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Home My WebLink About20022102.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2002, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE PETITION OF: LONE TREE PROPERTIES LTD 14504 125 FRONTAGE RD LONGMONT, CO 80504 DESCRIPTION OF PROPERTY: ACCOUNT #: R4762986 PARCEL#: 120723000018 - PT NW4 23-3-68 LOT A REC EXEMPT RE-607 (3.25R) SITUS: 14504 25 FRONTAGE I WELD 80501 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 2002, 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 2002, 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 $ 441,045 Improvements OR Personal Property 854,000 TOTAL $ 1,295,045 2002-2102 1� AS0052 CL° c " s 0 4 e RE: BOE - LONE TREE PROPERTIES 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 39-8-108O0), CRS) Appeals to the BAA must be made on forms furnished by the BAA, and 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 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 for a review of the record. (Section 39-8-108(1), CRS) 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, CRS) Selecting the Arbitrator: In order to pursue arbitration, you must notify the OBOE 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. 2002-2102 AS0052 RE: BOE - LONE TREE PROPERTIES 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 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 1st day of August, A.D., 2002. BOARD OF COUNTY COMMISSIONERS W LD cojuir Ty COLORADO �J na 1/ztetA___ �//✓ GI n Vim, Ghair :•�� 'n to the Board SCP 1 �41•� David E. Lo Pro-Tem • (/ � ��!icy k to the Board V/ M. J. eile APPROVED AS TO FORM: 40;24^#1. ,,,;2 #,. W m H. erke __}} W , As t Coi ity Attorney " Y Robert D. Masden Date of signature: D e -O(o 2002-2102 AS0052 07-'03..02 0r:5; FAX WELD ASSESSOR IA 002 NOTICE OF DENIAL PT NW4 23-3- - _ OFFICE OF COUvTY ASSESSOR 7i0.Alit/ 68 LOT A REC EXEMPT :490 vORII; 7:::AVE. t‘ 4Ing RE-607 (3 . 25R) SITUS : 14504 2.5 _r ONTAGF I WELD S0501 ' PHON (903,3nos,EXT Min wIitvc COLORADO • OWNER: LONE TREE PROPERTIES LTD STEVENS & ASSOCIATES COST REDUCTION SPECIALISTS, INC LOG 551 7950 LINCOLN ST SUITE 110 PARCEL, 12072300001 LITTLETON, CO 80122 ACCOUNT R4752986 Owner: LONE TREE PROPERTIES LTD YEAR 2002 • The appraised value of property is based on the appropriate consideration of the approaches to value required by law. TT;As;c;;or has dCrf!nt:rcl•that Cour property,should be included in the foltotringeatego�rycs)- ommercial property is valluer by considering the cost, market, and income approaches. • If your toncersa is the amonnt 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 hill or ask your Assessor for a listing of these districts,and plan to attend these budges hearings. The Assessor has carefully studied all available information,giving particular atrenrion to the specifics included on your protest,ar j.;a de:ermined:he valuarion(s)assigned to your property. The reasons foi this determination of value arc as follows A 182 Colorado constitutional change re Tres commercial based on actual value and assessed property market,r to be n valued income are approaches used to determine the ac ua1Ava1 cost, ctipr my valuation is supported by the appraisal y` res veque eof y"r property. Your PP procedures required �y law. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE T OF VALISE ACTUAL VALUE ACTUAL.VALUE PRIOR TO REVIEW AFTER REVIEW I CONNERCIAL 1295045 1295045 4, I II 4 TOTALS $ 11y50'45 .1Z95i3�5 S APPEAL DEADLINES:REAL PROPERTY-JULY 15.PERSONAL PROPERTY-JULY 22. If you disagree v‘ith the Assessor's decision,you have the right to appeal to the County Board of Equalization for further cootideration,39-8- 105(1)(a4.C.R.S. Pit ASE see the back of this form for detailed information on filing your appeal. 07/02/2002 By' - Stan e•F.S sinus _ WELD COUNTY ASSESSOR 1S-DPT-AR DATE Forst PR-.87-87199 ADDITIONAL INFORMATION ON REVERSE SIDE YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR'S DECISION The County Board of Equalization will sit to hear appeals beginning July 1 and continuing through August 5 for real property(land and buildings)and personal property (furnishings, machinery, and equipment) 39-8-104 and 39-8- 107(2), C.R.S. APPEAL PROCEDURES: 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 15 FOR REAL PROPERTY, AND JULY 22 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 HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION'S DETERMINATION: 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 5. TAXPAYER RIGHTS FOR FURTHER 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): Contact the BAA at 1313 Sherman,Room 315,Denver, Colorado 80203, (303)866-5880. An appeal form,rules and guidelines can be obtained on-line at 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 detennination from the County Board of Equalization, you must file an appeal with the Board of Assessment Appeals by September 11. 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, 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 the value or aspects of the property in question. S & A Value: $6yL e'// 7-12-02 SIGMA 1 Litt U}eh I I11UNbK DAL a TOO r00p1 _.._ rossaSSX ca ____. ___ SX3 6S'LO ZO-CO%LO _ .- ©© Stevens & Associates RC Specialists in:Property Tax Reductions Utility Bill Auditing Friday July 12, 2002 Esther Gesick Clerk to the Board Weld County Board of Equalization P.O. Box 758 Greeley, Colorado 80632 Dear Honorable Board of County Commissioners: Please find enclosed the following appeals: Owner Address of Property Parcel ID # Lone Tree Properties LLLP 14504 1-25 Frontage Rd. R4762986 Kings Court Properties LLLP 4075 Camelot Circle R7052198 Kings Court Properties LLLP 4048 Camelot Circle R7053098 We have available the following dates and times for hearings: July 18, 2002 A.M., July 30, 2002 P.M. Thank you for your assistance with this matter. Please direct all correspondence to the address below: Stevens & Associates Cost Reduction Specialists, Inc. 7950 South Lincoln Street, Suite 110 Littleton, Colorado 80122 Phone: (303) 347-1878 Sincere) Ee. odd J. evens Presid t Enclosure Stevens&Associates Cost Reduction Specialists, Inc. 7950 S. Lincoln Street,Suite 110•Littleton, Colorado 80122 (303) 347-1878 •fax(303) 347-9242 a CLERK TO THE BOARD PHONE (970) 356-4000 EXT 4217 FAX: (303)303) 352-0242 WEBSITE: www.co.weld.co.us 915 10TH STREET WI P.O. BOX 758 C. GREELEY, COLORADO 80632 Il COLORADO July 17, 2002 LONE TREE PROPERTIES LTD 14504 125 FRONTAGE RD LONGMONT CO 80504 Parcel No.: 120723000018 Account No.: R4762986 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 1, 2002, at or about the hour of 10:30 AM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Centennial Center, First Floor Hearing Room, 915 10th Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 2002, and mailed to you on or before August 12, 2002. 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. At least two (2) working days prior to your hearing the Assessor will have available, at your request, the data supporting his valuation of your property. LONE TREE PROPERTIES LTD - R4762986 Page 2 Please advise me if you decide not to keep your appointment as scheduled. If you need any additional information, please call me at your convenience. Very truly yours, BOARD OF EQUALIZATION dateStettir Donald D. Warden, Clerk to the Board BY: C� -'4 , Carol A. Harding, Deputy cc: Stanley Sessions, Assessor STEVENS & ASSOCIATES COST REDUCTION SPECIALISTS, INC 7950 LINCOLN ST SUITE 110 LITTLETON CO 80122 Weld County STANLEY F. SESSIONS COUNTY ASSESSOR MICHAEL SAMPSON, CHIEF APPRAISER ASSESSOR'S VALUE REPORT OF COMMERCIAL PROPERTY FOR County Board of Equalization LONE TREE PROPERTIES LTD PETITIONER vs. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 1207-23-0-00-018 Schedule Number: R4762986 Log Number: #551 Date: August 1, 2002 Time: 10:30 AM Board: CBOE PREPARED BY LEE WILLIAMS L.—tr _ L—) L.c..x 7 - 3I— O Signature Date Signature Date ASSESSOR'S OFFICE STAFF APPRAISER CBOE_COMM 010998 Pape 1 SALIENT FACTS AND CONCLUSIONS Purpose of Appraisal To determine Market Value as of 1/1/2002 based on an appraisal date of 6/30/2000. Property Rights Appraised Unencumbered fee simple interest. Location 14504 1-25 FRONTAGE RD ti WELD Land Area 294,030 Square Feet Zoning Property Type Commercial 1- Service Garage 17,325 Sq Ft 1- Showroom 16,200 Sq Ft 1— Light Commercial Utility 1 ,136 Sq Ft 1— Miscellaneous OB (Asphalt & Fence) Year Built 1992 Year Remodeled 0 Quality Average Class Metal Frame Number of Stories 1 Improvement Sq. Ft. 34,661 Basement Unfinished Sq. Ft. 0 Basement Finished Sq. Ft. 0 Mezzanine: 2400 Value Indications: Land $ 441,045 Cost Approach $1,441,050 Market Approach $1,760,000 Income Approach $1,675,000 Reconciled Assessor's Value $1 ,295,045 CBOE COMM_010998 Page 2 (Note: Digital picture and drawing not available as agent was not willing to let the commercial appraiser go onto the subject property without the agent present) 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. ti 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 $1,000,005 Land Value $ 441,045 TOTAL VALUE BY THE COST APPROACH $1,441,050 ASSESSOR'S RECONCILED VALUE SUMMARY Improvement Value $854,000 Land Value $441 ,045 TOTAL ASSESSOR'S RECONCILED VALUE $1,295,045 C80E_COMM_010998 Page 3 COST APPROACH LAND VALUE Sales utilized to establish the value in the subject neighborhood are 1999 and 2000 market for the 2002 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 1995 through the June of 2000 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 294,030 square feet. Comparable commercial land in the subject area is valued at $1.50 per square foot. If no vacant land sales were available in this area, we utilized the abstraction/allocation method to establish land value. Parcel Number Sale Sale Price Land Size Per Sq Ft Date Comparable 1207-23-2-02-001 04-00 ` $282,800 188,484 SF $1.50 1 4.327 Ac Comparable 1207-23-2-02-011 , 11-98 $978,989 652,659 SF $1 .50 2 012, 013 14.983 Ac Comparable 1207-23-2-02-010 07-00 $359,000 239,362 SF $1.46 3 5.495 Ac All three sales are within the subject subdivision. ASSESSOR'S INDICATED SUBJECT LAND VALUE $441,045 CBOE_COMM 0 0999 Page 4 U • Ca 3� 0. . :,fir .- N a) ' 10 CO N. O C) 0 .w. 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L�'i+f+ ,ii t)4 J(�. 1J1.74 t i?-- i i oo .Y -x N 9� W 7� :e 11 )1'x•.1 Z ,R1il2'• 3I=;i{..�7t/ ' 41A I N■ V J,p iC is '■ : tJ CC O ;I7 t C; .:;'1,2-1.7A1 i. . <i -.vi.iauos( �. - 7riln R.II@hL--'-r '---' ✓-a qt.,. a,; ( 1 .44'04[ M. .Z4,91.00 N �� .L�'£L9l Tt 4` —.._—�{/ :. - M ..ZS,91.00 N .Z6'999Z .Q �J 3 c: a (S`ONRIV36 JO =(5''1E; .7 : OH021 30VIN0213 SZ—!' 5 WELD COUNTY ASSESSOR Account#: R4762986 PROPERTY PROFILE Parcel#: 120723000018 MH Seq it: MH Space: Appr Year: 2002 Levy: 69.559 #of Bldgs: 4 Active On: Tax Dist: 2309 Map#: 2322 LEA: MEAD04 InactiveOn: Assign To: LWW Initials: CH Acct Type: Commercial Last Updated: 07/16/2002 New Growth: 0 Owner's Name and Address: Property Address: LONE TREE PROPERTIES LTD Street: 14504 1-25 FRONTAGE RD City: WELD 14504125 FRONTAGE RD LLONGMONT CO 80504 Business/Complex: K& C RV SALES & SERVICE Sales Summary Legal Description I PT NW4 23-3-68 LOT A REC EXEMPT ORE-607(3.25R)SITUS: 14504 25 0FRONTAGE I WELD 80501 • IIL Land Valuation Summary Unit of Number Of Value Per Assmt Assessed Land Type Ag Code Abst Code Measure Units Unit Actual Value Value Percent 1 Commercial 2130 Square Feet 294030 $1.50 $441,045.00 0.29 $127,903.05 Land Subtotal: 294030 $441,045.00 $127,900.00 Full Market Values $0.00 $0.00 Buildings Valuation Summary Abst ual Assmt Bldg PropertyType Code Occupancy Value Percent *Assessed Value li # Pro ert 1 Commercial 2230 325- Service Garage $350,000 0.29 $101,500 12 Commercial 2230 1471 - Light Commercial Utility $4,000 0.29 $1,160 3 Commercial 2230 303 - Showroom $450,000 0.29 $130,500 4 Commercial 2230 501 - Miscellaneous OB $50,000 0.29 $14,500 Improvements Subtotal: $854,000 $247,660 Total Property Value $1,295,045 $375,560 *Approximate Assessed Value Wednesday, July 24, 2002 Page 1 of 6 In.,y L. WELD COUNTY ASSESSOR Account#: R4762986 PROPERTY PROFILE Parcel #: 120723000018 MH Seq ti: MH Space: Building#: 1 Condo SF Condo % Land: Condo % Bldg: Landscaping Qual/$ Property Type: Commercial 0 0 Average $0.00 Quality: Average Nbhd: 3903 Occupancy: Service Garage Condition: Average Nbhd Ext: 00 Perimeter:% 787 Nbhd Adj: 1 Percent Comp: 100.00% Individual Built As Detail Built As: Light Commercial Utility Year Built: 1992 �I Construction Type: S Year Remodeled: HVAC: Space Heater % Remodeled: Interior Finish: Adj Year Blt: 1992 Roof Cover: Effective Age: 8 Built As SF: 6075 Mh Make: #of Baths: Tag LengthlWidth: X #of Bdrms: Tag Length/Width: X #of Stories: 1 Mh Skirting LF: Story Height: 16 MH Skirting Type: Sprinkler SF: Diameter: Capacity: Height: Built As: Service Garage Year Built: 1984 Construction Type: S Year Remodeled: HVAC: Space Heater % Remodeled: Interior Finish: Adj Year Blt: 1984 Roof Cover: Effective Age: 16 Built As SF: 11250 Mh Make: #of Baths: Tag LengthlWidth: X #of Bdrms: Tag Length/Width: X #of Stories: 1 Mh Skirting LF: Story Height: 16 MH Skirting Type: Sprinkler SF: Diameter: Capacity: Height: Building Details Bldg #: 1 x ezr",t ^' ° ' ''� a• :. .,�... V 01F" k A I a'x '` >,# Ea, ,t>, .`,' 'i CONC RAMP 1980 $0.00 $0.00 7q7; S,�, ; .y2,.y z R7, y,-, p.. n 1, T +d4---.+jj *q , e Vr'4P'rT,ry ,7, kv +S �..�$r x .y is m k.. �•�r � n t..'e S Ji � �Yd,'�(! -f . 3 4 fr � j5 � ,?>x.5.. "i-1 Package Air 1300 $1.00 $1,300.00 Wednesday, July 24, 2002 Page 2 of 6 ret , WELD COUNTY ASSESSOR Account#: R4762986 PROPERTY PROFILE Parcel#: 120723000018 MH Seq#: MH Space: Evaporative Cooler 2 $2.00 $4.00 l Corn Office Finish Low 2187 $6.50 $14,216.00 Concrete Slab Average 3425 $2.36 $8,083.00 r I Chain Link Fence 8ft 900 $12.50 $11,250.00 Asphalt Average 88500 $1.51 $133,635.00 Value Details RCN Cod/SF: $26.27 Design Adj %: 0 Func Obs %: 0 I Total RCN: $623,616.00 Exterior Adj %: 0 Econ Obs %: 0 Phys Depr%: 0.33 Interior Adj °/0: 0 Other Obs %: 0 Phys Depr$: 202539 Amateur Adj %: 0 i I RCNLD $: $421,077.00 RCNLD Cost/S $24.30 Market/SF: ($3.18) Wednesday, July 24, 2002 Page 3 of 6 ro-r , WELD COUNTY ASSESSOR Account#: R4762986 PROPERTY PROFILE Parcel#: 120723000018 MH Seq#: MH Space: Building #: 2 Condo SF Condo % Land: Condo % Bldg: Landscaping Qual/$ Property Type: Commercial 0 1 Low $0.00 Quality: Low Nbhd: 3903 Occupancy: Light Commercial Utility Condition: Average Nbhd Ext: 00 Perimeter: 137 Nbhd Adj: 1 Percent Comp: 100.00% % Individual Built As Detail I Built As: Light Commercial Utility Year Built: 1990 Construction Type: D Year Remodeled: 1991 HVAC: None % Remodeled: 1 Interior Finish: Adj Year Blt: 1991 Roof Cover: Effective Age: 9 Built As SF: 1136 Mh Make: #of Baths: Tag Length/Width: X #of Bdrms: Tag Length/Width: X #of Stories: 1 Mh Skirting LF: ! Story Height: 10 MH Skirting Type: Sprinkler SF: Diameter: Capacity: Height: Building Details Value Details I RCN Cost/SF: $9.04 Design Adj Y.: 0 Func Obs %: 0 Total RCN: $10,269.00 Exterior Adj %: 0 Econ Obs %: 0 Phys Depr %: 0.35 Interior Adj %: 0 Other Obs %: 0 Phys Depr$: 3594 Amateur Adj %: 0 I RCNLD $: $6,675.00 RCNLD Cost/S $5.88 Market/SF: ($48.53) Wednesday, July 24, 2002 Page 4 of 6 fa_ ce WELD COUNTY ASSESSOR Account#: R4762986 PROPERTY PROFILE Parcel #: 120723000018 MH Seq#: MH Space: Building#: 3 Condo SF Condo % Land: Condo % Bldg: Landscaping Qual/$ Property Type: Commercial 0 1 Fair $0.00 Quality: Fair Nbhd: 3903 Occupancy: Showroom Condition: Average Nbhd Ext: 00 Perimeter: 516 Nbhd Adj: 1 Percent Comp: 100.00% % Individual Built As Detail Built As: Storage Warehouse Year Built: 1994 Construction Type: S Year Remodeled: HVAC: Space Heater % Remodeled: Interior Finish: Adj Year Blt: 1994 Roof Cover: Effective Age: 6 Built As SF: 16200 Mh Make: #of Baths: Tag Length/Width: X i #of Bdrms: Tag Length/Width: X #of Stories: 1 Mh Skirting LF: Story Height: 20 MH Skirting Type: Sprinkler SF: Diameter: Capacity: Height: I Building Details I Bldg #: 3 `,', t ` n ' x a 'l*+T 15'apEm7 r t rn, r 7: Concrete Slab Average 3750 $2.36 $8,850.00 Chain Link Fence 8ft 900 $12.50 $11,250.00 Asphalt Fair 70000 $1.19 $83,300.00 Value Details RCN Cost/SF: $20.99 Design Adj %: 0 Func Obs %: 0 Total RCN: $512,116.00 Exterior Adj %: 0 Econ Obs %: 0 Phys Depr%: 0.06 Interior Adj %: 0 Other Obs %: 0 Phys Depr$: 32527 Amateur Adj %: 0 i RCNLD $: $479,589.00 RCNLD Cost/S $29.60 Market/SF: ($3.40) Wednesday, July 24, 2002 Page 5 of 6 (.-,-te 1 C WELD COUNTY ASSESSOR Account#: R4762986 PROPERTY PROFILE Parcel#: 120723000018 MH Seq#: MH Space: Building#: 4 Condo SF Condo % Land: Condo % Bldg: Landscaping Qual/$ Property Type: Commercial 0 1 $0.00 Quality: Nbhd: 3903 Occupancy: Miscellaneous OB Condition: Nbhd Ext: 00 Perimeter: 0 Nbhd Adj: 1 Percent Comp: 100.00% % Individual Built As Detail Building Details Bldg #: 4 tr. x, V.: t.r"`AU yccH ' Qn �` skV . . Chain Link Fence 8ft 925 $12.50 $11,563.00 IAsphaltAverage 74165 $1.51 $111,989.00 Value Details ! RCN Cost/SF: $0.00 Design Adj 13/0: 0 Func Obs %: 0 I Total RCN: $123,552.00 Exterior Adj %: 0 Econ Obs %: 0 Phys Depr%: 0 Interior Adj To: 0 Other Obs %: 0 Phys Depr$: 30888 Amateur Adj %: 0 RCNLD $: $92,664.00 RCNLD Cost/S $92,664.00 Market/SF: ($55,131.00) Wednesday, July 24, 2002 Page 6 of 6 __ pn.,-, lc h MARKET APPROACH SUMMARY Real Property for the tax year 2002 must be valued utilizing data for the period one and one-half years immediately prior to July 1, 2000. 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, the period of five years immediately prior to July 1 , 2000 shall be utilized to determine the level of 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. Sales used to establish a market value for the tax year 2000 are from January 1 , 1999 through June 30, 2000. Pursuant to 39-1-104 (10.2)(c) C. R. S., the Assessor may utilize sales five years prior to July 1 , 2000 to establish the proper value. 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. IMPROVED SALES SUMMARY SHEET Grantee Date of Sales Price Building Size Price/SF Sale 1 Glick, Gary G (50%) Stugart, Jerod (50%) 10/99 $767,500 20,250 $37.90 1207-23-0-04-007 2 Day, Thomas D 1207-23-0-00-019 01/00 $1,280,000 28,147 $45.48 3 Goble Ralph 1207-23-0-01-046 02/98 $480,000 12,000 $40.00 Based upon investigation and analysis, it is the opinion of the appraisers that median value of $40.00 per square foot, or $1,386,440 (34,661 sq. ft. X $40/sq. ft.), accurately reflects the market value of the subject property. The comparable sales listed above do not include excess land or asphalt that surround the subject property. The typical land-to-building ratio is 4:1. The subject property improvements total 34,661 square feet. Multiplying 34,661 sq. ft. X 4 = 138,644 sq. ft. Land area is 294,030 sq. ft. Subtracting 138,644 sq. ft = 155,386 sq. ft. excess land @ $1.50/sq. ft. , or $233,079. Asphalt area is 232,665 sq. ft. minus 138,644 sq. ft. = 94,021 sq. ft. excess asphalt @ $1.51 = $141,972. Excess land of $233,079 and excess asphalt of $141,972, or $375,051 is added to the above estimated market value of $1,386,440. The estimated market value including excess land and asphalt is $1,761,491. VALUE As INDICATED BY THE MARKET APPROACH $1,760,000 (Rounded) CBOE_CO MM_010995 Page 11 COMPARABLE SALE • 1014 4� fi {74 g 7r%µ ss� e s !quI IVWIiiw� I _ 14 uFY55+e K7 PCLa-1 PIN#, 6829697 PARCEL #: 120723304007 PRIMARY OCCUPANCY: STOR WHSE OFFICE: 2ND OCCUPANCY: ADDRESS: 14106-14136 VALLEY DRIVE MEAD )PROJECT: SALE DATE: 10/15199 BOOK #: SALE PRICE: $767,500 RECEPTION #: 2727699 ADJ SALE PRICE: GRANTOR: PRINTZ GROUP INC GRANTEE: GLICK, GARY G (50%) & STUGART JEROD (50%) YEAR BLT: 1996 LAND VALUE: 88,863 EFFECTIVE AGE: 1996 ZONING BLDG SIZE: 20,250 LAND/BLDG RATIO: 2.93 CLASS: S IMPS PRICE/PSF: $33.51 CONSTRUCTION-QUAL: AVG SALE PRICE/PSF: $37.90 WALL HEIGHT: 16 CASH DOWN: $87,500 STORIES: 1 LOAN: NEW BSMT SIZE: INTEREST RATE: 8.50% BSMT FINISH: LOAN TERM (YRS): 7 YRS LAND SIZE: 59,242 POINTS PAID: REMARKS: NO APPRAISAL - NEGOTIATED SALE PRICE. THE BLDG. HAS TWO RENTORS ON A YEAR TO YEAR NET LEASE. BLDG. IN GOOD CONDITION AT TIME OF SALE. �.Y iz COMPARABLE SALE • 1030 k ,5 ..'^ DTs T 44i1C44L 1,414 40:14,4:/-etc' � y, s fi t 44,w 3, ,YI �f r {{+ V A yam " j „,71-• ' ta✓ 4 '''';',141.1.:3-1`i. "; FlG" w. � N I 2fe }M , 9 i .; ,.ert;, .: PIN#, 0089690 PARCEL #: 120723000019 PRIMARY OCCUPANCY: STOR WHSE OFFICE: 2ND OCCUPANCY: )ADDRESS: 14331 HILLTOP ROAD MEAD PROJECT: SALE DATE: 01/14/00 BOOK #: SALE PRICE: $1,280,000 RECEPTION #: 2745043 ADJ SALE PRICE: GRANTOR: DAVIS-NELSON LLC GRANTEE: DAY THOMAS D YEAR BLT: 1995 LAND VALUE: 161,687 EFFECTIVE AGE: 1995 ZONING BLDG SIZE: 28,147 LAND/BLDG RATIO: 4.18 CLASS: S IMPS PRICE/PSF: $39.73 CONSTRUCTION-QUAL: AVG SALE PRICE/PSF: $45.48 WALL HEIGHT: 16 CASH DOWN: $458,000 STORIES: 1 LOAN: NEW BSMT SIZE: INTEREST RATE: 8.38% BSMT FINISH: LOAN TERM (YRS): 5 YRS LAND SIZE: 117,612 POINTS PAID: REMARKS: CONFIRMED SALE DURING PROTEST 2002. SALE PART OF 1031 EXCHANGE WITH LEASE IN PLACE AT TIME OF SALE. PRICE BASED ON INCOME APPROACH. COMPARABLE SALE 700 sv I i PIN#, 0257995 PARCEL #: 120723001046 PRIMARY OCCUPANCY: STG WHSE OFFICE: 10.00% 2ND OCCUPANCY: T ADDRESS: 4321 MULLIGAN DR LONGMONT PROJECT: SALE DATE: 02/02/98 BOOK #: SALE PRICE: $480,000 RECEPTION #: 2592964 ADJ SALE PRICE: GRANTOR: KOLDEWAY VERN GRANTEE: GOBLE RALPH YEAR BLT: 1996 EFFECTIVE AGE: 1996 LAND/BLDG RATIO: 3.23 BLDG SIZE: 12,000 IMPS PRICE/PSF: $35.83 CLASS: S SALE PRICE/PSF: $40.00 CONSTRUCTION-QUAL: AVG CASH DOWN: $120,000 WALL HEIGHT: 16 LOAN: NEW STORIES: 1 INTEREST RATE: 8.50% BSMT SIZE: LOAN TERM (YRS): 15 YRS LAND SIZE: 38,706 POINTS PAID: LAND VALUE: 50,000 REMARKS: I R S 1031 TAX EXCHANGE. MAXIMUM BANK LOAN OBTAINED BY SELLER $350K INCOME APPROACH TO VALUE The basic steps in the Income Approach to value for commercial properties in mass appraisal are based on a landlord-tenant situation and not on the income of the actual business. In using this approach, it eliminates the possibility of valuing management as opposed to the potential income of the structure. This is the proper method Assessor's must utilize through the Directives of the Division of Property Taxation. Research has been done by the Assessor to determine the typical rent by location, type of structure and the property use. The Weld County Assessor's office has also researched the typical landlord expenses, additional income based on the type of business, and vacancy and collection loss. An Income Approach has been completed for the subject. PROFORMA INCOME WORKSHEET Parcel : 1207-23-0-00-018 Name: LONETREE PROPERTIES Prop Address: 14504 1-25 FRONTAGE RD, Bldg sq ft Use No of Units Type Lease 34,661 Warehouse/ 3 Gross Service Gar Effective Tax Rate Mill Rate Assm't Rate Tax Rate 0.069559 0.29 0.0202 Annual Annual Fractional rent Units Rent/Month Size/Bay Rent Rent PSF Showroom $8,100.00 16,200 $97,200.00 $6.00 Utility $300.00 1,136 $3,600.00 $3.17 Service Garage $8,660.00 17,325 $165,750.00 $6.00 Avg Rent PSF $5.06 Subject Rents Annual Annual Gross Area Rent PSF Income Rental Rate 34,661 $5.06 $175,238 PSF LessVacancy &Expenses Vacancy 5% ($8,762) Expenses 12% ($21,029) Net income $4.20 $145,447 Net Income/Overall CapRate=Property Value Property Value Value PSF Cap Rate + Eff Tax Rate 0.0900 0.0202 0.1102 $1,319,849 $38.08 Total Property Value (Rounded) $1,300,000 $37.51 CBOE_COMM_0 10998 Page 15 Summary of Estimated Percent of Expenses: Expense name Amount Gross Gross PSF lincome Insurance $3,505 2.00% $0.10 Utilities $5,257 3.00% $0.15 Management at 5% EGI $8,762 5.00% $0.25 Reserves at 2% $3,505 2.00% $0.10 Total $21,029 12.00% $0.61 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 , 1999 through June 30, 2000. 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. The typical land-to-building ratio is 4:1. The subject property improvements total 34,661 square feet. Multiplying 34,661 sq. ft. X 4 = 138,644 sq. ft. Land area is 294,030 sq. ft. Subtracting 138,644 sq. ft = 155,386 sq. ft. excess land @ $1.50/sq. ft. , or $233,079. Asphalt area is 232,665 sq. ft. minus 138,644 sq. ft. = 94,021 sq. ft. excess asphalt @ $1.51 = $141 ,972. Excess land of $233,079 and excess asphalt of $141,972, or $375,051 is added to the above estimated income value of $1 ,300,000. The estimated market value including excess land and asphalt is $1,675,051. TOTAL INCOME VALUE FOR THE SUBJECT PROPERTY $1,675,000 (Rounded) CBOE_COMM_0 10998 Page 16 CONCLUSION Real property for tax year 2002 must be valued utilizing the level of value for the period of one and one-half years immediately prior to July 1,2000. 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, 2000 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. {39-1-104(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 $1 ,295,045 for the subject property in Weld County for the 2002 tax year be affirmed. COST APPROACH MARKET APPROACH INCOME APPROACH RECONCILE $1,441,050 $1,760,000 $1,675,000 $1,295,045 FINAL INDICATED VALUE $1,295,045 CBOE_COMM_0 10998 Page 17 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. /e e_ lti. a i Lee Williams Commercial Appraiser Colorado Certified General Appraiser CG01316201 CBOE_COMM 010996 Page 18 Hello