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Home My WebLink About20072170.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2007, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE PETITION OF: DJ CD FAGERBERG LTD CIO DAVID FAGERBERG 3527 CINDY PL GREELEY, CO 80631 DESCRIPTION OF PROPERTY: ACCOUNT#: R7370898 PARCEL#: 095910227010-GR 2MHR L1 B MOSIER HILL 2 REPLAT 1175 58 AV A GREELEY 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 property within Weld County,fixed and made by the 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 not being present or represented, 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 $ 332,956 Improvements OR Personal Property 1,385,124 TOTAL $ 1,718,080 2007-2170 RE: BOE - DJ CD FAGERBERG LTD PAGE 2 BE IT FURTHER RESOLVED that a denial of a petition, in whole or in part, by the Board of Equalization may be 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. 2007-2170 AS0067 RE: BOE - DJ CD FAGERBERG LTD 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 maybe 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 30th day of July, A.D., 2007. �+ BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO La ATTEST: iauld ,it/•�t'r�c. EXCUSED `pn t 1661 4. David E. Long, Chair Weld County Clerk to the'j:o. r 044 Wilfam�le ro-Tem BY: D-puty Clerk t the Board a� - '. Garcia APPROVED AS TO FORM: nn L.C —� Robert D. a den l'� v pJ As ant C my Attorney Dougl ademach Date of signature: 1/4frDD 2 2007-2170 AS0067 Weld County CHRISTOPHER WOODRUFF COUNTY ASSESSOR BRENDA DONES, DEPUTY ASSESSOR VALUATION REPORT OF COMMERCIAL PROPERTY FOR County Board of Equalization DJ CD FAGERBERG LTD PETITIONER VS. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 0959-10-2-27-010 Schedule Number: R7370898 Log Number: 892 Date: 7/30/2007 Time: 4:20 Board: CBOE PREPARED BY STAN JANTZ Signature Date Signature Date ASSESSOR'S OFFICE STAFF APPRAISER CBOECOMM_010999 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 1175 58 AV GREELEY Land Area 60548.4 Square Feet Zoning GRE CH Property Type Commercial Medical Office / Office Building Year Built 1999 Quality Good Class Wood Frame Number of Stories 2 Improvement Sq. Ft. 14920 Basement Unfinished Sq. Ft. Basement Finished Sq. Ft. Mezzanine: Value Indications: Land $332,956 Cost Approach $1,869,840 Market Approach $2,387,000 Income Approach $2,161,000 Assessor's Value $1,718,080 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 60548.4square feet. Comparable commercial land in the subject area is valued at $5.00 per square foot. Address Sale Date Sale Price Land Size Per Sq Ft Comparable 1 4627 20 STRD 03/15/04 $368,000 65,848 5.59 GREELEY, CO. Comparable 2 5881 16 ST 10/03/01 $580,265 105,516 5.50 GREELEY, CO. Comparable 3 4650 CENTERPLACE 08/28/03 $525,000 66,825 7.86 GREELEY, CO. ASSESSOR'S SUBJECT LAND VALUE $5.00 Per Sq Ft X 60,548 SF = 332,956 CBOE_COMM_010998 Page 3 • V�� 1a::' i., fit,*I !w - - � � �4.J1�iv r '" r . '" .. 1p .. !•t•.� /.•.— _.. (r.1, • 77 -fir JY n �tt�; ..- ,: ,,,---:,,,....-,.7.-.:5: '%:,;:, y` ' .0-*" -- • -1 `✓7-..---`,4°''''',-;..m7. - yx - e 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 1,536,884.00 Land Value 332,956.00 TOTAL VALUE BY THE COST APPROACH 1,869,840.00 CBOE_COMM_010998 Page 4 MARKET APPROACH COMPARABLE OFFICE SALES # ADDRESS Grantor/Grantee Date of Sale Price Square Price Sale Foot Per Family Subject Physicians Pinnacle Investment 9/5/00 $1,800,000 14,920 120.64 1175 58 Av / DJ CD Fagerberg Greeley 1 PeakviewMed- Convergent 8/30/02 $3,855,000 22,912 168.25 ical Center Properties / Daniel 5881 16 St Stroh Greeley 2 West Point West Point Develop- 4/26/04 $3,400,000 24,895 136.57 Professional ment / Clarkson Bldg / 910 54 Land Av, Greeley 3 Medical Office Tom Keberlein / 2/28/06 $1,500,000 8,154 183.95 7251 20 St Haythorn Bldg J&K Commercial Greeley THE AVERAGE FOR ALL MARKET SALES IS $162.92 PER SQUARE FOOT MARKET CALCULATIONS SUBJECT 14920 SQ. FT. TIMES $160.00 PER SQ. FT. EQUALS $2,387,200 ROUNDED TO $2,387,000 CBOE_COMM_010998 Page 5 Com arable Number 'I pp _igt6moo. Comparable Number 2 ,. ii' , % P+ ,p1 au 11ii - _• - -Vii "• --r i Comparable Number 3 bill i 1 ! • ;1 IM toy• 1 ` + ` CBOE_COMM_010998 Page 6 REALIFC ___ MtiinIHIM.NUL ESTATE=MU* "K A`ikElitowKnicerrasim Pinnacle Office Building FOR SALE OR LEASE 1175 58th Aye, Greeley i iii r ,11g .. 1 II ; % ril 3 - _I� - - a lid I i _ — w�f,hfll t— BLDG WEE: 15,000sf i L SALE PRICE: $2,176,500 ($145.10/0) IffleW Imo- J ■I•Aft RATE $13.50/sf FINN for upper Ievef $14.50/sf NNN for lower level ;xi 1'. ZONING: Commercial -, ! ATUREILfi Pinnacle Office bulding was Constructed In 1999. 15,000 sf+consists of two floors of professional office In west Greeley. Ideal for owner/user with vacant gffloe space of 5,000 sf. High end finishes In newer development make this an Ideal location to purche se or lease. 7,500 se of medml epees will be avalable 4th quarter CONTACT: Bernie,Nadi, CCU • (970) 546-9900 Moot Deaf r iltiqp w OM veil flo ii 11ffi IMAM Wt..Sta.110,faux Cvaeati• (174)sfi110s • r. (179)bi-s?07 • Ilifewbeneltowireaftwarro ti . ,aeftime1 Mf.M nit/wiML tlgir/limn memI Soiwl{aand fn sOfYM t•fier r YhimitMr. Mw.Wm.ml ttrPaMm m• A W 1~116. C8OE_CO 21_010998 Page 7 INCOME APPROACH MEDICAL OFFICE/OFFICE 1175 58 AVENUE GREELEY, CO FIRST FLOOR 13.50 NNN TIMES 7,536 SF 101,736 SECOND FLOOR 14.50 NNN TIME 7,384 SF 107,068 TOTAL INCOME 208,804 LESS 10% VACANCY & COLLECTION LOSS -20,880 EFFECTIVE GROSS 187,924 LESS 5% MANAGEMENT -9,396 LESS 3% RESERVES & REPAIR -5,638 NET OPERATING INCOME 172,890 CAPITALIZATION RATE 8% INCOME VALUE 2,161,125 ROUNDED TO 2,161,000 CBOE_COMM_010998 Page 8 FINAL RECONCILIATION COST APPROACH MARKET APPROACH INCOME APPROACH 1,869,840 2,387,000 2,161,000 ASSESSOR'S VALUE 1,718,080 CBOE_COMM_010998 Page 9 SOU NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. GR 2MHR L1B MOSIER HILL 2 REPLAY e GTtEELEY,CO 8363 1175 58 AV A GREELEY PHONE(970)353-3845,5,EXT.3650 www.co.weld.co.us WIlDit OWNER: DJ CD FAGERBERG LTD COLORADO STEVENS & ASSOCIATES LOG 892 640 PLAZA DRIVE SUITE 290 PARCEL 095910227010 ACCOUNT R7370898 LITTLETON, CO 80129 YEAR 2007 Owner: DJ CD FAGERBERG LTD 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: No change has been made to the valuation of this property. Colorado law requires us to send this notice of denial for all properties on which we do not adjust the value . PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW M COMMFy$1AL 1718080 1718080 uJ LS I o Q �_ O COO i.. C) U Js_ -I W _ TOTALS $ $ 1718080 $1718080 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(l)(a),C.R.S. TO PRESERVE YOUR APPEAL RIGHTS,YOU MAY BE REQUIRED TO PROVE THAT YOU FILED A TIMELY APPEAL: THEREFORE,WE RECOMMEND ALL CORRESPONDENCE BE MAILED WITH PROOF OF MAILING0 6/2 2/2007 By: Christopher M.Woodruff WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE 7,0.20762v/0 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. I you choose to appeal 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 1 'e noti ied o t e time and place set for the hearing of your appeal. 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. If you are not satisfied with be County Board of 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. The assessor did not properly consider the cost, market and income approaches to value or aspects to the property in question. S &A Value $720,000 SIGNATURE OF PEiI I IUNotrirrAN ---..1. il DA1 t 7-12-07 NOD 207 62 87/07 DU T Stevens & Associates 11 C Specialists in:Property Tax Reductions C Utility Bill Auditing July 16, 2007 Weld County Board of Equalization 915 10th Street Greely, Colorado 80631 Dear Bounty Board: Please find enclosed our 2007 Real Property Tax Appeals for the following properties: DJ DC Fagerberg LTD 1175 58th Ave 095910227010 / R7370898 If you should have an questions regarding these appeals, please feel free to call our office. S::1:ntns / N C rn c 3m 0 r 3r' rin is _ O N C7®C D Zc o Z1-< LA) rn J Stevens &Associates Cost Reduction Specialists,Inc. 640 Plaza Drive, Suite 290, Littleton,Colorado 80129 Page 1 of 1 (303) 347-1878 •fax(303) 347-9242 • Property Tax Consultant-Agency Agreement Owner Address: 3527 Cindy Pi., Greeley, CO 80631 Property Address/Legal Description/Schedule#: See Attached exhibit A Consultant/Agent: Stevens&Associates Cost Reduction Specialists, Inc. I/We DJ CD Fagerberg LTD, subsidiaries, parent companies and all affiliated companies agree with Stevens &Associates Cost Reduction Specialists, Inc. that for the property tax assessment years 2007, 2008 and prior years, in Colorado as the property referred to above, that Stevens&Associates Cost Reduction Specialists, Inc. is hereby engaged and authorized to act as agent and consultant before either the Board of review as well as the State Tax Review Board or for any hearing pertinent to the property for the property tax assessment years 2007, 2008 and prior years. The undersigned further authorizes Stevens&Associates Cost Reduction Specialists, Inc. as agent of the undersigned, in the name of the undersigned, to execute and cause to be filed on behalf of the undersigned, in the name of the undersigned, any and all documents relating to an appeal of the said assessments, for the assessment years in question and prior years, before either the Board of review as well as the State Tax Review Board or any hearings pertinent to the property. Thus done and executed on this 19th day of,''2006. Agreed: By: ' J avid Fag c�rberg Title: General Partner STATE OF COLORADO The foregoing instrument was acknowledged before me} This k9_day of July ,29.06 Please Direct all Correspondence to: By David Fagerberg Stevens &Associates/Inc. 640 Plaza Dr., Suite 290 Witness my hand and official seal. Littleton, Colorado 80129 -7 my commission tires:it ;obey 9, 2006 Kota uclic r F A H V) _ °y o cg W q Ea __ 4Co =caa coo " �;.. ? • ggo C O 0 p• p " To co i q N p J m N glo a p w 0 W .. - �+ q my q ONv m _¢.y..o,- .. _2«_o_. 0 ry as co mr0 N T� i. o w 9 a ` _ N o .d., d o a o - O N K a Z 0 0 - o `w u-, a d N 00 3 0 - ry - O - 0 ry 11 CLERK TO THE BOARD Me; 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 • COLORADO July 25, 2007 DJ CD FAGERBERG LTD C/O DAVID FAGERBERG 3527 CINDY PL GREELEY CO 80631 Parcel No.: 095910227010 Account No.: R7370898 Dear Petitioner(s): The Weld County Board of Equalization has set a date of July 30, 2007, at or about the hour of 4:20 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,atwhich 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. DJ CD FAGERBERG LTD - R7370898 Page 2 Very truly yours, BOARD OF EQUALIZATION Donald D. Warden Clerk to the Board cc: Christopher Woodruff, Assessor STEVENS &ASSOCIATES 640 PLAZA DRIVE SUITE 290 LITTLETON CO 80129 Hello