HomeMy WebLinkAbout20022104.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 #: R7053098 PARCEL #: 120723202014 -
RAD L14 BLK1 RADEMACHER BUSINESS PARK PUD AMD PLAT SITUS: 4048 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 $ 559,703 $ 559,703
Improvements OR
Personal Property 1,697,121 1,540,297
TOTAL $ 2,256,824 $ 2,100,000
2002-2104
AS0052
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
OBOE of your intent. You and the OBOE 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.
2002-2104
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 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
WELD COUNTY, COLORADO
t,117
, 0
ATTEST: 2I #/�'( lete
etiff
%s tic,. "
9 r.
Gle n UaCTiaTr'__
��a�qr:^_ ►.� Clerk to the Board
David E. Lo g, Pro-Tem
186. /
; OL10 the Board
�y� � �� M. J. eile
i�CEp AS;.O FORM:
�� :7 4014., .41Lac.
j f,mer'
Asst Cant my Attorney 1 �Xit kta
Robert D. Masden
Date of signature: '3'-l'E
2002-2104
AS0052
- _- HELP ASSESSOR V)004
NOTICE OF DENIAL
n OFFICE OF COUNTY ASSESSOR
RAD L14 BLK1 RADEMACHER BUSINESS 400 NOEr I7d,AVE.
1 PARK PUD AMD PLAT SITUS: 4048 chL'FfEv,cOsnrfi
CAMELOT CIR WELD PHONE(970)351-3145,EXT.3650
wine
COLORADO OWNER: KINGS COURT PROPERTIES LLLP
STEVENS & ASSOCIATES COST REDUCTION - LOG 553
SPECIALISTS, INC PARCEL 1207232020:
7950 LINCOLN ST SUITE 110 ACCOUNT R7O53O98
LITTLETON, CO 80122 YEAR 2002 Owner: KINGS COURT PROPERTIES LLLP
•
The appraised value of property is based on the appropriate consideration of the approaches to value required by law The Assessor has dcurmined that
your property should be included in the followingcategr+,,,cs)-
ommercial property is valued by considering the cost, market,
and income approaches.
If your concern Is the amount of your property tax,local taxing authorities(county,city,fireprotection,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.
iThe Assessor has carefully studied all available information,giving particular attention to the specifics included on your prnrest,and has determined the
vabuation(s)assietted to your property. The seasons for this determination of value ate as follow&
A 1982 Colorado constitutional change requires commercial property to be valued
based on actual value and assessed at 29.0 . 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 I�
PROPERTY CLASSIFICATION ESTIMATE
OF VALUE ACTUAL VALUE ACTUAL VALUE
PRIOR TO REVIEW AFTER REVIEW
COMMERCIAL 2256824 2256824
e`
•
•
25b824 225rstszq
L TOTALS $ S $
APPEAL DEADLINES:REAL PROPERTY-JULY IS,PERSONAL PROPERTY-JULY 22.
If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consid er auoa,39 S-
106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal.
07/02/2002
By: Stanley F. Sessions
WELD COUNTY ASSESSOR DATE
IS-DP'f-AR
Form FR-20747199 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-
I07(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:pre
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 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.
The assessor did not properly consider the Cost, Market and Income
approaches to the v ue cof. aspects of the property in question.
S & A Value: $900, O /
07-12-02
S16PA i LAF,i(F rthl uohbk DAI L
.,.� ..,.,.n. ..,. . -., ..'. n-.n� .•, ..n ,.
'\ CLERK TO THE BOARD
PHONE (970) 356-4000 EXT 4217
FAX: .co. 352-0242
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 I-25 FRONTAGE RD
LONGMONT CO 80504
Parcel No: 120723202014 Account No.: R7053098
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of August 1, 2002, at or about the hour of
11:30 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.
KINGS COURT PROPERTIES LLLP - R7053098
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
Donald D. Warden,
Clerk to the Board
•it
BY: 7rr_-� rv ;./ ;_'t T. '4, r(`
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: 1207-23-2-02-014
Schedule Number: R7053098
Log Number: #553
Date: August 1, 2002
Time: 10:30 AM
Board: OBOE
PREPARED BY
LEE WILLIAMS
Signature Date
Signature Date
ASSESSOR'S OFFICE STAFF APPRAISER
CBOE_COMM_010998
Page 1
SALIENT FACTS AND CONCLUSIONS
Purpose of Appraisal To determine Market Value as of 1/1/2002 based on an
appraisal date of 6/30/2000.
Property Rights Appraised Unencumbered fee simple interest.
Location 4048 CAMELOT CIR
WELD
Land Area 373,135 Square Feet
Zoning
Property Type Commercial
1— Service Garage
Year Built 2000
Year Remodeled 0
Quality Average
Class Metal Frame
Number of Stories 1
Improvement Sq. Ft. 40,950
Basement Unfinished Sq. Ft. 0
Basement Finished Sq. Ft. 0
Mezzanine: 10400
Value Indications:
Land $ 559,703
Cost Approach $2,256,824
Market Approach $2,040,000
Income Approach $2,100.000
Reconciled $2,100,000
Assessor's Value $2,256,824
CBOE_COMM_010998
Page 2
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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 Taxaton 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 $1,697,121
Land Value $ 559,703
TOTAL VALUE BY THE COST APPROACH
$2,256,824
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 373,135 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
$559,703
CRCE CO MM 010998
Page 4
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WELD COUNTY ASSESSOR
Account#: R7053098 PROPERTY PROFILE Parcel #: 120723202014
MH Seq#: MH Space:
Building #: 1 Condo SF Condo % Land: Condo % Bldg: Landscaping Qual/$
Property Type: Commercial Average $0.00
Quality: Average Nbhd: 3903
Occupancy: Service Garage
Condition: Average Nbhd Ext: 00
Perimeter:, 890 Nbhd Adj: 1
Percent Comp: 100.00%
Individual Built As Detail
Built As: Service Garage Year Built: 2000
Construction Type: S Year Remodeled:
HVAC: Space Heater % Remodeled: I
Interior Finish: Adj Year Blt: 2000
Roof Cover: Effective Age: 0
Built As SF: 40950 Mh Make:
# of Baths: Tag Length/Width: X
# of Bdrms: Tag Length/Width: X
# of Stories: 1 Mh Skirting LF:
Story Height: 16 MH Skirting Type:
Sprinkler SF: 42390 Diameter:
Capacity: Height:
- — --
Building Details
Bldg #: 1
Add On
Com Canopies Steel Average 1440 $13.25 $19,080.00
Concrete Slab Average 16100 $2.36 $37,996.00
Concrete Slab Average 14250 $2.36 $33,630.00
Asphalt Average 221650 $1.51 $334,692.00
--_ Value Details
RCN Cost/SF: $26.29 Design Adj °/0: 0 Func Obs °/0: 0
Total RCN: $1,697,121.00 Exterior Adj `1/0: 0 Econ Obs %: 0
Phys Depr %: 0 Interior Adj °/0: 0 Other Obs %: 0
Phys Depr$: 0 Amateur Adj °/0: 0
RCNLD $: $1,697,121.00 RCNLD Cost/S $41.44 Market/SF: $0.00
Tuesday, July 23, 2002 Page 2 of 2
SKETCH/AREA TABLE ADDENDUM
Case No R7053098 Pie No 120723202014
Property Address 4048 CAMELOT CIR —
City WELD County WELD State 0 Zip
l
Borrower KINGS COURT PROPERTIES LLLP
Lender/Client
Appraiser Name '
I
!
' 35.00' • 345.00' Concrete
30.00' 14250.00 FT2
315.00'
•
60.00' 1 120.00'
i
Service Garage I
Mezzanine/Retail Class S
=
U
Y 7800.00 FT' Year Built 2000 Total Building Area o
Vl
w o o Radiant Heat fo H 40950.00 FT2 C o
o 6 130.00' o ! m
wQ Sprinkled w ct 0 130.00'
o : '- to
Q. O N
•
WH 16' 30.00'
Concrete 315.00' Wash Bay b
1440.00 FT2 4 0
16100.00 FT2 60.00' N 6
th
350.00'
Scale: 1=50
AREA CALCULATIONS SUMMARY -I r BUILDING AREA BREAKDOWN
Code Description Factor Size Perimeter Totals Breakdown Subtotals
• GBA1 First Floor 1.00 40950.00 890.0 i 40950.00 1 First Floor I
999 Concrete 1.00 14250.00 1010.0 130.0 x 315.0 I 40950.00
Concrete 1.00 16100.00 1080.0,
•
Wash Bay 1.00 1440.00 168.0II 31790.00
= •
•
0
J i I •
J .
U
•
Ca) . li
K • II
Q
•
•
TOTAL BUILDING (rounded) 40950 1 Area Total (rounded) 40950
Page 2 oft
Weld County Assessors Office APEX SOFTWARE 500-050-9958 Ape7100.w Apeos
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
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 accurately reflects the market value of the subject property, or $1,638,000 (40,950 sq.
ft. X $40/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 40,950 square feet. Multiplying 40,950 sq. ft. X 4 = 163,800 sq. ft. Land area is
373,135 sq. ft. Subtracting 163,800 sq. ft = 209,335 sq. ft. excess land @ $1.50/sq. ft. , or $314,002.
Asphalt area is 221,650 sq. ft. minus 163,800 sq. ft. = 57,850 sq. ft. excess asphalt @ $1.51 =
$87,353. Excess land of $314,002 and excess asphalt of $87,353, or $401 ,355 is added to the above
estimated market value of $1 ,638,000. The estimated market value including excess land and
asphalt is $2,039,355.
VALUE AS INDICATED BY THE MARKET APPROACH
$2,040,000 (Rounded)
CBOE COMM 010990
Page 7
COMPARABLE SALE
1014
---40,,t',.,....1.-',V.,,"
A
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ate $' ° ''',4.:A,4-,,-
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_ 4.g'•sY• 4', .-..'1�L1' +"' Ts*a0a..•. '.y$h 't_n.; , 35i __ �'J•`� �T.C ,t_ _ ..
PIN#, 6829697•
PARCEL #: 120723304007
PRIMARY OCCUPANCY: STOR WHSE
OFFICE:
2ND OCCUPANCY:
ADDRESS: 14106-14136 VALLEY DRIVE MEAD
PROJECT:
SALE DATE: 10/15/99 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
SALE PRICE/PSF: $37,90
CONSTRUCTION-QUAL: AVG
WALL HEIGHT: 16 CASH DOWN: $87,500
STORIES: 1 LOAN: NEW
BSMT SIZE: INTEREST RATE: 8.50%
BSMT FINISH: LOAN TERM (YRS): 7 YRS
LAND SIZE: 59,242 POINTS PAID:
REMARKS: NO APPRAISAL - NEGOTIATED SALE PRICE. THE BLDG.
HAS TWO RENTORS ON A YEAR TO YEAR NET LEASE.
BLDG. IN GOOD CONDITION AT TIME OF SALE.
COMPARABLE SALE
1030
�:n e C-.sR•° 'w�j r. .,�• f
§ . 9 p.t ryTlf_vy .,$ :;V.
ty t 9•?F�, ..3�{{�ye _�,,�(;,��rh '��F t s�.5,�t,�v a.���!a°}'s yq- ,.Y,K+��'�.iiy�
v„: Taffy
e tir+'� r ,dk i:i• ;. ? ,;. l Yy f ��r 4 �f4ty
hx Ff r}yty s:�,yy r':<} f .h• ^r•�`;.Lr.':is t t.�•1*"<ry k r?."y'*r5� < e
k„'r"• ''' ir ,{ YF�•{ ,S . ;a'''r i$R_' ,,, ac•}+ 5 . • • Ste! ed
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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
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
r• -q'n' 'i .. .?, r ' -' _ s•r �' -,q't'r.
t, isr f , aKYC » t
' r • i
.4xp•, i„:t& b'�'` " •.,-' fils4 wr wi '^y'v 5' .,, i:.
•,..;:c I,.,.'!I i lif lii El l�I Il�lls� t § z r xs�� `4.;
r, I l`u�� �Y !l�al ]r� a H 4V'''';_47'.• .1'' t�4.. _„.t.•4.
I
M •'. :,":":::...;'—'P''4r + l,.t `;P .• ^.`?,:i •r • Via' •"�' �'r. ;
PIN#, 0257995 PARCEL #: 120723001046
PRIMARY OCCUPANCY: STG WHSE
OFFICE: 10.00%
. 2ND OCCUPANCY:
,
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
U
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 : 1207-23-2-02-014
•
Name: KINGS COURT PROPERTIES
Prop Address: 4840 CAMELOT CIRCLE, MEAD
Bldg sq ft Use No of Units Type Lease
40,950 Retail/Office 1 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
Office/Retail $3,900.00 7,800 $46,800 $6.00
Service Garage $13,810.00 33,150 $165,750 $5.00
Avg Rent PSF $5.50
Subject Rents Annual Annual Gross
Area Rent PSF Income
Rental Rate PSF 40,950 $5.50 $225,225
LessVacancy&Expenses
Vacancy 5% ($11,261)
Expenses 12% ($27,027)
Net income $4.57 $186,937
Net Income/Overall CapRate=Property Value
Property Value
Value PSF
Cap Rate + Eff Tax Rate 0.0900 0.0202 0.1102 51,696,343 $41.42
Total property value (Rounded) $1,700,000 $41.51
SUMMARY OF ESTIMATED EXPENSES
CBOE CO MM 010998
Page 11
Summary of Estimated Expenses Percent of
Expense name Amount Gross lincome Gross PSF
Insurance $5,525 2.00% $0.11
Utilities $8,287 3.00% $0.17
Management at 5% EGI $13,812 5.00% $0.28
Reserves at 2% $5,525 2.00% $0.11
Total $33,148 12.00% $0.68
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 40,950 square feet.
Multiplying 40,950 sq. ft. X 4 = 163,800 sq. ft. Land area is 373,135 sq. ft. Subtracting 163,800 sq. ft
= 209,335 sq. ft. excess land @ $1 .50/sq. ft. , or $314,002. Asphalt area is 221,650 sq. ft. minus
163,800 sq. ft. = 57,850 sq. ft. excess asphalt @ $1.51 = $87,353. Excess land of $314,002 and
excess asphalt of $87,353, or $401,355 is added to the above estimated income value of $1 ,700,000,
or $2,101,355.
TOTAL INCOME VALUE FOR THE SUBJECT PROPERTY
$2,100,000 (Rounded)
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. {39-1-104(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 $2,256,824 for the subject property in Weld County for the 2002 tax year be
adjusted to $2,100,000.
COST APPROACH MARKET APPROACH INCOME APPROACH RECONCILE
$2,256,824 $2,040,000 $2,100,000 $2,100,000
FINAL INDICATED VALUE
$2,100,000
CBOE_COMM_010998
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.
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_0 10998
Page 14
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