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Home My WebLink About20022115.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2002, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND ADJUST VALUE IN PART PETITION OF: ARC IV LLC O/O PROPERTY TAX DEPARTMENT P O BOX 13244 EL PASO, TX 79913-3244 DESCRIPTION OF PROPERTY: ACCOUNT #: R8022399 PARCEL#: 080535001001 - GR SS1 L1 BLK1 STONEYBROOK SUB FILING #1 SITUS: 435 N 35 AV 100 GREELEY 0 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, 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 clearly supported the value in excess of that placed upon the property by the Weld County Assessor. Such evidence indicated the property was undervalued 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, adjusted as follows: ACTUAL VALUE AS DETERMINED ADJUSTED BY ASSESSOR ACTUAL VALUE Land $ 13,225,000 $ 14,533,000 Improvements OR Personal Property 0 0 TOTAL $ 13,225,000 $ 14,533,000 2002-2115 AS0052 ads , c1 �1 RE: BOE - ARC IV LLC 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), C.R.S.) 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 OBOE 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 orany 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), 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. 2002-2115 AS0052 RE: BOE - ARC IV LLC 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 5th day of August, A.D., 2002. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO AT • I, / �� EXCUSED Gleaad, Chair to the Board ,��• 156 David E. Lon 'Pro-Tem erg'' o the Board it/e- A©ILY --� � / ®LY M. J.`UPile 1 STOFORM: EXCUSED 4 V(/� illiam H. Jerke WA A sii t Cowi�ty Attorney ?Li? � �� R bert D. Masden Date of signature: re-- - 2002-2115 AS0052 p a NOTICE OF DENIAL OFFICE OF COUNTY ASV `,SOW [[ 1400 AORIlII Ih vvL GR SS1 L1 BLK1 STONEYBROOK SUB c RI I FY.Co M631 FILING #1 SITUS : 435 N 35 AV 100 flloNh(o7u) z 515. 1v1 3650 GREELEY 0 111k. T. COLORADO OWNER: ARC IV LLC . MARVIN F. POER & COMPANY LOG 764 410 17TH STREET SUITE 1730 PARCEL 08053500100 ACCOUNT R8022399 DENVER, CO 80202 YEAR 2002 Owner : ARC IV LLC The appraised value of property is based on the appropriate consideration of the approaches to value required by law_ "ihc A csesor has dettFini ned that your property should be included in the following category(ies): Residential property - The property is valued by the market aproach to value . If your concern is the amount of your property tax, local taxing authorities(county,city,lire 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 as follows. Market sales data has been used to determine the value of your property. It has been reviewed and the value appears to be fair and equitable . PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW' AFTER REVIEW RESIDENTIAL 13225000 13225000 TOTALS $ s 13225000 s 13225000 APPEAL DEADLINES: REAL PROPERTY-JULY 15, PERSONAL PROPERTY-JULY 22. It you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration,39-S- 1ofi(i)(a),C.R.S. Please see the back of this form for detailed information on tiling your appeal. By: Stanley F. Sessions 06/24/2002 WELD COUNTY ASSESSOR DATE 15-DI'T-AR Form PR-207-87/99 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 LushieJ, day of that dc..isiuii. The Comity Boara must conclude its Iieauugs and rencici 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.govAbaa. 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, 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. lJ 1jai), : Jo if 32,7 �w . J7 PE f7 MP)fVP'll- mi u` NT DA i. AaRviN r - )ER s CO, z.y0 S7Tt-; SLIffE 1731 - v^ tt:( Le. CLERK TO THE BOARD PHONE (970) 356-4000 EXT 4217 FAX: (303) 352-0242 liD WEBSITE: www.co.weld.co.us 915 10TH STREET P.O. BOX 758 GREELEY, COLORADO 80632 COLORADO July 24, 2002 ARC IV LLC C/O PROPERTY TAX DEPARTMENT P O BOX 13244 EL PASO TX 79913-3244 Parcel No.: 080535001001 Account No.: R8022399 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 5, 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. ARC IV LLC - R8022399 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 At"Ilia Donald D. Warden, Clerk to Board Carol A. Harding, Deputy z_e_� cc: Stanley Sessions, Assessor MARVIN F. POER & COMPANY 410 17TH STREET SUITE 1730 DENVER CO 80202 WELD COUNTY STANLEY F. SESSIONS COUNTY ASSESSOR MICHAEL F. SAMPSON, CHIEF APPRAISER APPRAISAL REPORT OF RESIDENTIAL IMPROVED PROPERTY FOR County Board of Equalization ARC IV LLC PETITIONER VS. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 0805-35-0-01-001 Schedule Number: R8022399 Log Number: Date: Aug 5th, 2002 Time: 11:00 AM Board: CBOE PREPARED BY MICHAEL SAMPSON Signature Date ASSESSOR'S CHIEF APPRAISER ASSESSOR VALUE $ 13,225,000.00 CBOE_RES 010898 Page 1 GENERAL DESCRIPTION AND MARKET SUMMARY SUBJECT SITE AND IMPROVEMENTS This property is located at 435 N 35 AV 100 in the city of GREELEY. The legal description of the property is GR SS1 L1 BLK1 STONEYBROOK SUB FILING #1 SITUS: 435 N 35 AV 100 GREELEY OE. Utilities available to the site are typical for the area. There is a clubhouse constructed in1998, that includes a pool, It has 4457 square feet of finished usable area. There are community bathrooms, a kitchen, and large meeting areas. The pool is usable by the tenants and the clubhouse is rentable per a fee system. The Assessor has classified the Clubhouse as Average quality, using Average quality materials. The remaining improvements consist of paved streets, utilities for each space and the clubhouse, street lights/common area park-greenbelts/curb & gutter system/ a community gray-water irrigation system/reasonable landscaped entry and community areas. %7 ( rl it.lI . II • � !I p Fill ! PIi 1111 3. 13. 2001 CBOE_RES_010898 Page 2 Market Valuation Analysis The subject property was compared to other known properties that have sold in the past several years, as well as the subject itself. The subject property sold in 11/98 for the sum of $14,533,000 and is the strongest indicator of value for that period in time. It is very important to remember as you consider this sale and the other comparables , that the subject was NOT complete at the time of sale and the price per unit is greatly skewed by that fact. I am not fully sure of how many of the total rentable units were actually finished at the time of the purchase but it was a fairly large block of the proposed project final plans. Even at that our value is less than the subject sale which actually occured almost 2 (two) years PRIOR to the appraisal date of 6/30/2000. The other comparables discussed here are both in the same market area as the subject and strongly back the assessors' current valuation. I have attempted to stay with facilities that are as similar to the subject as possible to refrain from having adjustments to deal with, however in the case of comparables 2 & 3, neither are as good of properties as the subject and any adjustments would only increase the value further. Because the actual sale of the subject is included in this analysis I have placed the most emphasis on that comparable with backup strength shown by the other 2 comps. Comp. #1: Stoneybrook Sub: Sold on 11/18/98 for $14,533 ,000 or$27,473 per space and Includes a clubhouse/pool and good greenbelt areas. Paved roads/streetlights and All utilities. Exterior watering for landscape and trash are included in the monthly site rental fees. The typical fees for each space are $355-$370 plus potable water, Gas, sewer. This property was purchased without completion of the final phase of lots being started and this reduced the value per site accordingly. Comp. #2 Villa West MobileHome Park: Sold to the same company as the subject property (Comp. #1) 1 week later on 11/24/98. The purchase price was $12,654,000 or $38,000 per space and included a clubhouse, pool and managers unit. Exterior Water and trash included in the space rental. The reported space rental is similar to the subject, in the $350 - $360 range. One of the very best mobile parks in this county Has 333 spaces for rent and reported no vacancies at time of sale. Comp. #3 Countryside North MobileHome Park: Sold on 3/24/99 ( which is in our actual Data collection period) for $4,000,000 Or$23,120 per unit. The comp has a pool and 173 spaces for rent at$325 per. This is a nice park but much older than the subject and in a far less desirable location. Upper lever of older parks but far less desirable than the newer generation of facilities like the subject. Has a pool but no clubhouse facilities. MARKET APPROACH SUMMARY Real property for the 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. A period of five years immediately prior to July 1, 2000 shall be utilized to determine the level of value if adequate data is not available from such one and one-half year period to adequately determine the level of value for a class of property. 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., creation of a condominium, new regulations restricting or increasing the use of the land, or a combination thereof{39-1-104(11)(b)(I), CRS}. The Weld County Assessor has an established ongoing Sales Confirmation and Validation Program for property transactions used in developing values. The subject property has been classified as Residential for assessment purposes. Residential property value shall be determined by appropriate consideration of the Market Approach to Value {39-1-103(5)(a), CRS}. The Assessor has considered this approach to value for the subject parcel. The subject property is considered residential by Colorado law and the only method of valuation allowed for this type of property is the Market Approach. The use of other mobile communities in the county were the primary indicators of value for the subject. It should be noted that the agents for this property felt that we had not fairly valued this property relative to similar facilities around the area, we sent then copies of all the properties (county wide) that we felt were the same as the subject property. In all cases the properties that were comparable (for equitability reasons) were shown to have the same value per unit as the subject , therefore indicating no problems from that perspective. The agents still filed a protest giving a value indication that had absolutely no basis in facts for us to consider. INDICATED MARKET VALUE $ 13,225,000.00 CBOE_RES_010898 Page 3 AUG-05-2002 08:49 FROM:MARVIN POER &COMPANY 3035730976 TO:9703520242 P.002'004 MARVIN F. POrR d COMPANY Aexalmtrera Mounts STATE r LOCAL TAX CONSULTING THE NATIONAL COUNCIL OP PteT TAXATION August 5,2002 Weld County Board of Equalization 915 10t Street Greeley,CO 80632 Via Fax: 970.304.6433,and 303352.0242 Re: R8022399 Honorable Board: By way of this letter,we respectfully request that the 2002 appeal petition for the referenced parcel be granted administrative denial. Very truly yours, MARVIN F. POER AND COMPANY ie zth D. Mo�Yk nzdar Managing Consultant 410 17th Street Suite 1730 Denver.Colorado 80202 (303)573-0975 Fax(303)573.0976 Web Site:www.mfpocr.com Mate Beaton CMmg. DetS Denver n fa.dani4 Noaeron Lax An#Ies New Yon! Orfa4o Phoea& San Antonio EN:. w..divMow D.C.. Hello