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Home My WebLink About20072181.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2007, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE PETITION OF: HANNAHS HOPE PO BOX 70 WELLINGTON, CO 80543 DESCRIPTION OF PROPERTY: ACCOUNT#: R0917801 PARCEL#: 095902444002 -GR TB L2 TACO BELL 901 35 AV GREELEY 806340000 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 being represented by Gerald Thompson, 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 $ 137,705 Improvements OR Personal Property 608,545 TOTAL $ 746,250 2007-2181 ed.: AS e/5, ,42, 6/ AS0067 8-6 -07 RE: BOE - HANNAHS HOPE 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 ordelivered 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. 2007-2181 AS0067 RE: BOE - HANNAHS HOPE 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 31st day of July, A.D., 2007. BOARD OF COUNTY COMMISSIONERS 4/J Ij, W COUNTY, CO ORADO ATTEST: lAn"""7 i �e;..� �'�1 O�,o� ' 1861 �(( tiO. .,David E. Long, Chair / Weld County Clerk to thr: O, 4 /�_lihir /�4 ! �'• William . J> a Pro-Tern BY: Deputy Clerk to e Board Will m . Garcia APPROVED AS TO FORM: Robert D. Masden A0i As stant ypunty Attorney Douglas`Rad mach r Date of signature: S/3/47/9/92 2007-2181 AS0067 Weld County CHRISTOPHER WOODRUFF COUNTY ASSESSOR BRENDA DONES, DEPUTY ASSESSOR VALUATION REPORT OF COMMERCIAL PROPERTY FOR County Board of Equalization HANNAHS HOPE PETITIONER VS. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 0959-02-4-44-002 Schedule Number: R0917801 Log Number: 3719 Date: 7/31/2007 Time: 3:45 Board: CBOE PREPARED BY STAN JANTZ Signature Date 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 901 35 AV GREELEY Land Area 27,552 Square Feet Zoning GRE CH Property Type Commercial Retail Year Built 2001 Year Remodeled Quality Good Class Wood Frame Number of Stories 1 Improvement Sq. Ft. 5452 Basement Unfinished Sq. Ft. Basement Finished Sq. Ft. Mezzanine: Value Indications: Land $137,705 Cost Approach $783,879 Market Approach $927,000 Income Approach $650,000 Assessor's Value $746,250 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 27,552 square feet. Comparable commercial land in the subject area is valued at 5.00 per square foot. Address Sale Sale Price Land Size Per Sq Ft Date Comparable 1 Old Kmart Store 5/10/05 $2,800,000 436,836 6.41 2829 W 10 Street Greeley Comparable 2 Village Inn 5/20/04 $70,000 6,305 11.10 921 30 Avenue Greeley Comparable 3 W 10 Street& 49 1/14/05 $672,315 64,030 10.50 Avenue Greeley ASSESSOR'S SUBJECT LAND VALUE $5.00 Per Sq Ft X 27,552 SF = $137,705.00 CBOE_COMM_010998 Page 3 SUBJECT PHOTO elltr- k'L,--- IMO I ' • - - I ''''' 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 $646,174 Land Value $137,705 TOTAL VALUE BY THE COST APPROACH $783,879 CBOE_COMM_010998 Page 4 MARKET APPROACH COMPARABLE RETAIL SALES ADDRESS Grantor/Grantee Date of Sale Price Square Price Per Sale Foot Sq Ft Subject 901 35 Avenue Robert Becker/ 4/22/05 $995,000 5,452 $182.50 Greeley Hannahs Hope 1 5240 W 9 STDR Miner&White LLC / 1/6/06 $508,700 2,879 $176.69 Greeley AE Greenberg Properties 2 955 52 AVCT Clarkson Land LLC / 3/17/06 $421,200 2,682 $157.05 Greeley Weiss Jewelers Inc. THE AVERAGE FOR ALL MARKET SALES IS $172.08 PER SQUARE FOOT MARKET CALCULATIONS SUBJECT 5,452 SQ. FT. TIMES $170 PER SQ. FT. EQUALS $926,840 ROUNDED TO $927,000 CBOE_COMM_010998 Page 5 Com arable Number 1 1111 Mal _■ -. � .� Com arable Number 2 i- _ a CBOE_COMM_O]9998 Page 6 INCOME APPROACH HANNAHS HOPE 901 35T" AVENUE GREELEY, CO. THE ACTUAL INCOME FOR YEAR 2006 WAS UTILIZED IN THIS ANALYSIS. TOTAL INCOME 60,555 LESS 3%VACANCY &COLLECTION LOSS -1,817 EFFECTIVE INCOME 58,738 LESS 3% MANAGEMENT -1,762 LESS 3%REPAIR& RESERVES -1,762 NET OPERATING INCOME 55,214 CAPITALIZATION RATE 8.5% INCOME VALUE 649,576 ROUNDED TO 650,000 CBOE_COMM_010998 Page 7 FINAL RECONCILIATION COST APPROACH MARKET APPROACH INCOME APPROACH $783,879 $927,000 $650,000 ASSESSOR'S VALUE $746,250 CBOE_COMM_0ta998 Page 8 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. a GR TB L2 TACO BELL 901 35 AV GREELEY,0O80631 4 GREELEY 806340000 PHONE(970)353-3845,EXT.3650 www.co.weld.co.us OWNER: HANNAHS HOPE COLORADO HANNAHS HOPE LOG 3719 P O BOX 70 PARCEL 095902444002 ACCOUNT R0917801 WELLINGTON, CO 80543 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: 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 -ID PRIOR TO REVIEW AFTER REVIEW yy��,, ,,v COJI, IA₹"r 53 746250 746250 o `S o v� to r 11! J �✓ w r 9 w c:, o EIC a N TOTALS $ $ 746250 $ 746250 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-S-106(I)(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 MAILING. 06/27/2007 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. APP 1 . CEDBRES If you choose to appeal the 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 NOTIFICATION OF IJEARefq You will be notified of the time and place set for the hearing of your appeal. COUNTYBOARD OF EOUALIZ TJON'S DETER14IINATIO 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. TAXPAYER RIGHTS FOR FUROR APPEALS: If you are not satisfied with the 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 neces (—(fuf(si Ali /37,- `"-/c /2/,..J i,c c•7:exist iJ cc, 41 ild..{' - /7c(4 C.e.C 7 U" r ' ' F /j/7. /o- C �Cti c�f / l,>� rfi'�- ,ii o. •i�5 � �- -� • r� /` / FI t �'/� C� a cd-E�ti` y JIUNAFURL OP EIl 1UNER...... 6� / �> c."---- // {^( (\�C ( l l (461A--,�_ Jl. DAZE / ' _J._ 2A.,i�) c ,'Q ✓`T -4c C C: 7 (,.:t'TF " -6 ( ( - (� *3— /-'/(f .J S f(NC 207 62 87/07 SUMMARY Expenses In a net lease, the tenant is responsible for all operating expenses, including property taxes and insurance. Typically, the owner is responsible for limited expenses which include his/her own management costs, system repairs, and reserves for replacements. These expenses must be deducted from the effective gross income to reach the Net Operating Income, which will then be capitalized into value. The average cap rate for the 18-month time period averaged around 9%. Property Management Typically, professional property management is estimated at three to eight percent of effective gross income, depending on intensity of management effort. Because this is a two-tenant property on a net lease, less management effort should be involved. An allowance of three percent of effective gross income is considered adequate. Reserves for Replacement Since the property is newer, reserves for replacement allowance has been estimated at three percent of effective gross income to cover the replacement costs of short lived items such as roof cover, HVAC issues, other repairs for the market rent example. Tenant Improvements In the Leased Fee scenario, tenant improvements are in place and the Tenant is responsible maintaining and updating them as required. Total Expenses Overall expenses in the Pro Forma equates to 12.7%of Effective Gross Income, which is in line with this leased property and its scenarios. Net Operating Income Based on actual leases and the estimated operating expenses, the subject's Net Operating Income is $50,783 NOTE: Current owner has owned this property two years, going into the third year. This is the reason for only two years of operating statements. Thank you for your time and consideration in this matter, Gerald Thompson 05/31/07 Income and Expense Pro Forma Multi-Tenant Retail,901 35th Avenue,Greeley a.Women's Fitness Center b. Tanning Salon GROSS INCOME = $60,000 Less Vacancy and Collection Loss @ 3% $1800 Effective Gross Income: $58,200 Expenses: Mgt/Leasing Comm @ 3% $1,746 Property Taxes Tenant Insurance Tenant Utilities Tenant Grounds Maintenance Tenant Trash Tenant Replacement Reserves @ 3% $1,746 Auto& Travel $2,452 Legal Fees $385 Repairs $1,025 Office Supplies $63 TOTAL EXPENSES 12.8% (7.417) NET OPERATING INCOME: $50,783 VALUE CAPITALIZED AT: Cap Rate: 8.5% Value: $597,447 CLERK TO THE BOARD I PHONE (970) 356-4000 EXT 4226 FAX: (970) 352-0242 VVEBSITE: www.co.wetd.co.us.co.us 915 10TH STREET P.O. BOX 758 C. GREELEY, COLORADO 80632 COLORADO July 25, 2007 HANNAHS HOPE PO BOX 70 WELLINGTON CO 80543 Parcel No.: 095902444002 Account No.: R0917801 Dear Petitioner(s): The Weld County Board of Equalization has set a date of July 31, 2007, at or about the hour of 3:45 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. HANNAHS HOPE - R0917801 Page 2 Very truly yours, BOARD OF EQUALIZATION Li/WL%l Donald D. Warden Clerk to the Board cc: Christopher Woodruff, Assessor Hello