HomeMy WebLinkAbout20022103.tiff RESOLUTION
RE: THE BOARD OF EQUALIZATION, 2002, WELD COUNTY, COLORADO -ADJUST
VALUE IN PART
PETITION OF: KINGS COURT PROPERTIES LLLP
14504 1-25 FRONTAGE RD
LONGMONT, CO 80504
DESCRIPTION OF PROPERTY: ACCOUNT #: R7052198 PARCEL#: 120723202004 -
RAD L4 BLK1 RADEMACHER BUSINESS PARK PUD AMD PLAT SITUS: 4075 CAMELOT
CIR WELD
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 Board of Equalization, that the evidence presented at the hearing
supported, in part, the value placed upon the property by the petitioner. The assessment and
valuation of the Weld County Assessor shall be, and hereby is, adjusted as follows:
ACTUAL VALUE
AS DETERMINED ADJUSTED
BY ASSESSOR ACTUAL VALUE
Land $ 354,731 $ 354,731
Improvements OR
Personal Property 619,383 585,269
TOTAL $ 974,114 $ 940,000
2002-2103
AS0052
ae. : Pt A, A3e—.
RE: BOE - KINGS COURT PROPERTIES LLLP
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 thirty (30) days of this resolution:
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),
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
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.
2002-2103
AS0052
RE: BOE - KINGS COURT PROPERTIES LLLP
Page 3
Arbitration Hearing Procedure: Arbitration hearings are held within sixty
days from the date the arbitrator is selected. Both you and the OBOE 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 OBOE. 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
WE D COUNIiY, COLORADO
l GI Va
�(( '. to the Board
.940,
iY n ti A► D . Loyflj, Pro-Tem
r .ay Clerk to the Board c /1��
M. J. eile
APPROVED AS TO FORM: 4402 / n ,
a.
• li . Jerke
lit
As i tant C my Attorney U
Robert D. Masden
Date of signature: O ' 1)G --f�c�
2002-2103
AS0052
07/03/02 07:57 FAX WELD ASSESSOR 003
• NOTICE OF DENIAL
( ,+:rill
a OFFICE OF COUNTY ASSESSOR
VI
RAD L4 BLKX RADEMACHER BUSINESS 400 NORTH nth AVE
♦' �( PARK PUD AMD PLAT SITUS : 4O75 cRCefEY,C0 Snot 1
CAMELOT CIR WELD PHONE(970)353-3845,EN'T.3650
111k
COLORADO OWNER: KINGS COURT PROPERTIES LLLP
KINGS COURT PROPERTIES LLLP LOG 552
14504 I-25 FRONTAGE RD • PARCEL 12072320200
LONGMONT, CO 80504 • ACCOUNT R7052198
Tax Rep: STEVENS & ASSOCIATES COST REDUCTION YEAR 2002
The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has deremiincd rhar
our property should be included in the following categoryflcs):
• Commercial propertyis 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 co 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 as follows:
A 1982 Colorado constitutional change rewires commercial property to be valued
based on actual value and assessed at 29s. Replacement cost, market, and
income are approaches used to determine the actual value of your property. Your
valuation is supported by the appraisal procedures required by law.
•
•
PETITIONER'S ASSESSOR'S VALUATION
PROPERTY CLASSIFICATION ESTIMATE
OF VALUE ACTUAL VALUE ACTUAL VALUE
PRIOR TO REVIEW AFTER REVIEW
COMMERCIAL 974114 974114
•
•
TOTALS $ 7 /4114 .9744114.
g S
APPEAL DEADLINES:REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY ZZ.
if you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration,1t9-S-106(1)(3),C.R.S. Please see the back of this form for detailed information on filing your appeal.
O7/O2/2OO2
$5: Stanley F.Sessions
WELD COUNTY ASSESSOR DATE
ts-DPT-Alt
Farm PR-707-R7r44 A f f ttTfl'k'4 T T`•44^^ . -
YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR'S DECISION
The County Board ofEqualization will sit to hear appeals beginning July 1 and continuing through August 5 for real
property(land and buildmgs)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 EOUALIZATION'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 deten-nination from the County Board ofEqualization,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 id t properly consider the Cost, Market and Income
approaches X: value or aspects of the property in question.
S A slue. 0, 000
)
07-12-02
dsithfxt;twr 11UNtK DALE
d CLERK TO THE BOARD
PHONE (970) 356-4000 EXT 4217
FAX: .co. 352-0242.co.us
WEBSITE: www.co.weld.co.us
915 10TH STREET
P.O. BOX 758
GREELEY, COLORADO 80632
C.
COLORADO
July 17, 2002
KINGS COURT PROPERTIES LLLP
14504 1-25 FRONTAGE RD
LONGMONT CO 80504
Parcel No.: 120723202004 Account No.: R7052198
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of August 1, 2002, at or about the hour of
11:00 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.
KINGS COURT PROPERTIES LLLP - R7052198
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
144014/
Donald D. Warden,
Clerk to the Board
BY: ,
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
KINGS COURT PROPERTIES LLLP
PETITIONER
VS.
WELD COUNTY ASSESSOR'S OFFICE
RESPONDENT
Parcel Number: 1207-23-2-02-004
Schedule Number: R7052198
Log Number: #552
Date: August 1, 2002
Time: 10:30 AM
Board: CBOE
PREPARED BY
LEE WILLIAMS
Signature Date
Signature Date
ASSESSOR'S OFFICE STAFF APPRAISER
CSOE_COMM_010998
Page 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 4075 CAMELOT CIR
ti
WELD
Land Area 236487.2031 Square Feet
Zoning
Property Type Commercial
1— Retail Store
Year Built 2000
Year Remodeled 0
Quality Average
Class Wood Frame
Number of Stories 2
Improvement Sq. Ft. 6085
Basement Unfinished Sq. Ft. 0
Basement Finished Sq. Ft. 0
Mezzanine: 0
Value Indications:
Land $354,731
Cost Approach $974,114
Market Approach $940,000
Income Approach $910,000
Reconciled $940,000
Assessor's Value $974,114
CBOE_COMM_0 10998
Page 2
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OACH SUMMARY COST APPR
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 $619,383
Land Value $354,731
TOTAL VALUE BY THE COST APPROACH
$974,114
CBOECOMM_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 236,487.2031 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
ASSESSOR'S INDICATED SUBJECT LAND VALUE
$354,731
CBOE_COMM_0 10998
Page 4
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WELD COUNTY ASSESSOR
Account#: R7052198 PROPERTY PROFILE Parcel#: 120723202004
MH Seq#: MH Space:
Building#: 1 Condo SF Condo % Land: Condo % Bldg: Landscaping Qual/$
Property Type: Commercial Average $0.00
Quality: Average Nbhd: 3903 Occupancy: Retail Store
Condition: Average Nbhd Ext: 00
'
Perimeter: 230 Nbhd Adj: 1
Percent Comp: 100.00%
Individual Built As Detail
r Built As: Retail Store Year Built: 2000
Construction Type: D Year Remodeled:
I
HVAC: Package Unit % Remodeled:
Interior Finish: Adj Year Blt: 2000
Roof Cover: Effective Age: 0
Built As SF: 6085 Mh Make:
#of Baths: Tag Length/Width: X
#of Bdrms: Tag Length/Width: X
#of Stories: 2 Mh Skirting LF:
Story Height: 10 MH Skirting Type:
Sprinkler SF: 6085 Diameter:
Capacity: Height:
Building Details
Bldg# 1
$ v.,. h I i�� r t 2 G. 2 .Fya S
x Add In
Asphalt Average 233000 $1.51 $351,830.00
Concrete Slab Average 82 $2.36 $194.00
Concrete Slab Average 40 $2.36 $94.00
Concrete Slab Average 82 $2.36 $194.00
Value Details
I RCN Cost/SF: $41.76 Design Adj %: 0 Func Obs %: 0
i Total RCN: $619,383.00 Exterior Adj %: 0 Econ Obs %: 0
I Phys Depr%: 0 Interior Adj %: 0 Other Obs %: 0
! Phys Depr$: 0 Amateur Adj %: 0
RCNLD $: $619,383.00 RCNLD Cost/S $101.79 Market/SF: $0.00
— — — i
Tuesday, July 23, 2002 Page 2 of 2 lv
SKETCH/AREA TABLE ADDENDUM
Case No R7052198 File No 120723202004
Property Address 4075 CAMELOT CIR
City WELD County WELD State 0 Zip _f
Borrower KINGS COURT PROPERTIES LLLP
Lender/Client _
Appraiser Name - __..__i
4.00'
air_ p
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I
a
w L{ . a 11 `' -
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te
cn
I Concrete 1
Only Concrete i _, _r_ 5.00'
I 83.00 FT2 83.00 FT2
n
17.00'
S
16.50' 16.50' Scale: 1=15
AREA CALCULATIONS LATIONS SUMMARY Perimeter Totals Breakdown
1 BUILDING AREA BREAKDOWN
Code DescriptionSubtotals j
_ III
GBA1 First Floor 1.00 3085.00 230.0 3085.00 First Floor
02A2 Second Floor 1.00 3000.00 220.0 3000.00 5.0 x 17.0 85.00,
999 Concrete 1.00 82.50 43.0 150.0 x 60.0 3000.001
Concrete 1.00 82.50 43.0 l Second Floor
N Z Concrete 1.00 40.00 28.0 205.00 50.0 x 60.0 3000.00
I-
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C.)
W
ce
a
TOTAL BUILDING (rounded) 6085 3 Areas Total (rounded) 6085 I
}Weld County Assessor's Office APEX SOFTWARE 800-M08958 Apelleo-w Apewll
•
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 be adjusted upward for retail vs warehouse to $50.00 per square foot, or $304,250
(6,085 sq. ft. X $50/sq. ft.). 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
improvement is 6,085 square feet. Multiplying 6,085 sq. ft. X 4 = 24,340 sq. ft. Land area is 236,487
sq. ft. Subtracting 24,340 sq. ft = 212,147 sq. ft. excess land @ $1 .50/sq. ft. , or $318,220. Asphalt
area is 233,000 sq. ft. minus 24,340 sq. ft. = 208,660 sq. ft. excess asphalt @ $1.51 = $315,077.
Excess land of $318,220 and excess asphalt of $315,077, or $633,297 is added to the above
estimated market value of $304,250. The estimated market value including excess land and
asphalt is $937,547.
VALUE AS INDICATED BY THE MARKET APPROACH
$940,000 (Rounded)
CBOE_COMM_010998
Page 7
COMPARABLE SALE
1014
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PIN#, 6829697 PARCEL #: 120723304007
PRIMARY OCCUPANCY: STOR WHSE
OFFICE:
2ND OCCUPANCY:
ADDRESS:
BOOK #:
14106-14136 VALLEY DRIVE s MEAD
./PROJECT:
SALE DATE: 10/15/99
SALE PRICE: $767,500 RECEPTION #: 2727699
ADJ SALE PRICE:
GRANTOR: PRINTZ
GRANTEE: GLICK, GARYGROUP G INC(50%) & STUGART ROD (50%)
YEAR BLT: 1996 LANDJE VALUE: 88,863
EFFECTIVE AGE: 1996 ZONING
BLDG SIZE: 20,250 LANDG RATIO: 2.93
CLASS: S IMPS PRICE/PSF: $33.51
CONSTRUCTION-QUAL: SALED/BL PRICE/PSF: $37.90
WALL HEIGHT: 16AVG
CASINTEH DOWN: $87,500
STORIES:
BSMT SIZE:
1 LOAN: NEW
REST 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 RELATORS ON A YEAR TOL YEAR NET LEASE.
BLDG. IN GOOD CONDITION AT TIME OF SALE.
S
•
COMPARABLE SALE
1030
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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
DAY THOMAS D
GRANTEE:
YEAR BLT: 1995 LAND VALUE: 161,687
EFFECTIVE AGE: 1995 ZONING
LAND/BLDG RATIO: 4.18
BLDG SIZE: 28,147
CLASS: S IMPS PRICE/PSF: $39.73
SALE PRICE/PSF: $45.48
CONSTRUCTION-QUAL: AVG
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.
1
•
COMPARABLE SALE
,f.,.:,,,,,;',7,-:,-,-,„'.;A: 4',P
Y £ a
T 5
c� � r
PIN#, 0257995 PARCEL #: 120723001046
PRIMARY OCCUPANCY: STG WHSE
OFFICE: 10.00%
2ND OCCUPANCY:
ADDRESS:
BOOK#:
4321 MULLIGAN DR LONGMONT
PROJECT:
SALE DATE: 02/02/98
SALE PRICE: $480,000 RECEPTION #: 2592964
ADJ SALE PRICE:
GRANTOR: KOLDEWAY VERN
GRANTEE:
GOBLE RALPH
YEAR BLT: 1996
EFFECTIVE AGE: 1996 LAND/BLDG PRICE/PSF:RATIO: 3.23
BLDG SIZE: 12,000 IMPS $35.83
CLASS: S SALE PRICE/PSF: $40.00
CONSTRUCTION-QUAL: AVG C DOWN: $120,000
WALL HEIGHT: 1A6
LOAN:ASH NEW
STORIES:
BSMT SIZE:
1 INTEREST RATE: 8.50%
AN TERM (YRS):
LAND VALUE: 15 YRS
LAND SIZE: 38,706 PO LOINTS PAID:
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 : 1207-23-2-02-004
Name: KINGS COURT
PROPERTIES
Prop Address: 4875 CAMELOT CIRCLE,
MEAD
Bldg sq ft Use No of Units Type
Lease
6,085 Retail/Office 1 Gross
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
Retail/Office $3,043.00 6,085 $36,516.00 $6.00
Avg Rent PSF $6.00
Subject Rents Annual Annual
Gross
Area Rent PSF Income
Rental Rate 6,085 $6.00 $36,516
PSF
LessVacancy &Expenses
Vacancy 5% ($1,826)
Expenses 12% ($4,382)
Net income $4.98 $30,308
Net Income/Overall CapRate=Property Value
Property Value
Value PSF
Cap Rate + Eff Tax Rate 0.0900 0.0202 0.1102 $275,030 $45.20
Total property value (Rounded) $275,000 $45.19
CBOE_COMM_010998
Page 11
SUMMARY OF ESTIMATED EXPENSES
Percent of
Expense name Amount Gross Gross PSF
lincome
Insurance $730 2.00% $0.12
Utilities $1 ,095 3.00% $0.18
Management at 5% EGI $1 ,826 5.00% $0.30
Reserves at 2% $730 2.00% $0.12
Total $4,382 12.00% $0.72
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 improvement is 6,085 square feet.
Multiplying 6,085 sq. ft. X 4 = 24,340 sq. ft. Land area is 236,487 sq. ft. Subtracting 24,340 sq. ft =
212,147 sq. ft. excess land @ $1.50/sq. ft. , or $318,220. Asphalt area is 233,000 sq. ft. minus
24,340 sq. ft. = 208,660 sq. ft. excess asphalt @ $1.51 = $315,077. Excess land of $318,220 and
excess asphalt of $315,077, or $633,297 is added to the above estimated income value of $275,000,
or $908,297.
TOTAL INCOME VALUE FOR THE SUBJECT PROPERTY
$910,000
CBOE_COMM_010998
Page 12
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. {39-1-1oa(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 $974,114 for the subject property in Weld County for the 2002 tax year be
adjusted to $940,000.
COST APPROACH MARKET APPROACH INCOME APPROACH RECONCILE
$ 974,114 $940,000 $910,000 $940,000
FINAL INDICATED VALUE
$940,000
CBOE_COMM_0 10998
Page 13
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.
ti
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.
Lee Williams
Commercial Appraiser
Colorado Certified General Appraiser CG01316201
CBOE_COMM_010998
Page 14
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