurance 5,750.60 Interest Expense Loan Interest 66.75 Mortgage 31,535.01 Total Interest Expense 31,601.76 Postage and Delivery 3.94 Taxes Property 13,965.10 Total Taxes 13,965.10 Telephone 545.91 Utilities 1,412.66 Total Expense 54,136.93 Net Ordinary Income -42,512.67 Net Income -42,512.67 i C pr L r.1(7 12) IZ e Co1,/ ,r P� ; i S;,-�,v SS 7 of,I7/ o�� S d'Gywfl‘l is rvLr4-4 12 Page 1 • • CLERK TO THE BOARD PHONE (970) 356-4000 EXT 4226 FAX: (970) 352-0242 WEBSITE: www.co.weld.co.us.co.us ' 915 10TH STREET iggP.O. BOX 758 C. GREELEY, COLORADO 80632 COLORADO July 25, 2007 GAMBLE BARBARA L & 306 WARK AVE BERTHOUD CO 80513 Parcel No.: 131325401011 Account No.: R0080690 Dear Petitioner(s): The Weld County Board of Equalization has set a date of July 31, 2007, at or about the hour of 1:00 PM,to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Department of Planning Services, Conference Room, 918 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 3, 2007,and mailed to you on or before August 10, 2007. 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. 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. GAMBLE BARBARA L & - R0080690 Page 2 Very truly yours, BOARD OF EQUALIZATION 1)Thad Donald D. Warden Clerk to the Board cc: Christopher Woodruff, Assessor Hello