HomeMy WebLinkAbout20022605.tiff 2002
Weld County
PROPERTY ASSESSMENT STUDY
Prepared for Colorado Legislative Council
Thos. Y. Pickett & Company, Inc.
Denver, Colorado
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-
2002
Property Assessment
Study
Weld County
This Final Report presents the results of Thos. K
Pickett & Company, Inc. 's comparison study of as-
sessed values to qualified sales, the associated pro-
cedural verifications, and the required analysis on
the other specified dasses and/or subdasses of
property in Weld County, Colorado. This study was
conducted pursuant to Colorado Revised Statutes
Sections 39-1-104, governing valuation for assess-
ment
THOS.Y.
Valuation Engineers PICKETT Oil& Gas-Minerals
Tax Consultants Industrial& Commercial
Ratio Studies Public Utilities
Data Management Services &COMPANY,INC. Real Estate Apraisals
September 15, 2002
Mr. Charles S. Brown
Director of Research
Colorado Legislative Council
State Capitol Building - Room 029
Denver, Colorado 80203
Dear Mr. Brown,
Thos. Y. Pickett & Co. has completed the 2002 Property Assessment Study in
Weld County. This Final Report documents the results and associated
recommendations of the analysis and procedural verifications.
The statistical analysis has been conducted in complete accordance with the
following procedures: the Request for Credentials and Proposals to Conduct a
Colorado Property Assessment Study, dated July 21, 2000; Contract
Encumbrance Number 02000000005, dated December 11, 2001; and the current
Standards on Ratio Studies approved and published by the International
Association of Assessing Officers in July 1999.
Respectfully submitted,
THOS. Y. PICKETT & CO. INC.
at"-/44
John Whitley
_
_ 4155 East Jewell Avenue,Suite 809• Denver,Colorado 80222-4512
Phone(303)691-9986• Fax(303)757-4898• Home Page: www.typco.com
a
a
2002
a
Property Assessment
Study
Weld County
This Final Report presents the results of Thos. K
Pickett & Company, Inc. 's comparison study of as-
sessed values to qualified sales, the associated pro-
cedural verifications, and the required analysis on
the other specified dasses and/or subclasses of
property in Weld County, Colorado. This study was
conducted pursuant to Colorado Revised Statutes
Sections 39-1-104, governing valuation for assess-
ment
a
Table of Contents
INTRODUCTION 1
SUMMARY RESULTS OF SOLD PARCEL ANALYSIS 2
Summary Results of Sold Parcel Analysis 3
Summary Results Of Sold Parcels by Economic Area 3
AGRICULTURAL LAND STUDY 4
AGRICULTURAL OUTBUILDING AND RESIDENCE STUDY 5
PERSONAL PROPERTY STUDY 6
Procedural Verification 6
Statistical and Procedural Analysis Results 7
SALES VERIFICATION 7
ECONOMIC AREA EVALUATION 7
SUBDIVISION DISCOUNTING 7
NATURAL RESOURCE STUDY 8
Earth or Stone Procedures 8
Producing Gas Procedures 9
Producing Oil Procedures 9
APPENDICES 11
2002
Property Assessment Study
Weld County
Introduction
Thos. Y. Pickett & Company, Inc., has concluded the Property As-
sessment Study for each of the 64 counties within the State of Colo-
- rado. The study was conducted pursuant to provisions of the Consti-
tution of Colorado and the Colorado Revised Statutes [CRS] Sections
39-1-104, governing valuation for assessment. The fundamental ob-
jective of the 2002 study was to ascertain that each county assessor
complied with Colorado's mandated guidelines in valuing all applica-
ble classes of property.
By addressing the research through a ratio study and the associ-
ated statistical analysis, Thos. Y. Pickett & Company, Inc., compared
assessed values to qualified sales transactions within Weld County.
When qualified sales did not meet sample size requirements, ap-
praisal ratios were calculated. The prevailing level of ratio (or global
level of assessment), measured by its median value, and the vari-
ability of the ratio, measured by the coefficient of dispersion (COD),
were then compared to the benchmarks established by the Colorado
State Board of Equalization.
When individual parcel ratios for a particular property class are
arrayed by numerical value, the value of the ratio that lies in the
middle of the array is defined as the median ratio, which is a meas-
ure of central tendency (half of the ratios are greater than the me-
dian ratio and half are less). A parcel appraised at its market value
will have a ratio value of 1.00. The coefficient of dispersion is the
2002 Weld County 1
measure of an individual parcel ratio deviation from the median. The
deviation indicates how uniformly the assessor values parcels.
The Colorado State Board of Equalization (SBOE) has established
the following median standards that all county assessors are re-
quired to achieve:
PROPERTY CLASS MEDIAN COD
Vacant Land 0.95 to 1.05 20.99
Residential 0.95 to 1.05 15.99
Commercial/Industrial 0.95 to 1.05 20.99
Summary Results of
Sold Parcel Analysis
This report presents the analysis and associated conclusions with
regard to property valuations within Weld County for the 2002 tax
year. By law, these valuations are based on the tax status date of
June 30, 2000.
The results of the analysis are summarized in the tables below,
"Summary Results of Sold Parcel Analysis," and "Summary Results of
Sold Parcel Analysis by Economic Area" (if applicable). The complete
analysis, including frequency distributions of ratios by class, plots of
2002 assessed value versus the sales price, ratio results, and stratifi-
cation of results in single-family class is appended to this report.
2 Thos. Y. Pickett&Company, Inc.
a
Summary Results of Sold Parcel
Analysis
PROPERTY NUMBER OF UNWEIGHTED LOWER 95%. UPPER 95% COEFFICIENT
CLASS QUALIFIED MEDIAN CONFIDENCE CONFIDENCE OF
SALES. RATIO LIMIT LIMIT DISPERSION
Commercial 133and 96.98 94.59 98.48 10.67
Industrial
Condominium 250 101.58 100.25 102.79 7.46
Single Family 6498 97.64 97.39 97.87 8.95
Vacant land 1288 98.48 97.82 98.92 13.14
a
Summary Results Of Sold Parcels
by Economic Area
a
Economic Qualified Median Ratio Lower 95% Upper 95% Coefficient
Area Sales Confidence Confidence of
Limit Limit Dispersion
2 1979 98.75 98.34 99.15 6.84
3 1420 96.26 95.80 96.74 9.34
4 537 95.42 94.34 96.17 11.99
5 108 97.04 94.52 99.15 12.04
6 2403 98.02 97.66 98.46 9.38
8 32 95.44 81.62 101.83 15.00
Conclusions
The sales ratio analysis for the property classes analyzed in Weld
— County indicates that the median ratios and their associated
coefficients of dispersion are within the benchmarks established by
2002 Weld County 3
the SBOE. No significant differences between the change in
assessed value for sold parcels and the change in assessed value for
comparable unsold parcels in any classes were identified.
Recommendations
None.
Agricultural Land Study
Land'Clasi Acres Total.ACtual Value Per AcreRatio
Value.,
Dry Farm 559,663 $27,614,424 $ 49.34 1.002
Grazing .: 1,042,442 $14,720,523 $ 14.12 1.00
I rn3dterl Farm ,, 363,859 $151,933,539 $417.56 1.001
Meadow Hag '`' 17,140 $2,172,563 $126.75 1.002
Waste 17,071 $95,767 $ 5.61 1.00
Total 2,000,175 $196,536,816 $ 98.26
Findings
• Aerial photos from the County ASCS (now called Farm Service
Agency) office and soil maps in the SCS (now called the Natural
Resources Conservation Service) Soil Survey for the county were
the basic tools in the land classification.
• Aerial photos in the County ASCS (now called Farm Service
Agency) office are used as necessary.
• The land classification includes adequate detail to accurately
reflect the productivity and profitability of individual parcels.
• Grazing land is appropriately classified by carrying capacity with
the aid of SCS Range Site maps and Range Site descriptions.
• The crop rotation and lease terms accurately reflect land use in
the county.
• Lease terms accurately reflect land use in the county.
• Production areas are established within the county.
4 Thos. Y. Pickett &Company, Inc.
• Crop yields as a percentage of the ten-year county average
reported by the Colorado Agricultural Statistics Service as:
Irrigated Corn 100%, Irrigated All Hay 99.8%, Dry Land Wheat
100%.
• Commodity prices, expense items, and capitalization rate
specified by the DPT were properly used.
• The pumping cost formula, as specified by DPT, is used
incorporating local electric costs, well and system costs, depth,
and pumping pressure.
• A ten-year average of local figures documents the crop expenses.
• One percent of each land class was physically inspected with the
majority of parcels conforming to county appraisal records. Weld
County needs to continue to update their records on sprinkler
irrigation development. Also, some larger parcels of Waste need
to be reviewed and acreages double-checked.
Suggestions
• Continue to update sprinkler irrigation development and make
appropriate adjustments.
• Consider using .25 Ton increments in valuing Meadow Hay.
_ Recommendations
None
Agricultural Outbuilding and
Residence Study
Weld County is exempt from this portion of the Property
Assessment Study.
2002 Weld County 5
Personal Property Study
Thos. Y. Pickett & Company, Inc., conducted a procedural study
on the overall approach to personal property in Weld County. The
study was executed in compliance with the provisions of Article X,
Section 3(2)(a) of the Colorado Constitution and CRS Section 39-1-
104(16).
Procedural Verification
In accordance with ARL Volume 5, Weld County has an estab-
lished discovery process for personal property.
The time frame established for the 2002 audit was May 2001
through April 2002. Schedules were selected for audit based on the _
following criteria:
Non-filing or "Best Information Available" assessments.
Incomplete or inconsistent declarations.
New businesses filing first time.
Accounts with discrepancies from prior audits.
Accounts near to the $2500 threshold.
Businesses in a selected geographic area.
Possessory interest accounts.
A random selection of schedules was identified for statistical -
analysis. Present worth established by Weld County was compared
to present worth developed by Thos. Y. Pickett & Company, Inc.
Specific items valued by techniques other than cost trending and
depreciation were excluded from ratio analysis.
Weld County used the indices, depreciation schedules, economic
life, and level of value adjustment factors recommended in ARL Vol-
ume 5. Further adjustments for any additional functional or
economic obsolescence were not utilized.
6 Thos. Y. Pickett&Company, Inc.
Statistical and Procedural Analysis Results
The ratio study on the randomly selected parcels indicated a
median appraisal ratio of 100.0%. Therefore, the overall level of
appraisal was in compliance with the current standard adopted by
the State Board of Equalization.
The procedures employed by Weld County are in compliance with
current guidelines and policies defined by the Division of Property
Taxation, including the required plan to audit an appropriate number
of personal property schedules each year.
Recommendations
None.
Sales Verification
Weld County maintains master sales, verified sales and qualified
sales lists. Lists are maintained on a continuous basis. The verifica-
tion process of all sales supplemented with a letter or phone call
when TD 1000s are incomplete.
The sales list development evaluation includes a random sample
of qualified and unqualified sales pursuant to State requirements.
Vacant land, single family and commercial sales fall within accepted
requirements.
Economic Area Evaluation
Weld County has identified the variables which influence property
values of specific neighborhoods and has adequately documented
the conclusions reached. The County has also mapped the economic
areas and can readily identify the economic area for each property.
Subdivision Discounting
Weld County has developed marketing areas for vacant land
parcels and has defined these areas by divisions and filings.
2002 Weld County 7
Questionnaires were mailed by the County to subdividers to
gather information necessary for discounting. The County has —
documented its discounting procedures on each subdivision as well
as the development of its discount rate of 10.50 percent. Subdivided
land with improvements and vacant lots in subdivisions where at
least 80% of the lots have been sold were appraised at market —
value.
Recommendations
None. —
Natural Resource Study
Thos. Y. Pickett & Company, Inc., conducted a study in Weld —
County that included various relevant natural resource elements.
Earth or Stone Procedures
-
The Colorado Revised Statutes, Article 39, Section 6, and the
ARL, Volume 3, provide the guidelines in appraising natural resource
property. While all three approaches should be considered, the
income approach is most widely used in the valuation of earth or
stone. Production and life of the leases were provided by the
operator. There are no other sources available to document
production. The economic location factor was applied to the gross
tons extracted to determine the landlord's royalty. The landlord's
royalty was multiplied by a recommended Hoskold Factor to find the
actual value. The Hoskold Factor was calculated using the life of the
reserves.
Conclusions
The guidelines set forth by the natural resource valuation
procedures were followed in determining these values.
8 Thos. Y. Pickett &Company, Inc.
Producing Gas Procedures
— The Colorado Revised Statutes, Article 39, Section 7, and the
ARL, Volume 3, provide the guidelines in appraising gas property.
The total million cubic feet (MCF) of gas are multiplied by the current
average price. All government royalty is deducted from the gross
value sold to determine actual value.
Conclusions
The correct appraisal procedures were used in valuing gas
production.
Producing Oil Procedures
The Colorado Revised Statutes, Article 39, Section 7, and the
— ARL, Volume 3, provide the guidelines in appraising oil property.
The total barrels of oil are multiplied by the current average field
price. All government royalty is deducted from the gross value sold
to determine actual value.
Conclusions
The correct appraisal procedures were used in valuing oil
production.
a
2002 Weld County 9
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Appendices
Documentation of Statistical Analysis
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2002 Weld County 11
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Appendix A
Sales Ratio Analysis
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Appendix B
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