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Home My WebLink About20052175.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2005, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE PETITION OF: D R HORTON INC, AND/OR KDB HOMES INC C/O GEORGE MCELROY&ASSOCIATES INC 3131 S VAUGHN WAY STE 301 AURORA, CO 80014 DESCRIPTION OF PROPERTY: Vista Ridge Subdivision, being further defined on the attached list, marked "Exhibit A" 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 2005, 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 2005,claiming that the property described in such petition was assessed too high, as more specifically stated in said petition, and WHEREAS, said petitioner being represented by Ken Hunsperger, George McElroy and Associates, Inc., and WHEREAS,the Board has made its findings on the evidence,testimony and remonstrances and is now fully informed. NOW,THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County,acting as the Weld County Board of Equalization,that the evidence presented at the hearing clearly supported the value placed upon the Petitioner's property,after review by the Weld County Assessor. Such evidence indicated the value was reasonable,equitable,and derived according to the methodologies,percentages,figures and formulas dictated to the Weld County Assessor by law. The assessment and valuation of the Weld County Assessor shall be, and hereby is, affirmed as shown on Exhibit A, attached hereto and incorporated herein by reference. BE IT FURTHER RESOLVED that a denial of a petition, in whole or in part, by the Board of Equalization may be appealed by selecting one of the following three options; however, said appeal must be filed within 30 days of the denial: 2005-2175 c A . S C \( AS0061 RE: BOE - D R HORTON INC AND/OR KDB HOMES INC FOR VISTA RIDGE SUBDIVISION PAGE 2 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 such appeals 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 Fees: A taxpayer representing himself is not charged for the first two appeals to the Board of Assessment Appeals;however,a taxpayer being represented by an agent or an attorney must submit a fee of$101.25 per appeal. OR 2. District Court: You have the right to appeal the CBOE's decision to the District Court of the countywherein 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), 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. 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. 2005-2175 AS0061 RE: BOE - D R HORTON INC AND/OR KDB HOMES INC FOR VISTA RIDGE SUBDIVISION PAGE 3 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 29th day of July, A.D., 2005. BOARD OF COUNTY COMMISSIONERS /\:\ 4% WELD COUNTY, COLORADO 1861 ( ;'„fie` .� , /11/2444EXCUSED t '1 • %iv William H. J e, Chair r "Y . •.`, Clerk to the Board •• "\ re . Geile, Pro-Tem BY: (//CAA �-f Li Deputy Clerk to the Board c'J\ David E. Long APPROVED AS TO FORM: EXCUSED cnsthrn Robert D. Masdenn t Glenn Vaad —J Date of signature: V 2005-2175 AS0061 VISTA RIDGE SUBDIVISION EXHIBIT "A" ACCOUNT ASSESSOR'S NUMBER FILING VALUE 1 R1775002 1L $ 68,048 2 R1775202 1L $ 68,048 3 R1788902 1M $ 68,048 4 R1789002 1M $ 68,048 5 R1789102 1M $ 68,048 6 R1789202 1M $ 68,048 7 R1789302 1M $ 68,048 8 R1789402 1M $ 68,048 9 R1789502 1M $ 68,048 10 R1790002 1M $ 68,048 11 R1790102 1M $ 68,048 12 R1790202 1M $ 68,048 13 R1790602 1M $ 68,048 14 R1790702 1M $ 68,048 15 R1790802 1M $ 68,048 16 R1790902 1M $ 68,048 17 R1791002 1M $ 68,048 18 R1791102 1M $ 68,048 19 R1792502 1N $ 58,400 20 R1792602 1N $ 58,400 21 R1792702 1N $ 58,400 22 R1792802 1N $ 58,400 23 R1792902 1N $ 58,400 24 R1793002 1N $ 58,400 25 R1793102 1N $ 58,400 26 R1793202 1N $ 58,400 27 R1793302 1N $ 58,400 28 R1793402 1N $ 58,400 29 R1793502 1N $ 58,400 30 R1793702 1N $ 58,400 31 R1794902 1N $ 58,400 32 R1795002 1N $ 58,400 ACCOUNT ASSESSOR'S NUMBER FILING VALUE 33 R1795102 1N $ 58,400 34 R1795202 1N $ 58,400 35 R1795402 1N $ 58,400 36 R1795502 1N $ 58,400 37 R1795702 1N $ 58,400 38 R1795802 1N $ 58,400 39 R1796002 1N $ 58,400 40 R1796402 1N $ 58,400 41 R1796502 1N $ 58,400 42 R1796602 1N $ 58,400 43 R1796902 1N $ 58,400 44 R1797002 1N $ 58,400 45 R1938003 11 $ 68,048 46 R1938103 1I $ 68,048 47 R1939303 11 $ 68,048 48 R1939403 11 $ 68,048 49 R1939503 11 $ 68,048 50 R1939603 11 $ 68,048 51 R1939703 11 $ 68,048 52 R1939803 11 $ 68,048 53 R1940803 11 $ 68,048 54 R1940903 11 $ 68,048 55 R1941203 11 $ 68,048 56 R1941303 11 $ 68,048 57 R2118603 1R $ 64,600 58 R2118703 1R $ 64,600 59 R2118803 1R $ 64,600 60 R2118903 1R $ 64,600 61 R2119003 1R $ 64,600 62 R2119103 1R $ 64,600 63 R2119203 1R $ 64,600 64 R2119303 1R $ 64,600 65 R2119603 1R $ 64,600 ACCOUNT ASSESSOR'S NUMBER FILING VALUE 66 R2119803 1R $ 64,600 67 R2121803 1R $ 64,600 68 R2122003 1R $ 64,600 69 R2127503 1S $ 61,392 70 R2127603 1S $ 61,392 71 R2127703 1S $ 61,392 72 R2127803 1S $ 61,392 73 R2128403 1S $ 61,392 74 R2128503 1S $ 61,392 75 R2128603 1S $ 61,392 76 R2128703 1S $ 61,392 Property Tax Appeal KDB Inc. dba Continental Homes Inc Vista Ridge Subdivision See Attached List of accounts For Tax Year 2005 Effective Date June 30, 2004 Prepared By George McElroy & Associates, Inc. 3131 South Vaughn Way, Suite 301 Aurora, CO 80014 1 EXHIBIT R1r7'7 7,Oe) 1 1 Appeal Summary Vista Ridge Subdivision Property Type Vacant single family home sites Basis For Appeal Colorado Present Worth Calculations Comments: The basis of the"retail"value is the lot standard from the developer. The standard included all cost of development; i.e. land acquisition, development cost and contingencies Fee Disclosure: George McElroy&Associates, Inc., has been retained to provide consulting services and is being compensated in whole or in part on the basis of property tax savings through a reduction in the assessed value. This fee disclosure is intended to comply with Colorado law, rules of the Colorado Real Estate Appraisers and USPAP. Consultant Ken Hunsperger is appearing before the CBOE as a Consultant employed by George McElroy & Associates, Inc. Mr. Hunsperger is a salaried employee and his personal compensation is IN NO WAY contingent upon the results of this appeal GM&A AD VALOREM TAX GEORGE McELROY&ASSOCIATES,INC. CONSULTANTS 3131 S.Vaughn Way Suite 301 Aurora,Colorado 80014 303/696-9666 Fax 303/696-6669 May 30,2005 Weld County Assessor 1400 N. 17th Avenue CERTIFIED MAIL NO. 7002 2410 0001 3936 8204 Greeley,CO 80631 RE: 2005 Real Property Protest Owner: KDB homes dba Continental Homes Vista Ridge Subdivision Schedule No: See Attached To Whom It May Concern: Please accept this letter as our official 2005 Real Property Protest for the above referenced property. The reason for appeal is that the current actual valuation exceeds the correct base year value. Documentation and an agency authorization are attached. Please forward all correspondence regarding this appeal to the following address: Ken Hunsperger c/o George McElroy&Associates, Inc. 3131 S. Vaughn Way, Suite 301 Aurora,CO 80014 The absorption rate has been: 7/1/03 to 12/31/03 22 1/1/04 to 6/30/04 82 7/1/04 to 12/31/04 119 104 per year Using the 1/1/05 number of lots (245) indicates a potential sale period of 3 years rounded to the next highest year. The lot standard by DRH is $60,250 (rd) respectively, Using the market value of$62,250 (rd). The discount rate used is 11.5%d the Colorado Subdivision Approach is as follows: Retail $60,250 Discount Rate 11.53% Absorption period 4years Recommended value $49,078 Respectfully, U '__.--- Ken Hunsperger Agency Authorization 04/18/2005 12: 53 3036966669 GM&A PAGE 02/02 i r CONTINENTAL HOMES, INC. APPOINTMENT OF AGENT FOR PROPERTY TAXES I' t loan C>11/4Y Ant!I , hereby designate the following named agent to act on my behalf in all matters pertaining to the review and appeal of real and personal property valuation and classification to the assessor, the CBOE,BAA, District Court, or Arbitration in the STATE OF COLORADO. This includes the receipt of all notices of value and tax bills to our Agent. AGENT TELEPHONE NUMBERS George McElroy&Associates, Inc. 303/696-9666 3131 S. Vaughn Way, #301 303/696-6669 (Facsimile) Aurora, CO 80014 CONTIENTAI.HOMES, INC 303/488-0061 7600 E. Orchard Road, Suite 165S 303/488-0206 (facsimile) Englewood, CO 80111 O1\l;Rau i , et-rifrtA1.a �7ct C'1\pni�c'!I "Signjhture Printed Name Date Signed (°r47"Di t 446-t a�l�o1a.4g-- Please indicate yotir interest in the property UNDER PENALTY OP PERJURY,I DECLARE THAT I OWN,CONTROL OR POSSESS THE PROPERTY LISTED BELOW. 9_3511E$ SCHEDULE NUMBER ADDRESS All real estate and personal property owned by KDB HOMES,INC d.b.a.CONTINENTAL WELCOME HOME On this t<'S`}i' day of April,2005, a Q•c1 (3'i1 o nn C_i I ,personally appeared before me. )� L ^ ' '�� I 'L,AVN . 1' "Notary Public,County of -- (1st. c / ate of fi My Commission Expires: c -J) - �ti 'i 1 rtJa, • ti f f NANCY L. ,. V0GEL r_ eaFCO � My Comm.Expires,15. LC)LP KDB HOMES A/K/A CONTINENTAL HOMES FLG NO. LOT BLK ACCOUNT# RATIO ACTUAL VALUE ASSESSED VALUE 11 16 R1938003 0.29 68,048 _ 19,734 11 17 R1938103 0.29 68,048 19,734 11 29 R1939303 0.29 _ 68,048 19,734 1I 30 R1939403 0.29 68,048 19,734 11 31 R1939503 0.29 68,048 19,734 11 32 _ R1939603 0.29 _ 68,048 _ 19,734 11 33 R1939703 0.29 68,048 19,734 11 34 R1939803 0.29 68,048 19,734 11 44 R1940803 0.29 68,048 19,734 11 45 R1940903 0.29 68,048 19,734 11 48 R1941203 0.29 68,048 19,734 11 49 R1941303 0.29 68,048 19,734 VISTA RIDGE 1 Location Map • D•R•HORION MEM , A k-,s Continental Series Communities Location Map Erie ® 1 . Vista Ridge - From the $270s i NWP E470 � 2. Buffalo Mesa 36 25 Thornton - From the $190s 76 Commerce City 3. The Conservatory 70III 70 . — From the $230s DENVER Aurora Littleton � f E470 4. Tollgate Crossing le ' =� © From the $230s Bows ., e 0,. 0 5. Bradbury Hills �, C470 � --• From the $260s o' Lincoln Ave. 5 Y Parker 6. Sapphire Pointe :S 25 ® Main St. j � From the $320s -o o) ik 0 cti 7. Pradera Castle Rock . a. " a — From the $420s cc,'% �- Poulndr,�` 10 8. Alpers Farm ers pkwy. — From the low $300s Prices listed above indicate base prices only; select lots require premiums. Prices, materials, specifications and availability of floor plans may be changed at any time without notice or obligation. Square footages are approximate. Please consult your Sales Associate. li Chapter 4 Valuation of Vacant Land Present Worth 9 4.1 CHAPTER 4 VALUATION OF VACANT LAND PRESENT WORTH CONCEPT OF PRESENT WORTH VALUATION Assessors are required to consider, and when applicable, to apply the present worth valuation procedure when using the market approach to value vacant land, 39-1- 103(14)(b), C.R.S. Present worth valuation of vacant land involves discounting. Discounting is defined in The Dictionary of Real Estate Appraisal, 1993, text published by the Appraisal Institute, as the procedure used to convert periodic income and reversions into present value. Present value is based on the assumption that benefits received in the future are worth less than the same benefits received now. The objective is to determine the present worth, i.e. the actual (market) value, as of the appraisal date, of the vacant land, not its future value. Discounting of vacant land establishes the present worth of vacant land that will not likely sell within one year. The reason for vacant land present worth valuation is to account for the time, in years, necessary to sell an inventory of vacant lots, sites, parcels, or tracts. In the present worth valuation of vacant land, the present worth value of the land is synonymous with actual or market value. Refer to DEFINITION OF TERMS at the end of the section for explanations of terms used. Throughout the section the terms "subdivider" or "land developer" are used to describe owners of vacant land. The terms are not meant to limit the application of present worth valuation procedures to specific types of land ownership. Vacant land owned by private individuals, who are neither subdividers nor developers, are considered for present worth valuation if the land otherwise qualifies. The Colorado Supreme Court ruled that the Division's present worth valuation procedure is an appropriate interpretation of the statutes controlling the valuation of vacant land, El Paso County Board of Equalization v. Craddock, 850 P.2d 702 (Colo. 1993). The concept of raw land value being a market value threshold below which present worth values may not decline was referenced in footnote 4, p. 707, of the case. The Division developed a seven-step present worth valuation procedure. The objectives of the procedure are to: 1. Determine the applicability of present worth valuation to the vacant land being valued 2. Determine appropriate adjusted selling prices, and 3. Determine the present worth value of vacant land 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 /0 4.2 PRESENT WORTH VALUATION PROCEDURE All vacant land, whether part of an approved subdivision plat, part of a Planned Unit Development (PUD), part of an environment of competing unplatted properties or even a single, competitively isolated tract is eligible for present worth valuation. In the following procedures, the terms "lot or tract" or"lots or tracts" refer to all such land. APPLICABILITY OF VACANT LAND PRESENT WORTH VALUATION Before vacant land unadjusted selling prices (UASP) are determined, a decision is made as to whether the vacant land present worth valuation procedure applies to the subject property or properties under appraisal. The determination is made in step 2 of the present worth valuation procedure. Step #1 Identify all lots or tracts within an approved plat or competitive environment. Step #2 Determine the applicability of vacant land present worth valuation procedure. Step #3 Determine the unadjusted selling price (UASP). All steps in the present worth valuation procedure are illustrated in the Decision Tree Analysis on the next page. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 // 4.3 DECISION TREE ANALYSIS After Identifying All Lots or Tracts Within An Approved Plat or Competitive Environment (Step 1), Are Present Worth Valuation Procedures Applicable? YES, Present Worth Valuation NO, Present Worth Valuation (Step 2) (Step 2) 1 4, Determine Unadjusted Selling Determine Unadjusted Selling UASP fr Price (UASP) from Price Comparable Property Sales, Com arable Pro ) om Developer Sales List, or P perty Sales Retail Selling Price (Step 3) (Step 3) 4 4. Deduct for Nonrealty Items Deduct for Nonrealty Items Included in Sale Price Included in Sale Price (Step 4) (Step 4) l l Deduct for Unincurred Direct Deduct for Unincurred Direct Development Costs Development Costs Included in Sale Price Included in Sale Price (Step 5) (Step 5) 4 l Make Market Adjustments for Make Market Adjustments for Atypical Financing, Atypical Financing, For Time, and for Differing For Time, and for Differing Property Characteristics Property Characteristics (Step 6) (Step 6) 4 j Adjusted Selling Price (ASP) Select Adjusted g Apply Present Worth j ted Selling Price (Step 7) Final Actual Value (ASP) Final Actual Value (Step 7) 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 4.4 Step #1 — Identify all Lots or Tracts Within An Approved Plat "Vacant land" means any lot, parcel, site, or tract, upon which no buildings or fixtures, other than minor structures, are located, 39-1-103(14)1(1), C.R.S. "Minor structures" means improvements that do not add value to the land on which they are located and that are not suitable to be used for and are not actually used for any commercial, residential, or agricultural purpose, 39-1-103(14)I(II)(A), C.R.S. Identifying all lots or tracts within an approved plat or competitive environment is the initial step in determining the applicability of present worth valuation procedures for vacant land. For the purpose of the procedures, approved plats are defined as: 1. For subdivided land, the approved subdivision and/or its approved filings and/or its approved development tracts 2. For Planned Unit Developments, the approved plan An approved plat for subdivided land may include one or all filings within the subdivision. Approved plats may include other than residential uses. Commercial and industrial lots or tracts may exist along with residential lots or tracts within the boundaries of the approved plans for Planned Unit Developments. For unplatted land, discounting is based on the environment of a group of competing properties, i.e. multiple contiguous tracts of land of 35 acres or more in size that do not need subdivision approval. Unplatted land can be any tract of land with an established boundary and legal description, and is typically described by section or tracts. Step #2—Applicability of Vacant Land Present Worth Procedure Under 39-1-103(14)1(1), C.R.S., all vacant land is eligible for present worth discounting. As part of the sales verification process, a determination is made as to whether the present worth valuation procedures are applied to the subject property or properties. The criteria for determining if present worth valuation is applicable are listed below: 1. The procedures are only applied to vacant land. 2. Less than 80 percent of the buildable lots, tracts, sites, or parcels within an approved plat or competitive environment have been sold. • In situations where mixed use has been approved and lot lines established within a single approved plat, each lot is counted toward the 80 percent sellout threshold regardless of size or use. 15-DIVISION-A8 PUB ARL 3 1-89 Revised 6-05 /3 4.5 Lots or tracts that have legal or physical no-build restrictions should not be included in the original number of lots or tracts when determining the 80 percent sellout thresholds. These lots or tracts are typically never part of the developer's "marketable" inventory, and will never be sold. Such lots or tracts, while never available to the open market or subject to present worth valuation, are valued with consideration given to their no-build restrictions. Lots or tracts which might have legal and/or physical no-build restrictions include the following: a. Open space lots or tracts that are required in a subdivision plan before building permits are issued b. Greenbelt lots or tracts that are permanently incorporated within a subdivision plan c. Lots or tracts unbuildable due to city or county building or zoning requirements d. "Out lots" that are adjacent to buildable lots; but due to their size or access problems, are effectively unbuildable Only sales or long-term leases of lots to "end users" reduce the vacant land inventory and, therefore, count toward the 80 percent sellout thresholds. "End users" are those parties who intend to, are expected to, or have done one of the following: a. Construct improvements on the vacant lots for themselves or have benun construction of improvements, such as speculative homes, for others b. Purchase improvements constructed by builders for them c. Use the vacant land in conjunction with other improved property under the same ownership d. Purchase the vacant land for investment and intend to withhold the land from the open-market for an extended period of time Bulk lot sales to another subdivider or land developer do not count toward the 80 percent sellout threshold. When a land developer legally transfers ownership of vacant lots in an approved subdivision plat to another land developer, there is no change in the percentage of lots or tracts sold, unless the land is resubdivided or replatted and the number of lots within the original subdivision changes. If a replat or resubdivision occurs and the intent of the original subdivision is substantially altered, as with a change in density or zoning, then two approved plats would exist and the total lot counts, absorption rates, and periods and the 80 percent sellout thresholds are recalculated. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 - /5/ 4.6 Replats or resubdivisions, which do not substantially alter the intent of the original subdivision, such as a lot line vacation, only require a recalculation of the total number of lots within the original approved plat. 3. The absorption period for an approved plat or competitive environment is calculated to be more than twelve months from the appraisal date. • Absorption periods of more than twelve months are rounded up to the next whole number, so a minimum absorption period of two years is required at each change in level of value. 4. The application of present worth valuation procedures produces a value greater than current raw land value as defined in these procedures. The first three criteria are mandatory. (1) The land is vacant or it is not, (2) 80 percent of the lots or tracts have sold or they have not, and (3) the remaining absorption period is more than one year or it is not. The last criterion is discretionary. That is, selection of the most comparable raw land value requires appraisal judgment. All four criteria apply to all vacant land designated for development. Step #3 — Determine Unadjusted Selling Prices WASP) Determining unadjusted selling prices (UASP) is essential to begin the sales adjustment process. For vacant land the UASP is developed from analysis of data from the following sources: 1. The retail selling price listing provided by the developer, subdivider, or property owner at the end of the data collection period The selling price is requested in the Vacant/Subdivision Land Questionnaire mailed each year to developers. 2. Confirmed arm's-length sales of similar lots or tracts within the subdivision or its filings during the data collection period 3. Sales of other similar lots or tracts by other developers or subdividers within competitive environments or approved subdivisions inside or outside the county* during the data collection period 2. For direction on using sales outside the county see Board of Assessment Appeals, et al. v. E.E. Sonnenberg & Sons, Inc., 797 P.2d 27 (Colo. 1990). The UASP is generally the price as shown on the Real Property Transfer Declaration (TD-1000) or, if no TD-1000 is filed, on a supplementary confirmation questionnaire. If no supplementary questionnaire is returned, then the documentary fee sales price is used, assuming that the sale is otherwise qualified. However, the UASP should not fall below the most comparable current raw land value. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 /5 4.7 Future projections of sales prices need not be made by assessors due to the following reasons: 1. For the purpose of the procedure, site values during the current data- gathering period are assumed to remain stable over time. 2. Since assessing officers in Colorado are required to review vacant land present worth procedures for each change in level of value, modifications to selling prices are made every other year. The only change required in intervening years, other than for an unusual condition, is to reduce the absorption period by one year prior to calculating present worth actual value, using the present worth factor for the modified absorption period. For absorption periods calculated to be two years at a change in level of value, the absorption period will be one year in an intervening year. EXCEPTION: If the number of sales within the approved plat, for the 12 months following the current appraisal date, is less than the absorption rate per year calculated for the plat, the absorption period may be left unchanged. 3. Projection of future market activity is highly speculative. DETERMINING APPROPRIATE ADJUSTED SELLING PRICES Steps 4 through 6 are identical whether or not present worth valuation is applicable. Step #4 Deduct for nonrealty value included in the sale price. Step #5 Deduct unincurred direct development costs included in the sale price. The costs are for items not installed as of the assessment date, but included in the sales price. Step #6 Make market adjustments to determine the adjusted selling price (ASP). Step #4 - Deduct for Nonrealty Value Included in the Sale Price By removing all nonrealty items, deductions are made to comparable properties' unadjusted selling prices (UASP) to achieve the correct real property market value, or actual value of the real property. Isolation of realty is accomplished prior to making any financing or property characteristic adjustments for differences between the comparable property sales and the subject property. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 4 4.7 Future projections of sales prices need not be made by assessors due to the following reasons: 1. For the purpose of the procedure, site values during the current data- gathering period are assumed to remain stable over time. 2. Since assessing officers in Colorado are required to review vacant land present worth procedures for each change in level of value, modifications to selling prices are made every other year. The only change required in intervening years, other than for an unusual condition, is to reduce the absorption period by one year prior to calculating present worth actual value, using the present worth factor for the modified absorption period. For absorption periods calculated to be two years at a change in level of value, the absorption period will be one year in an intervening year. EXCEPTION: If the number of sales within the approved plat, for the 12 months following the current appraisal date, is less than the absorption rate per year calculated for the plat, the absorption period may be left unchanged. 3. Projection of future market activity is highly speculative. DETERMINING APPROPRIATE ADJUSTED SELLING PRICES Steps 4 through 6 are identical whether or not present worth valuation is applicable. Step #4 Deduct for nonrealty value included in the sale price. Step #5 Deduct unincurred direct development costs included in the sale price. The costs are for items not installed as of the assessment date, but included in the sales price. Step #6 Make market adjustments to determine the adjusted selling price (ASP). Step #4 - Deduct for Nonrealtv Value Included in the Sale Price By removing all nonrealty items, deductions are made to comparable properties' unadjusted selling prices (UASP) to achieve the correct real property market value, or actual value of the real property. Isolation of realty is accomplished prior to making any financing or property characteristic adjustments for differences between the comparable property sales and the subject property. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 /7 4.8 Example: Deduction of the Fair Market Value for Nonrealty Items to Determine the Price Paid for Only the Real Property Portion of the Sales Price Total Sales Price (documentary fee and TD-1000) $20,000 Deduction - Less Nonrealty Item (Hunt Club Membership included in purchase price) - 3,500 Total Adjusted Sales Price $16,500 Step #5 - Deduct Unincurred Direct Development Costs in the Sale Price Deductions are then made for any unincurred direct development costs. These are the costs of site improvements and direct construction costs that were not installed as of the assessment date, that were not expended by the developer or subdivider, but were included in the sales price. Statute requires that adjustments be made for unincurred direct costs of development before making market adjustments to vacant land sales for atypical financing, for time, and for differing property characteristics. Actual value determined -when. (14)(b) The assessing officers shall give appropriate consideration to the cost approach, market approach, and income approach to appraisal as required by the provisions of section 3 of article X of the state constitution in determining the actual value of vacant land. When using the market approach to appraisal in determining the actual value of vacant land as of the assessment date, assessing officers shall take into account, but need not limit their consideration to, the following factors: The anticipated market absorption rate, the size and location of such land, the direct costs of development, any amenities, any site improvements, access, and use. When using anticipated market absorption rates, the assessing officers shall use appropriate discount factors in determining the present worth of vacant land until eighty percent of the lots within an approved plat have been sold and shall include all vacant land in the approved plat. For purposes of such discounting, direct costs of development shall be taken into account. The use of present worth shall reflect the anticipated market absorption rate for the lots within such plat, but such time period shall not generally exceed thirty years. For purposes of this paragraph (b), no indirect costs of development, including, but not limited to, costs relating to marketing, overhead, or profit, shall be considered or taken into account. 39-1-103, C.R.S. (emphasis added) Lump sum dollar adjustments, rather than percentage adjustments, are used. However, lump sum dollar adjustments should be carefully documented and compared to the adjusted selling price (ASP) of comparable completed lots or tracts to avoid errors in valuation. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 I g 4.9 For present worth procedures, the vacant land value reflected in the ASP must not fall below the most comparable value of raw land. Development costs are divided into two categories: 1. Direct development costs 2. Indirect development costs Direct Development Costs: Indirect Development Costs*: Curbs and Gutters Sales Marketing Costs Streets Sales Commission Costs Culverts Guest Generation Costs Sanitary and Drainage Sewer Entrepreneurial Facilities Insurance Costs, Street Lighting Financing Costs, Utility Easements & Hookup and Profit Utilities Installation Developer/Subdivider Profit Site Preparation and Grading Holding Costs Sidewalks Sales and General Environmental Compliance Costs Administrative Overhead Soil Tests Taxes Engineering and Surveying Costs Professional Services Permits, Fees (Including Tap Fees) Warranties and Performance Bond Costs Insurance Directly Related to Development Construction Greenbelt and Common Area Development Including Landscaping * Deductions not allowed pursuant to 39-1-103(14)(b), C.R.S. Step #6 - Market Adjustments to Determine Adjusted Selling Price (ASP) Since comparable sales are seldom exactly like the subject property, there will be differences to adjust for when making market comparisons. The market adjustments result in the adjusted selling price (ASP). Market adjustments made for nonrealty items included in the sale are accounted for in Step # 4. The remaining considerations (1) financing terms, (2) market conditions (time), (3) location, and (4) physical characteristics are summarized into three categories: 1. Financing: Adjustments for atypical financing such as below market seller financing 2. Time: Adjustments for time, i.e. adjusting sales to the appraisal date 3. Property Characteristics: Adjustments for property characteristics, e.g. location, access, topography, soil conditions 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 4.10 Market adjustment is the process of adjusting differences in the comparable sales so that they become as similar as possible to the subject property. Adjustments are applied to the sales prices of the comparable properties. The adjusted sales prices then become indicators of value for the subject property. If the number of valid sales is limited, it is better to adjust sales than to delete sales from the analysis. Note: It is also better to gather sales from the full 60-month allowable data collection period and time adjust them to the end of the current data collection period, before using sales that will require a location adjustment. Refer to Chapter 2, APPRAISAL PROCESS, ECONOMIC AREAS, AND THE APPROACHES TO VALUE for a complete discussion of how comparable properties are identified and how these adjustments are made. Adjustments to sales prices should be carefully analyzed and documented before use. The vacant land value reflected in the ASP must not fall below the actual value of the most comparable raw land. Step #7 -Apply Present Worth Procedures DETERMINING PRESENT WORTH OF VACANT LAND The market absorption (sellout) period and discount rate are determined. Both are described under Sales Comparison Method found later in the section. All pertinent information, approved plat or competitive environment, the unadjusted selling price, adjusted selling price, and present worth calculations are documented, 39-1-103(5)(a), C.R.S. Raw Land Value Vacant land present worth actual value must never drop below the actual value of the most comparable raw, undeveloped vacant land as of the appropriate level of value. The Division policy of"raw land value establishing market value when present worth valuation procedures result in a lower value" is the control to ensure that mistakes in application of present worth procedures do not result in the actual value falling below fair market value as of the appraisal date. Should "discounted vacant land value" drop below market value, inequity in the valuation of vacant land results. The policy is applicable to each level in the valuation process: the unadjusted sale price (UASP), the adjusted sale price after market adjustments (ASP), and actual value after applying present worth valuation procedures. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 2`) 4.11 Raw land is typically appraised on a per acre basis although it may be apportioned to lots or tracts on a square foot basis when determining whether or not present worth values exceed raw land values. If the original tract has been subdivided, each of the subdivided lots receives an appropriate share of the raw land value for comparison purposes. Raw land value is the indicated market value of the unimproved vacant land tract adjusted to the current level of value. When determining the raw land value threshold, consideration is given to the three approaches to value; however, since cost and income data are frequently unavailable, reliance is usually placed on the sales comparison method. When determining raw land value, comparable sales should be selected for similarity to the subject tract. Vacant/Subdivision Land Questionnaire For each subdivision, filing, or other approved plat and for tracts within a competitive environment, data is collected and reviewed annually by the assessor. The data is used to establish absorption periods and adjusted selling prices. The proper valuation of vacant land under development is very difficult to determine when necessary information is lacking. To aid in the solution of this problem, the VACANT/SUBDIVISION LAND QUESTIONNAIRE, found as ADDENDUM 4-A, was developed to collect necessary information from all land developers in the county, including information regarding the valuation of unplatted vacant land. The assessor mails or delivers, as soon after January 1 as possible, two copies of the Vacant/Subdivision Land Questionnaire to each land developer known or believed to own vacant land in the county. The developer has until March 20 to file the completed questionnaire with the assessor. Actual value determined -when. (14)(d) As soon after the assessment date as may be practicable, the assessor shall mail or deliver two copies of a subdivision land valuation questionnaire for each approved plat within the county to the last- known address of the subdivision developer known or believed to own vacant land within such approved plat. Such questionnaire shall be designed to elicit information vital to determining the present worth of vacant land within such approved plat. Such subdivision developer or his agent shall answer all questions to the best of his ability, attaching such exhibits or statements thereto as may be necessary, and shall sign and return the original copy thereof to the assessor no later than the March 20 subsequent to the assessment date. All information provided by the subdivision developer in such questionnaire shall be kept confidential by the assessor; except that the assessor shall make such information available to the person conducting any valuation for assessment study pursuant to section 39-1-104 (16) and his employees and the property tax administrator and his employees. 39-1-103, C.R.S. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 4.12 For statewide consistency, the Division recommends each county use the questionnaire. The assessor may request additional information from the taxpayer at any time during the year, 39-5-115(1), C.R.S. Should additional information be requested either in the cover letter or as a supplemental questionnaire, we recommend that the assessor include the Division's questionnaire for the land developer's signature. The information acquired is updated each year in six-month increments so that all vacant land sales are accounted for throughout the entire length of a possible 60- month data collection period. This is the reason for sending questionnaires during an intervening year. The data returned cannot be used until the following change in level of value. If any land developer does not return the questionnaire by March 20, the assessor may determine a valuation using the best information available. Should the necessary information be made available during review and appeal, the assessor must consider it. Actual value determined -when. (14)(e) If any subdivision developer fails to complete and file one or more questionnaires by March 20, then the assessor may determine the actual value of the taxable vacant land within an approved plat which is owned by such subdivision developer on the basis of the best information available to and obtainable by the assessor. 39-1-103, C.R.S. PRESENT WORTH VALUATION METHODS Of the five generally accepted land valuation methods in use by appraisers, described in Chapter 2, APPRAISAL PROCESS, ECONOMIC AREAS, AND THE APPROACHES TO VALUE, vacant land present worth valuation procedures involves only two. The two are the sales comparison method and the anticipated use or developmental cost method. Sales Comparison Method Whenever adequate quantities of qualified sales data are available, direct sales comparison is the best method to value vacant land. When 80 percent of the lots or tracts are sold, usually a definite market value per lot or tract is established and the unit value, as adjusted for differing property characteristics, is extended to all vacant lots or tracts in an approved plat or competitive environment. The qualified sales are used as the primary basis for valuing all the lots or tracts regardless of ownership. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 4.13 The appropriate level of value is used with consideration given to and adjustments made for, each individual lot's or tract's location, desirability, and use. The only change required in intervening years, other than for an unusual condition, is to reduce the absorption period by one year. Then, calculate the present worth actual value for the intervening year, using the present worth factor for the modified absorption period. For absorption periods calculated to be two years at a change in level of value, the absorption period could be one year in an intervening year. EXCEPTION: If the number of sales within the approved plat, beginning the July 1 following the appraisal date, for 12 months, is less than the absorption rate calculated for the plat, the absorption period may be left unchanged. If nonrealty items or unincurred direct development costs are included in the sales price of the lot or tract, appropriate deductions must be made to the sales price before making market adjustments. Refer to Step #5 - Deduct Unincurred Direct Development Costs Included in the Selling Price, earlier in this section, for a discussion of appropriate deductions for unincurred direct development costs. The following process is used when applying the market approach: 1. Identify all lots or tracts within an approved plat or competitive environment. 2. Determine the actual value of raw land before development. 3. Determine the adjusted selling price. 4. Determine the absorption period. 5. Determine a discount rate and apply present worth procedures to the adjusted selling price. Identify All Lots or Tracts Within An Approved Plat All vacant land is eligible for present worth valuation. Identifying the lots or tracts within an approved plat or competitive environment includes collection, confirmation, and analysis of sales from county records and from the data collected on the Vacant/Subdivision Land Questionnaire. The guidelines for the county sales confirmation program are found in Chapter 3, SALES CONFIRMATION AND STRATIFICATION. The guidelines are used in the confirmation of vacant land transactions. All sales of vacant land whether platted, in development tracts, or unplatted are listed. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 4.14 Unplatted tracts of land may be competing with more widely scattered parcels and, therefore, the competitive environments are determined for unplatted tracts on a case-by-case basis. Establishing these competitive environments serves two purposes: (1) establishing the overall percentage of market absorption of tracts and (2) establishing the market absorption rates associated with the competitive environment. To identify the boundaries of the competitive environment, the surroundings of the subject property are examined. Establishing measurable boundaries allows the appraiser to identify comparable properties in the same competitive environment, to track sales activity, and to measure the level of historical absorption of available properties, i.e. vacant land lot or tract sales in the marketplace. Competition defines competitive environments. Where tracts can reasonably be expected to compete with one another, they are in the same competitive environment, even if the tracts are noncontiguous. Competing tracts generally can be identified through discussions with real estate professionals, recent purchasers of similar tracts, land developers, and property appraisers in surrounding counties. Competitive environment research begins with the subject property and proceeds outward, identifying all relevant factors and influences on the property's value. The search is generally extended far enough to include all influences that the market perceives as affecting value, i.e. what potential sellers and buyers desire. The application of present worth to competitively isolated tracts of land may be handled differently, as described later in the section. Determine the Actual Value of Raw Land Before Development The actual value of the raw land within an approved plat or competitive environment is determined by consideration being given to the most comparable raw land sales adjusted to the current level of value. The present worth value must never drop below the most comparable actual value of raw, undeveloped vacant land at the current level of value. Raw undeveloped vacant land value is the value of the tract before subdividing, adjusted to the current level of value. To determine the appropriate raw land value, comparability of sales is essential. The assessor attempts to find sales of similar size and development status. When analyzing sales for size adjustment, the comparable sold properties must have the same development potential as the subject. Large variances in size typically indicate a different development potential and that the properties are not directly competitive. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 2_4 4.15 Comparable tracts are placed in size ranges, e.g. 1 to 3 acres, 5 to 10 acres, 20 to 35 acres. Since comparable sales are seldom exactly like the subject property, there will be differences to adjust for when making the comparison. Property characteristics are determined and collected for all parcels, both sold and unsold, within an approved plat or competitive environment. Determine the Adjusted Selling Price The adjusted selling prices of lots or tracts are determined as follows: 1. Collect and confirm comparable sales. Adjustments for nonrealty items are made to isolate the real property and to determine unadjusted selling prices (UASP). If comparable sales are not available, the assessor considers comparable sales in other approved plats or competitive environments, economic areas, or across county lines. The sales are adjusted for locational differences. Refer to Chapter 3, SALES CONFIRMATION AND STRATIFICATION. 2. Select appropriate units of comparison. 3. Determine market adjustments to the sales data to reflect the physical characteristics of the subject properties. The process results in the adjusted selling prices (ASP) of subject properties. Refer to Chapter 2, APPRAISAL PROCESS, ECONOMIC AREAS, AND THE APPROACHES TO VALUE. The categories of market adjustments considered for vacant land are as follows: 1. Financing 2. Time 3. Property characteristics a. Location b. Amenities c. Size d. Access e. Topography f. Other physical characteristics Other adjustments include, but are not limited to, zoning, engineering, and infrastructure. All adjustments are applied to sold lots or tracts within an approved plat or competitive environment. The adjusted selling prices of the sold properties serve as base lot or tract values, and are applied to the unsold properties. All adjustment amounts or percentages are related to the current level of value. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 4.16 For purposes of defending the assigned values, all adjustments are documented, 39-1-103(5)(a), C.R.S. Determine the Absorption Period For every reappraisal, the assessor determines the remaining absorption (sell-out) period for the vacant lots or tracts. The calculation is made as of the June 30 appraisal date preceding the change in level of value. The only change required in intervening years, other than for an unusual condition, is the reduction of the absorption period by one year, and then apply the present worth factor for the modified absorption period. For absorption periods calculated to be two years at a change in level of value, the absorption period is one year in an intervening year. EXCEPTION: If the number of sales within the approved plat, beginning the July 1 following the appraisal date, for 12 months, is less than the absorption rate calculated for the plat, the absorption period may be left unchanged. 1. Absorption (Sellout) Percentage To determine whether the vacant land present worth procedures are applied, the absorption (sellout) percentage is calculated. The calculation is performed by dividing the total number of lots or tracts sold or leased (numerator), by the total number of sold and unsold lots or tracts (denominator). If 80 percent or more of the lots or tracts are sold, all land within an approved plat or competitive environment is valued with consideration given to the three approaches to value, and present worth valuation is not applied. If the sellout percentage is less than 80 percent and the other three criteria are met, (1)the land is vacant, (2) the absorption period is greater than one year, (3) the value is greater than raw land value, then vacant land present worth valuation procedures are applied. 2. Absorption Rate The absorption rate is the rate at which properties are sold within a given area. The rate is usually calculated in sales per month and then annualized by multiplying the result by twelve. The period of time used for calculation of the absorption rate is based on the data collection period from the beginning date of the collection period to the appraisal date. If there is insufficient sales history, the absorption rate of a comparable approved plat is used. The beginning date for marketing of lots or tracts is sometimes used for new developments. If lots in an approved plat begin selling after the beginning of the 18-month data collection period, but before the end of the data collection period, the same number of months that the lots or tracts are available for sale is used to calculate the absorption rate. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 20 • 4.17 For subdivisions without sales data or for those formed after the June 30 appraisal date, absorption rates from comparable subdivisions are used. Sales that may have occurred after the appraisal date may be used as a check to ensure that the comparable subdivision's absorption rate is truly comparable. If no comparable subdivisions exist, it is assumed that at least one sale has occurred during the data collection period. Example: For an 18-month sales data collection period 1 (sale) - 18 (months) = .0555 the monthly absorption rate .0555 X 12 (months) = .6666 the absorption rate (annualized). The yearly absorption rate divided into the number of lots or tracts remaining to be sold on the June 30 appraisal date, when rounded to the next whole number, results in the absorption period used for the approved plat. 3. Absorption (Sellout) Period The absorption (sellout) period is the number of years during which vacant lots or tracts are expected to be sold within an approved plat or competitive environment, or the number of years required to sell a single, competitively isolated tract of land as a unit. The period of time is calculated by dividing the number of remaining lots or tracts to be sold by the absorption rate and then rounding up to the next whole number. In the case of a tract of land being sold as a unit, the estimated number of years to the sales date is rounded up to the next whole year. The period is expressed as the whole number of years necessary to sell the remaining vacant lots or tracts. Absorption rates from comparable subdivisions should be used to calculate the absorption period for approved plats formed after the June 30 appraisal date. Since one of the present worth criteria requires an absorption period of greater than 12 months from the appraisal date, the minimum absorption period is two years as of the appraisal date. The minimum absorption period in an intervening year is one year. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 17 4.18 Absorption Calculations Both the absorption rate and absorption period are calculated by following the process described below. Only the vacant lots or tracts remaining in the ownership of the developer(s) are used in establishing the absorption period: 1. Identify all lots or tracts within an approved plat or competitive environment. Approved plats and competitive environments are analyzed each reappraisal cycle. The analysis takes into consideration the sales pattern experienced within the area during the sales data collection period. Narrative descriptions and supporting documentation accompany all approved plat and competitive environment analysis and subsequent changes. Transamerican Realty Corporation v. Clifton, 817 P.2d 1049 (Colo. App. 1991) requires that the assessor provide evidence to support adequate documentation of the values established for all applicable approaches to appraisal. Insufficient time is not a reasonable excuse for failure to consider the applicable approaches to value. If additional information is needed, refer to Step #1 - Identify All Lots or Tracts Within An Approved Plat or Competitive Environment earlier in this section. 2. Determine the total number of lots or tracts within an approved plat or competitive environment. The total number of sold and unsold lots or tracts within an approved plat or competitive environment are used in calculating the percentage sold, the absorption rate, and remaining absorption period. Consult local real estate professionals to determine the length of time necessary to sell a single, competitively isolated tract as a unit. 3. Determine the total number of lots or tracts conveyed. The number of vacant lots or tracts sold and lots or tracts leased for a long term are totaled. Lots under long-term lease include those that may have been leased to persons intending to install manufactured housing on permanent foundations or to build other improvements. Lots or tracts under installment land contracts are considered sold solely for the purpose of determining absorption calculations. The assessor contacts each developer to determine if any lots or tracts are under installment land contracts and to obtain a list of the contract sales. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 4.19 For a statutory appraisal year and for the following intervening year, the data collection period can be a total of sixty months, i.e. the 60- month data collection period allowed in sales comparison analysis, 39- 1-104(10.2)(d), C.R.S. 4. Calculate the absorption rate and period. The absorption rate calculation is based on the number of lots or tracts sold during the preceding data collection period. The period used to calculate the absorption rate is the same as that used for collecting sales data. For approved plats without sales data or for those formed after the June 30 appraisal date, absorption rates from comparable approved plats with sales during the data collection period are used to establish the absorption rate. The absorption rate and period are calculated as follows: a. Divide the number of lots or tracts sold within an approved plat or competitive environment by the number of months in the sales data collection period. For older developments, the recommended number of months is the minimum sales data collection period of eighteen (18) months. The maximum number of months is sixty (60). Dividing the number of sales within the data collection period by the number of months, results in the average absorption rate per month. The rate is annualized by multiplying by 12. If no sales within an approved plat or competitive environment exist and there are no similar approved plats or competitive environments, it is assumed that at least one sale occurred during the data collection period so that an absorption rate can be calculated. b. Divide the remaining number of lots or tracts to be sold by the absorption rate and round up to the next whole number to determine the additional years needed to sell the remaining lots or tracts. Consult local developers and real estate professionals for their opinions of the absorption period required for a competitively isolated single tract being sold as a unit or a development without recent sales activity. Example: Absorption Period Calculation Approved Subdivision Plat Data Assumptions: Approved Subdivision Plat = 120 lots Original year offered for purchase = 2000 Total lots sold through the appraisal date = 95 Total lots sold during data collection period = 15 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 2 4.20 The absorption period calculation: Total number of lots = 120 Total number sold = 95 Total percentage sold = 79% (95 -:- 120) Lots remaining at beginning of data collection period = 40 Lots sold in the last 18 months' = 15 15 -:- 18 months X 12 months = 10 lots sold per year An average of 10 lots sold each year during the 18 months preceding the appraisal date. Lots remaining = 25 25 :- 10 = 2.50 years From the calculation, it is estimated that it will take 2.50 additional years to sell the remaining 25 lots. Therefore, the absorption period calculated is 3 years. The absorption period is rounded up to the nearest whole number of years to ensure that the period is long enough. * Beginning of data collection period to appraisal date equals 18 months. Apply Present Worth Valuation Procedures to Adjusted Selling Price Vacant Land Valuation Process - Column #5 - PW of$1 Per Period All vacant lots or tracts are eligible for present worth valuation. In vacant land discounting procedures, present worth value is synonymous with actual value or market value. To determine the discounted present worth value of each subdivided lot within an approved plat or tracts of land within a competitive environment, the following process is used to determine appropriate "Present Worth of One Dollar Per Period" Column #5. 1. Discount Rate Determine the appropriate discount rate using either the Band of Investment or Summation technique. Discount rates may be rounded to the nearest one-half percent. The summation technique used for the current discount rate is shown in ADDENDUM 4-B and in the DEFINITION OF TERMS topic at the end of this section. The band of investment technique is shown in Chapter 2 under the CAPITALIZATION OF GROUND RENT METHOD. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 4.21 2. Annualized Income Determine the absorption period for the remaining lots or tracts within an approved plat or competitive environment. If additional information is needed, refer to the Determine the Absorption Period topic located in a previous part of this section. The absorption period is calculated as of the appraisal date. Divide the adjusted selling price by the number of years in the absorption period to determine the annualized selling price (ordinary level annuity). 3. Compound Interest Rate Tables The compound interest tables can be found in the Property Assessment Valuation book published by IAAO. Use the annual tables corresponding to the discount rate that was determined. Using the Present Worth of One Dollar Per Period, Column #5 of the tables, go to the factor corresponding to the number of years in the absorption period. The number shown is the appropriate factor to be used in the present worth valuation of all vacant parcels within an approved plat. The factor is multiplied by the parcel's annualized adjusted selling price. Column #5, Present Worth of One Per Period, of the compound interest tables, is used when multiple tracts of land within a competitive environment of unplatted properties or subdivided lots within an approved plat qualify for present worth valuation. 4. No Sales Data If there are multiple parcels within the approved plat and comparable sales do not exist, the adjusted sales price before discounting is estimated using the procedures described in Chapter 2, referencing the five accepted valuation methods: sales comparison, abstraction/allocation, anticipated use/developmental cost, capitalization of ground rent, and land residual. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 31 4.22 Example: Present Worth Value Calculation Example - Multiple Lots or Tracts Assume that the adjusted selling price is $10,000, the discount rate is 12 percent, and the absorption period is 10 years. The actual value is: Adjusted selling price = $10,000 Absorption period = 10 years Discount rate = 12% Present worth of$1 Per Period factor = 5.650223 $10,000 -:- 10 yrs = $1,000 (annualized) x 5.650223 = $5,650 The above calculations reflect the present worth of lots or tracts with an adjusted selling price of$10,000 that are expected to sell within ten years from the appraisal date. Note: Until 80 percent of the lots or tracts in the area are sold, the present worth calculation is made at each change in level of value. The review is necessary since the ASP, absorption period, and discount rate may change, resulting in a different present worth of One Dollar Per Period factor. Vacant Land Valuation Process - Column #4 - PW of$1 All vacant lots or tracts are eligible for present worth valuation. Division policy is that the following requirements must be met in order for a tract of land to receive present worth valuation using Column #4, Present Worth of One Dollar, of the compound interest tables. 1. The tract is vacant and expected to be sold as a unit. 2. There are no similar competing tracts that can be used to establish a competitive environment containing at least two comparable tracts, i.e. the tract is "competitively isolated." Such a tract may be unique due to environmental contamination or government regulations like wetland replacement considerations or zoning restrictions. 3. There are no sold tracts comparable to the subject property, thus no competitive environment can be determined. 4. It is expected to take more than one year to sell the tract. 5. The application of Column #4 to the adjusted selling price results in a value greater than comparable raw land value. Original land sales, prior to development and just before change in surface use, are collected and verified to determine raw land value on a per unit of comparison basis. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 • 4.23 The Division is available to assist the county assessor if the situation arises. Column #4 is never used to value subdivided land. Present worth valuation using Column #4, Present Worth of One Dollar, of the compound interest tables is not allowed under the following circumstances: 1. Tracts are subdivided into lots within an approved plat. 2. Tracts or lots held for open space. 3. Tract exists within a defined competitive environment. To determine the present worth value of each tract, the following process is used to determine appropriate "Present Worth of One Dollar" Column #4: 1. Discount Rate Determine the appropriate discount rate using either the Band of Investment or Summation technique. Discount rates may be rounded to the nearest one-half percent. The summation technique used for the current discount rate is shown in ADDENDUM 4-B and in the DEFINITION OF TERMS at the end of this section. The band of investment technique is shown in Chapter 2 under the CAPITALIZATION OF GROUND RENT METHOD. 2. Estimated Sale Date Determine the absorption period for the tract by estimating the number of years to its sale date and rounding to the next whole number. The absorption period is calculated as of the appraisal date. If additional information is needed, refer to the Determine the Absorption Period topic located in a previous part of this section. 3. Compound Interest Table Factor Using the compound interest tables, find the set of annual tables corresponding to the discount rate that was determined. Using the Present Worth of One Dollar, Column #4 of the tables, go to the factor corresponding to the number of years in the absorption period. The number shown is the appropriate factor used in the present worth valuation of the single, competitively isolated tract being sold as a unit, and is multiplied times the adjusted, nonannualized selling price. Note: Column #5, Present Worth of One Per Period, of the compound interest tables is used when multiple tracts of land within a competitive environment, or subdivided lots within an approved plat, qualify for present worth valuation. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 4.24 4. No Sales Data If sales do not exist, the adjusted sales price before discounting is estimated using the procedures described in Chapter 2, referencing the five accepted valuation methods: sales comparison, abstraction/allocation, anticipated use/developmental cost, capitalization of ground rent, and land residual. Example: Present Worth Value Calculation Example - Column #4 Applied to a Single, Competitively Isolated Tract Being Sold as a Unit, No Sales The adjusted selling price is $10,000, the discount rate is 12 percent, and the absorption period is 10 years. The actual value is: Adjusted selling price = $10,000 Absorption period = 10 years Discount rate = 12% Present worth of One Dollar factor = .321973 $10,000 (nonannualized) x .321973 = $3,220 The calculations reflect the present worth of a single, competitively isolated tract being sold as a unit with an adjusted selling price of$10,000 that is expected to sell ten years (rounded) from the appraisal date. Developmental Cost Method The developmental cost method is recommended when sales are inadequate to determine value. The process for this method is similar to the Sales Comparison (Market) Method except for development of the adjusted selling price. The method can be used in an approved platted subdivision, Planned Unit Development, or with tracts of land within a competitive environment. The following process is used when valuing vacant land using the developmental cost approach: 1. Identify all lots or tracts within an approved plat or competitive environment. 2. Determine the actual value of the raw land before development. 3. Determine the adjusted selling price. 4. Determine the absorption period. 5. Apply present worth valuation procedures to the adjusted selling prices. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 3`4 • 4.25 Identify All Lots or Tracts Within An Approved Plat If additional information is needed, refer to Step #1 - Identify All Lots or Tracts Within An Approved Plat or Competitive Environment earlier in this section. Determining the Actual Value of the Raw Land Before Development This is necessary for two reasons: 1. The Developmental Cost Buildup Method utilizes raw land value. 2. To ensure that the present worth value never drops below the actual value of comparable raw, undeveloped vacant land, the raw land value is adjusted to the current appraisal date. Raw, undeveloped land value is the value of the tract before subdividing, adjusted to the current appraisal date. The actual value of the raw land within an approved plat is determined by consideration of the most comparable raw land sales at the current appraisal date. Determine the Adjusted Selling Price Prior to present worth valuation, a percentage of the selling price for each lot or tract is established. When using the "cost buildup" method, the percentage of the selling price is defined as: the raw land value plus the additional value attributable to the direct costs of installed site improvements and other installed improvements such as those for greenbelts and common areas, including landscaping, divided by the total of all direct costs, both incurred and unincurred including raw land. When using the "cost deduction" method, the direct costs for comparable finished tracts, including raw land, minus the direct costs of site and other improvements not installed, are divided by the total of all direct costs, both incurred and unincurred including raw land. In either case, the percentage is applied to the selling price at the appropriate level of value. Deductions of indirect costs of development from the selling price are not considered or taken into account, 39-1-103(14)(b), C.R.S. The formula to develop the percentage is: Incurred Direct Development Costs (Including Raw Land) = Percentage Applied All Direct Development Costs (Including Raw Land) to Retail Selling Price 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 L..55 4.26 In collecting market sales data of raw land and/or finished lots or tracts, contracts for sale are not included as qualified sales unless the transaction is completed, but not formally closed, during the selected data collection period and the sale qualifies as an arm's length transaction, Platinum Properties Corporation v. Colorado Board of Assessment Appeals, 738 P.2d 34 (Cob. App. 1987). If the terms and conditions of the original agreement have been consummated as evidenced by a deed, at some point prior to a review, appeal, or abatement hearing, the transaction is considered as, but is to carry no more weight than, any other sale. Some developers sell tracts by means of installment land contract sales to generate activity and a cash flow. Installment land contracts require little or no down payment and a deed is delivered to the purchaser when specific conditions are met. Installment land contracts are considered in the same manner as sales consummated by deed only when determining the absorption rate. Developmental Cost Buildup Method First, the raw land is valued at the current level of value. The value doesn't include any development costs. Second, the direct costs associated with the installed site improvements and other installed improvements that are present on the assessment date are related to the current appraisal date and added to the raw land value. Other installed improvements include greenbelts, landscaping, and common areas. The result is divided by all direct costs of development, both incurred and unincurred including raw land. The method of developing a percentage is preferred in the early stages of development if the sales comparison approach has been considered first, but eliminated due to a lack of qualified sales data. Refer to the examples following the description of the Developmental Cost Buildup and Cost Deduction Methods for additional clarification. Developmental Cost Deduction Method The method determines a percentage of the selling price by: 1. Establishing the direct costs of the lot or tract as if ready for a structure to be built on it, (as evidenced by the developer's retail selling prices of comparable lots or tracts) 2. Then, subtract all the direct development costs associated with site improvements and other improvements not yet installed on the assessment date. 3. The result is divided by all direct costs of development, both incurred and unincurred including raw land. In deciding which method to use, the method that requires the least amount of adjustment is usually the most reliable. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 4.27 Example: Developmental Cost Buildup Method Assume that the lots being appraised were developed through the 4th of 6 stages of development. The calculation of the percentage is as follows: DIRECT COSTS Raw Land Value $ 5,000 1 Survey Costs + 500 2 Subdivision Approval + 500 3 Roads/Paving + 1,000 4 Water/Utilities + 2,000 $ 9,000 $ 9,000 (Incurred Direct Costs) = Lot is 75 percent complete. $12,000 (Total Direct Costs) (Based only on direct costs, but applied to the total sale price) Example: Developmental Cost Deduction Method Assume that the lot or tract being appraised is developed through the 4th stage of 6 stages of development. The calculation of the percentage is as follows: DIRECT COSTS All Direct Costs, both $12,000 Incurred and Unincurred Including Raw Land 6 Amenities - 1,000 (unincurred) 5 Sewer/Drainage - 2.000 (unincurred) $ 9,000 $ 9,000 (Incurred Direct Costs) ----------- = Lot is 75 percent complete. $12,000 (Total Direct Costs) (Based only on direct costs, but applied to the total sale price) As can be seen from the previous two examples, the same percentage of completion is obtained by either the developmental cost buildup method or the developmental cost deduction method. Physical site improvements may be partially installed as of the assessment date. Appropriate adjustments are made to account for the value of partially installed items. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 4.28 Lump-sum adjustments are made, but they should be compared to the direct costs of the installed improvements of a completed lot or tract to ensure that no errors exist. The method selected is applied to all vacant land lots or tracts, whether sold or unsold, within an approved plat. Consideration is given to each lot's or tract's location, desirability, physical characteristics, and use. Determine the Absorption Period This process is identical to the process used to determine the absorption period under the Sales Comparison Method topic. Please refer to the Determine the Absorption Period topic under the Sales Comparison Method for the appropriate procedures to be used. Apply Present Worth Valuation Procedures to Adjusted Selling Price The process is identical to the process used to apply present worth valuation procedures to the adjusted selling price under the Sales Comparison Method topic. In the present worth valuation of vacant land, the present worth value of the land is synonymous with actual or market value. SUMMARY Present worth valuation procedures are used if they are applicable to the vacant land parcel(s) in question, provided that the resulting values are greater than raw land values in the county. The following process is used when valuing vacant land using the market approach: 1. Identify all lots or tracts within an approved plat or competitive environment. 2. Determine the actual value of raw land before development. 3. Determine the adjusted selling price. 4. Determine the absorption period. 5. Determine a discount rate and apply present worth procedures to the adjusted selling price. Additional information about land valuation techniques may be obtained by consulting the appraisal text published by IAAO. Texts published by the Appraisal Institute and other professional organizations also may be helpful. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 Continental Homes Lot Standard 6 JO. .i, re /! }g\ 'Si . . /!01 " ||/|i 6g gggggg )( 2282 \]\(] . ...... oz a\ gggg 8228 ))§)§) • §/ .... gssgss ]# , .l4p2w. / // t/q §///\\ §}}` \/ \ Si) / \ !) '• \ /|\| ! i ` �! \/\\\( si P- 9. .. 0> ! ;I I§§;|§;| _ a §]§§)§§§§§) {/}ck k - --}5555( .\\/\l:,i,! |!|! r° ° Present Worth Table Calculation PV=DiscountedValue I=Discount Rate N=Time Retail Price $60,250 Pmt=Retailitime Years Discount Rate 1 2 3 4 5 6 7 8 9 10 8.00% 55,787 53,721 51,757 49,889 48,112 46,421 44,812 43,279 41,819 40,428 8.25% 55,658 53,537 51,524 49,613 47,797 46,071 44,431 42,872 41,388 39,976 8.50% 55,530 53,355 51,293 49,339 47,485 45,726 44,056 42,470 40,964 39,532 8.75% 55,402 53,173 51,064 49,067 47,176 45,384 43,685 42,074 40,546 39,096 9.00% 55,275 52,993 50,837 48,798 46,870 45,046 43,319 41,684 40,135 38,666 9.25% 55,149 52,814 50,611 48,532 46,568 44,712 42,958 41,300 39,730 38,245 9.50% 55,023 52,636 50,387 48,267 46,268 44,382 42,602 40,921 39,332 37,830 9.75% 54,897 52,459 50,165 48,006 45,972 44,056 42,250 40,547 38,940 37,422 10.00% 54,773 52,283 49,944 47,746 45,679 43,734 41,903 40,179 38,553 37,021 10.25% 54,649 52,108 49,725 47,489 45,389 43,416 41,560 39,816 38,173 36,627 10.50% 54,525 51,934 49,508 47,234 45,101 43,101 41,222 39,458 37,799 36,239 10.75% 54,402 51,762 49,292 46,981 44,817 42,789 40,888 39,105 37,430 35,858 11.00% 54,279 51,590 49,078 46,731 44,536 42,482 40,559 38,757 37,067 35,483 11.25% 54,157 51,419 48,865 46,482 44,257 42,177 40,233 38,414 36,710 35,114 11.75% 53,915 51,081 48,445 45,992 43,708 41,579 39,594 37,742 36,011 34,394 12.00% 53,795 50,913 48,237 45,750 43,438 41,285 39,281 37,413 35,670 34,043 12.25% 53,675 50,746 48,030 45,510 43,170 40,995 38,971 37,088 35,333 33,697 12.50% 53,556 50,580 47,825 45,272 42,905 40,707 38,666 36,768 35,002 33,357 12.75% 53,437 50,415 47,622 45,037 42,642 40,423 38,364 36,452 34,675 33,022 13.00% 53,319 50,252 47,420 44,803 42,383 40,142 38,066 36,141 34,354 32,693 13.25% 53,201 50,089 47,219 44,571 42,125 39,864 37,772 35,834 34,037 32,369 13.50% 53,084 49,927 47,020 44,341 41,871 39,589 37,481 35,530 33,724 32,050 13.75% 52,967 49,766 46,822 44,114 41,618 39,318 37,194 35,231 33,417 31,736 14.00% 52,851 49,606 46,626 43,888 41,369 39,049 36,910 34,936 33,113 31,427 14.25% 52,735 49,446 46,431 43,664 41,121 38,783 36,630 34,645 32,814 31,123 14.50% 52,620 49,288 46,238 43,442 40,876 38,520 36,353 34,358 32,520 30,823 14.75% 52,505 49,131 46,046 43,221 40,634 38,260 36,080 34,075 32,229 30,528 15.00% 52,391 48,974 45,855 43,003 40,393 38,003 35,809 33,795 31,943 30,238 Property Tax Appeal DR Horton Inc. Vista Ridge Subdivision See Attached List of accounts For Tax Year 2005 Effective Date June 30, 2004 Prepared By George McElroy & Associates, Inc. 3131 South Vaughn Way, Suite 301 Aurora, CO 80014 EXHIBIT 43 TJ k Appeal Summary Vista Ridge Subdivision Property Type Vacant single family home sites Basis For Appeal Colorado Present Worth Calculations Comments: The basis of the"retail"value is the lot standard from the developer. The standard included all cost of development; i.e. land acquisition, development cost and contingencies Fee Disclosure: George McElroy&Associates, Inc., has been retained to provide consulting services and is being compensated in whole or in part on the basis of property tax savings through a reduction in the assessed value. This fee disclosure is intended to comply with Colorado law, rules of the Colorado Real Estate Appraisers and USPAP. Consultant Ken Hunsperger is appearing before the CBOE as a Consultant employed by George McElroy & Associates, Inc. Mr. Hunsperger is a salaried employee and his personal compensation is IN NO WAY contingent upon the results of this appeal 2 ........ ...... , , GM&A AD VALOREM TAX GEORGE McELROY&ASSOCIATES,INC. CONSULTANTS 3131 S.Vaughn Way Suite 301 Aurora,Colorado 80014 303/696-9666 Fax 303/696-6669 May 30,2005 Weld County Assessor 1400 N. 17`h Avenue CERTIFIED MAIL NO. 7002 2410 0001 3936 8204 Greeley, CO 80631 RE: 2005 Real Property Protest Owner: D R Horton-Melody Schedule No: See attached To Whom It May Concern: Please accept this letter as our official 2005 Real Property Protest for the above referenced property. The reason for appeal is that the current actual valuation exceeds the correct base year value and an agency authorization is attached. Please forward all correspondence regarding this appeal to the following address: Ken Hunsperger c/o George McElroy&Associates, Inc. 3131 S. Vaughn Way, Suite 301 Aurora,CO 80014 The current land standard applied by D R Horton Melody Series is $67,000 and 57,000 per lot. The average is approximately$65,000 and includes developers profit. This is what is allocated by the developer for the value of the land for each average site. The Colorado Subdivision Approach is as follows: Filing L& M Retail-$65,000 Discount Rate 11.5% Absorption period 2 years Recommended value $55,290 Filing N Retail -$65000 Discount Rate 11.5% Absorption period 5 years Recommended value $47,448 b Filing R Retail -$65000 Discount Rate 11.5% Absorption period 4 years Recommended value $49881 Filing S Retail -$65000 Discount Rate 11.5% Absorption period 4 years Recommended value $49,881 Respectfully, GEORGE McELROY&ASSOCIATES,INC. Ken Hunsperger LI Agency Authorization D.R. HORTON, INC. -MELODY SERIES APPOINTMENT OF AGENT FOR PROPERTY TAXES I, c a 1 a _1. C c�1 l t nq P. , hereby designate the following named agent to act on my behalf in all matters pertaining to the review and appeal of real and personal property valuation and classification to the assessor, the CBOE, BAA, District Court, or Arbitration in the STATE OF COLORADO. This includes the receipt of all notices of value and tax bills to our Agent. AGENT TELEPHONE NUMBERS George McElroy&Associates, Inc. 303/696-9666 3131 S. Vaughn Way, #301 303/696-6669 (Facsimile) Aurora, CO 80014 D.R. Horton, Inc. —Melody Series 303/466-1831 11031 Sheridan Blvd., Suite A 303/466-1838 (Facsimile) Westminster, CO 80020 attAjtcfri Car t-a T. Col \ n � *Signature Printed Name 'pt jt s t a-, vet j c�--O 5 /2co Jas Date Signed Please indicate your interest in the property UNDER PENALTY OF PERJURY,I DECLARE THAT I OWN,CONTROL OR POSSESS THE PROPERTY LISTED BELOW. OWNER SCHEDULE NUMBER ADDRESS All real estate and personal property owned by MELODY HOMES,INC.,also DBA D.R.Horton,Inc.—Melody Series Melody Homes,Inc. Melody Homes D.R.Horton,Inc. See Attached Listings D.R. NORTON, INC. FLG NO.LOT BLK ACCOUNT# 1L 15 2 R1775002 0.29 68,048 19,734 1L 16 2 R1775102 0.29 68,048 19,734 1L 17 2 R1775202 0.29 68,048 19,734 1L 6 4 R1778502 0.29 68,048 19,734 1M 12 2 R1782502 0.29 68,048 19,734 1M 11 5 R1788902 0.29 68,048 19,734 1M 12 5 R1789002 0.29 68,048 19,734 1M 13 5 R1789102 0.29 68,048 19,734 1M 14, 5 R1789202 0.29 68,048 19,734 1M 15 5 R1789302 0.29 68,048 19,734 1M , 16 5 R1789402 0.29' 68,048 19,734 1M ' 17 5 R1789502 0.29 68,048 19,734 1M 2 6 R1790002 0.29 68,048 19,734 1M 3 6 R1790102 0.29 68,048 19,734 1M 4 6 R1790202 0.29 68,048 19,734 1M 7 6 R1790502 0.29 68,048 19,734 1M 8 6,R1790602 0.29 68,048 19,734 1M 9 6 R1790702 0.29 68,048 19,734 1M 10 6 R1790802 0.29 68,048 19,734 ' 1M 11 6I R1790902 0.29 68,048 19,734 1M 12 6 R1791002 0.29 68,048 19,734 1M 13' 6 R1791102 0.29 68,048 19,734 1N 8 1 R1792202 0.29 58,400 16,936 1N 1 2.R1792502 0.29 58,400 16,936 1N 2 2,R1792602 0.29 58,400 16,936 1N 3' 2 R1792702 0.29 58,400 16,936 1N 4 2 R1792802 0.29 58,400 16,936 1N 5 2 R1792902 0.29 58,400 16,936 1N 6 2 R1793002 0.29 58,400 16,936 1N 7 2 R1793102 0.29 58,400 16,936 1N 8 2'R1793202 0.29 58,400 16,936 1N 9 2 R1793302 0.29 58,400 16,936 1N 10 2 R1793402 0.29 58,400 16,936 1N 11 2.R1793502 0.29 58,400 16,936 1N 13 2 R1793702 0.29 58,400 16,936 1N 14 2 R1793802 0.29 58,400 16,936 1N 1 3 R1794902 0.29 58,400 16,936 1N 2, 3 R1795002 0.29, 58,400 16,936 1N 3 3 R1795102 0.29 58,400 16,936 1N 4 3'R1795202 0.29 58,400 16,936 1N 5 3 R1795302 0.29 58,400 16,936 1N 6 3 R1795402 0.29 58,400 16,936 1N 7 3 R1795502 0.29 58,400 16,936 1N 9 3'R1795702 0.29 58,400 16,936 1N 10 3 R1795802 0.29 58,400 16,936 1N 12 3 R1796002 0.29 58,400 16,936 1N 16 3 R1796402 0.29 58,400 16,936 1N 17 3 R1796502 0.29 58,400 16,936 1N 18 3 R1796602 0.29 58,400 16,936 1N 20, 3 R1796802 0.29 58,400 16,936 VISTA RIDGE11 D.R. NORTON, INC. 1N 21 3 R1796902 0.29 58,400 16,936 1N 22 3 R1797002 0.29 58,400 16,936 1R 7 1 R2118603 0.29 64,600 18,734 1R 8 1 R2118703 0.29 64,600 18,734 1R 9 1 R2118803 0.29 64,600 18,734 1R 10 1 R2118903 0.29 64,600 18,734 1R 11 1 R2119003 0.29 64,600 18,734 1R 12 1 I R2119103 0.29 64,600 18,734 1R 13 1 R2119203 0.29 64,600 18,734 1R 14 1 R2119303 0.29 64,600 18,734 1R 16 1 R2119503 0.29 64,600 18,734 1R 17 1 R2119603 0.29 64,600 18,734 1R 19 1 R2119803 0.29 64,600 18,734 1R 1 25 1 R2120403 0.29 64,600 18,734 1R V 2 R2121803 0.29 64,600 18,734 1R 3 2 R2122003 0.29 64,600 18,734 1R 7 2 R2122403 0.29 64,600 18,734 1R 2 4'R2123403 0.29' 64,600 18,734 1S 129 1 R2127403 0.29 61,392 17,804 1S 30 1 R2127503 0.29 61,392 17,804 1S 31 1 R2127603 0.29 61,392 17,804 1S 32 1 R2127703 0.29r 61,392 17,804 1S 33' 1 R2127803 0.29 61,392 17,804 1S 34 1 R2127903 0.29 61,392 17,804 1S 2 2 R2128403 0.29 61,392 17,804 1S 3 2 R2128503 0.29 61,392 17,804 1S ! 4 2 R2128603 0.29 61,392 ' 17,804 1S 5 2 R2128703 0.29 61,392 17,804 1S 6r- 2 R2128803 0.29 61,392 17,804 VISTA RIDGE Location Map 4 MSN Maps & Directions - Map Print Page 1 of 1 fflSfl' Maps & Directions mFoie: "*waft ► Lawson Ave,Erie,CO 80516 Lean a Wud-Pky- [a'; MapPoint 7:y„ 4 taw, nee Erie 11 r6_, �J7Lawson Aye, Erie, g [l01i1 l i CO 80516 w -t Pk), CP ?_ Arapahoe Rd k CR-4 Vista Ridge y ,,, Golf Course op io io . Qtr J V t ₹Ai TTiFFFCou my is Airport E--rasexne-Ffd --.-_ ^ g tivAye =-- BfOert�BW- ®2005 MkIKot Cap®2004MAnEQ.al/orG0T,IAC. Your right to use maps and routes generated on the MSN service is subject at all times to the MSN Terms of Use. Data credits,copyright,and disclaimer. / V http://mappoint.msn.com/(sebkntj2zzyt5455xp1m01 e4)/PrintMap.aspx?MPMtd=M&L=US... 7/28/2005 VISTA IN TE • 1,7,31-1.- S a 1N w a s 34 a� acconawca al II a 1! 1° 12 a a 11 7 11 a u u n a I ° ° u D 1�Q] 1° 1° a II ° Si 17 ° °17 a u 17 ° 2 17 7 i° u 1 11 A 1° N 4 ° S 1° I h13 9 11 ° 1! 1! 14 I1 It it a I ° it II 111 uu 88 Ill a 43zermar, 4 ° A 3 ° ° a 24 ° v I u ° 7 4 ° ° 11 7 1° ° ° 1 _,{9 7 ° ° a .• 7 17 ° ° 1°a 7 a 13 1 ° 2 27 s ° 9 a N ® + !1 2 pg, a a a ° ° u ° a 0 traa 144 3 I ° 11 n c a 2 17 1 �7 ° ° 7 >t a ° ° 11 �� 17 1° Na a 1 11 a 7 t a s >h a s 1° 1° 14 a s 1° ti « a 1° a a,,,, C� 10 u 21 '°'R u Na a 1° 1° W a a a a 11 >t 5414248431 M a 32 a u a a V a a DRIIO lU Tr: �, A9'�t Y H .. ."/.�. RPI dIILVUI I ( Chapter 4 Valuation of Vacant Land Present Worth 4.1 CHAPTER 4 VALUATION OF VACANT LAND PRESENT WORTH CONCEPT OF PRESENT WORTH VALUATION Assessors are required to consider, and when applicable, to apply the present worth valuation procedure when using the market approach to value vacant land, 39-1- 103(14)(b), C.R.S. Present worth valuation of vacant land involves discounting. Discounting is defined in The Dictionary of Real Estate Appraisal, 1993, text published by the Appraisal Institute, as the procedure used to convert periodic income and reversions into present value. Present value is based on the assumption that benefits received in the future are worth less than the same benefits received now. The objective is to determine the present worth, i.e. the actual (market) value, as of the appraisal date, of the vacant land, not its future value. Discounting of vacant land establishes the present worth of vacant land that will not likely sell within one year. The reason for vacant land present worth valuation is to account for the time, in years, necessary to sell an inventory of vacant lots, sites, parcels, or tracts. In the present worth valuation of vacant land, the present worth value of the land is synonymous with actual or market value. Refer to DEFINITION OF TERMS at the end of the section for explanations of terms used. Throughout the section the terms "subdivider" or"land developer" are used to describe owners of vacant land. The terms are not meant to limit the application of present worth valuation procedures to specific types of land ownership. Vacant land owned by private individuals, who are neither subdividers nor developers, are considered for present worth valuation if the land otherwise qualifies. The Colorado Supreme Court ruled that the Division's present worth valuation procedure is an appropriate interpretation of the statutes controlling the valuation of vacant land, El Paso County Board of Equalization v. Craddock, 850 P.2d 702 (Colo. 1993). The concept of raw land value being a market value threshold below which present worth values may not decline was referenced in footnote 4, p. 707, of the case. The Division developed a seven-step present worth valuation procedure. The objectives of the procedure are to: 1. Determine the applicability of present worth valuation to the vacant land being valued 2. Determine appropriate adjusted selling prices, and 3. Determine the present worth value of vacant land 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 )3 4.2 PRESENT WORTH VALUATION PROCEDURE All vacant land, whether part of an approved subdivision plat, part of a Planned Unit Development (PUD), part of an environment of competing unplatted properties or even a single, competitively isolated tract is eligible for present worth valuation. In the following procedures, the terms "lot or tract" or"lots or tracts" refer to all such land. APPLICABILITY OF VACANT LAND PRESENT WORTH VALUATION Before vacant land unadjusted selling prices (UASP) are determined, a decision is made as to whether the vacant land present worth valuation procedure applies to the subject property or properties under appraisal. The determination is made in step 2 of the present worth valuation procedure. Step#1 Identify all lots or tracts within an approved plat or competitive environment. Step #2 Determine the applicability of vacant land present worth valuation procedure. Step#3 Determine the unadjusted selling price (UASP). All steps in the present worth valuation procedure are illustrated in the Decision Tree Analysis on the next page. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 ' 4 4.3 DECISION TREE ANALYSIS After Identifying All Lots or Tracts Within An Approved Plat or Competitive Environment (Step 1), Are Present Worth Valuation Procedures Applicable? YES, Present Worth Valuation NO, Present Worth Valuation (Step 2) (Step 2) l l Determine Unadjusted Selling Determine Unadjusted Selling Price (UASP)from Price (UASP) from Comparable Property Sales, Comparable Property Sales Developer Sales List, or (Step 3) Retail Selling Price (Step 3) 1 4, Deduct for Nonrealty Items Deduct for Nonrealty Items Included in Sale Price Included in Sale Price (Step 4) (Step 4) Deduct for Unincurred Direct Deduct for Unincurred Direct Development Costs Development Costs Included in Sale Price Included in Sale Price (Step 5) (Step 5) l l Make Market Adjustments for Make Market Adjustments for Atypical Financing, Atypical Financing, For Time, and for Differing For Time, and for Differing Property Characteristics Property Characteristics (Step 6) (Step 6) l l Adjusted Selling Price (ASP) Select Adjusted Selling Price Apply Present Worth Final Actual Value (ASP) (Step 7) (Step 7) Final Actual Value 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 15 4.4 Step #1 — Identify all Lots or Tracts Within An Approved Plat "Vacant land" means any lot, parcel, site, or tract, upon which no buildings or fixtures, other than minor structures, are located, 39-1-103(14)1(1), C.R.S. "Minor structures" means improvements that do not add value to the land on which they are located and that are not suitable to be used for and are not actually used for any commercial, residential, or agricultural purpose, 39-1-103(14)I(II)(A), C.R.S. Identifying all lots or tracts within an approved plat or competitive environment is the initial step in determining the applicability of present worth valuation procedures for vacant land. For the purpose of the procedures, approved plats are defined as: 1. For subdivided land, the approved subdivision and/or its approved filings and/or its approved development tracts 2. For Planned Unit Developments, the approved plan An approved plat for subdivided land may include one or all filings within the subdivision. Approved plats may include other than residential uses. Commercial and industrial lots or tracts may exist along with residential lots or tracts within the boundaries of the approved plans for Planned Unit Developments. For unplatted land, discounting is based on the environment of a group of competing properties, i.e. multiple contiguous tracts of land of 35 acres or more in size that do not need subdivision approval. Unplatted land can be any tract of land with an established boundary and legal description, and is typically described by section or tracts. Step#2 —Applicability of Vacant Land Present Worth Procedure Under 39-1-103(14)1(1), C.R.S., all vacant land is eligible for present worth discounting. As part of the sales verification process, a determination is made as to whether the present worth valuation procedures are applied to the subject property or properties. The criteria for determining if present worth valuation is applicable are listed below: 1. The procedures are only applied to vacant land. 2. Less than 80 percent of the buildable lots, tracts, sites, or parcels within an approved plat or competitive environment have been sold. In situations where mixed use has been approved and lot lines established within a single approved plat, each lot is counted toward the 80 percent sellout threshold regardless of size or use. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 (tO 4.5 Lots or tracts that have legal or physical no-build restrictions should not be included in the original number of lots or tracts when determining the 80 percent sellout thresholds. These lots or tracts are typically never part of the developer's "marketable" inventory, and will never be sold. Such lots or tracts, while never available to the open market or subject to present worth valuation, are valued with consideration given to their no-build restrictions. Lots or tracts which might have legal and/or physical no-build restrictions include the following: a. Open space lots or tracts that are required in a subdivision plan before building permits are issued b. Greenbelt lots or tracts that are permanently incorporated within a subdivision plan c. Lots or tracts unbuildable due to city or county building or zoning requirements d. "Out lots" that are adjacent to buildable lots; but due to their size or access problems, are effectively unbuildable Only sales or long-term leases of lots to "end users" reduce the vacant land inventory and, therefore, count toward the 80 percent sellout thresholds. "End users" are those parties who intend to, are expected to, or have done one of the following: a. Construct improvements on the vacant lots for themselves or have begun construction of improvements, such as speculative homes, for others b. Purchase improvements constructed by builders for them c. Use the vacant land in conjunction with other improved property under the same ownership d. Purchase the vacant land for investment and intend to withhold the land from the open-market for an extended period of time Bulk lot sales to another subdivider or land developer do not count toward the 80 percent sellout threshold. When a land developer legally transfers ownership of vacant lots in an approved subdivision plat to another land developer, there is no change in the percentage of lots or tracts sold, unless the land is resubdivided or replatted and the number of lots within the original subdivision changes. If a replat or resubdivision occurs and the intent of the original subdivision is substantially altered, as with a change in density or zoning, then two approved plats would exist and the total lot counts, absorption rates, and periods and the 80 percent sellout thresholds are recalculated. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 1 ? 4.6 Replats or resubdivisions, which do not substantially alter the intent of the original subdivision, such as a lot line vacation, only require a recalculation of the total number of lots within the original approved plat. 3. The absorption period for an approved plat or competitive environment is calculated to be more than twelve months from the appraisal date. Absorption periods of more than twelve months are rounded up to the next whole number, so a minimum absorption period of two years is required at each change in level of value. 4. The application of present worth valuation procedures produces a value greater than current raw land value as defined in these procedures. The first three criteria are mandatory. (1) The land is vacant or it is not, (2) 80 percent of the lots or tracts have sold or they have not, and (3)the remaining absorption period is more than one year or it is not. The last criterion is discretionary. That is, selection of the most comparable raw land value requires appraisal judgment. All four criteria apply to all vacant land designated for development. Step#3 — Determine Unadiusted Selling Prices (UASPI Determining unadjusted selling prices (UASP) is essential to begin the sales adjustment process. For vacant land the UASP is developed from analysis of data from the following sources: 1. The retail selling price listing provided by the developer, subdivider, or property owner at the end of the data collection period The selling price is requested in the Vacant/Subdivision Land Questionnaire mailed each year to developers. 2. Confirmed arm's-length sales of similar lots or tracts within the subdivision or its filings during the data collection period 3. Sales of other similar lots or tracts by other developers or subdividers within competitive environments or approved subdivisions inside or outside the county* during the data collection period 2. For direction on using sales outside the county see Board of Assessment Appeals, et al. v. E.E. Sonnenberg & Sons, Inc., 797 P.2d 27 (Colo. 1990). The UASP is generally the price as shown on the Real Property Transfer Declaration (TD-1000) or, if no TD-1000 is filed, on a supplementary confirmation questionnaire. If no supplementary questionnaire is returned, then the documentary fee sales price is used, assuming that the sale is otherwise qualified. However, the UASP should not fall below the most comparable current raw land value. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 IS 4.7 Future projections of sales prices need not be made by assessors due to the following reasons: 1. For the purpose of the procedure, site values during the current data- gathering period are assumed to remain stable over time. 2. Since assessing officers in Colorado are required to review vacant land present worth procedures for each change in level of value, modifications to selling prices are made every other year. The only change required in intervening years, other than for an unusual condition, is to reduce the absorption period by one year prior to calculating present worth actual value, using the present worth factor for the modified absorption period. For absorption periods calculated to be two years at a change in level of value, the absorption period will be one year in an intervening year. EXCEPTION: If the number of sales within the approved plat, for the 12 months following the current appraisal date, is less than the absorption rate per year calculated for the plat, the absorption period may be left unchanged. 3. Projection of future market activity is highly speculative. DETERMINING APPROPRIATE ADJUSTED SELLING PRICES Steps 4 through 6 are identical whether or not present worth valuation is applicable. Step #4 Deduct for nonrealty value included in the sale price. Step #5 Deduct unincurred direct development costs included in the sale price. The costs are for items not installed as of the assessment date, but included in the sales price. Step #6 Make market adjustments to determine the adjusted selling price (ASP). Step #4 - Deduct for Nonrealtv Value Included in the Sale Price By removing all nonrealty items, deductions are made to comparable properties' unadjusted selling prices (UASP) to achieve the correct real property market value, or actual value of the real property. Isolation of realty is accomplished prior to making any financing or property characteristic adjustments for differences between the comparable property sales and the subject property. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 4.7 Future projections of sales prices need not be made by assessors due to the following reasons: 1. For the purpose of the procedure, site values during the current data- gathering period are assumed to remain stable over time. 2. Since assessing officers in Colorado are required to review vacant land present worth procedures for each change in level of value, modifications to selling prices are made every other year. The only change required in intervening years, other than for an unusual condition, is to reduce the absorption period by one year prior to calculating present worth actual value, using the present worth factor for the modified absorption period. For absorption periods calculated to be two years at a change in level of value, the absorption period will be one year in an intervening year. EXCEPTION: If the number of sales within the approved plat, for the 12 months following the current appraisal date, is less than the absorption rate per year calculated for the plat, the absorption period may be left unchanged. 3. Projection of future market activity is highly speculative. DETERMINING APPROPRIATE ADJUSTED SELLING PRICES Steps 4 through 6 are identical whether or not present worth valuation is applicable. Step#4 Deduct for nonrealty value included in the sale price. Step #5 Deduct unincurred direct development costs included in the sale price. The costs are for items not installed as of the assessment date, but included in the sales price. Step#6 Make market adjustments to determine the adjusted selling price (ASP). Step#4 - Deduct for Nonrealtv Value Included in the Sale Price By removing all nonrealty items, deductions are made to comparable properties' unadjusted selling prices (UASP)to achieve the correct real property market value, or actual value of the real property. Isolation of realty is accomplished prior to making any financing or property characteristic adjustments for differences between the comparable property sales and the subject property. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 4.8 Example: Deduction of the Fair Market Value for Nonrealty Items to Determine the Price Paid for Only the Real Property Portion of the Sales Price Total Sales Price (documentary fee and TD-1000) $20,000 Deduction - Less Nonrealty Item (Hunt Club Membership included in purchase price) - 3,500 Total Adjusted Sales Price $16,500 Step #5 - Deduct Unincurred Direct Development Costs in the Sale Price Deductions are then made for any unincurred direct development costs. These are the costs of site improvements and direct construction costs that were not installed as of the assessment date, that were not expended by the developer or subdivider, but were included in the sales price. Statute requires that adjustments be made for unincurred direct costs of development before making market adjustments to vacant land sales for atypical financing, for time, and for differing property characteristics. Actual value determined -when. (14)(b)The assessing officers shall give appropriate consideration to the cost approach, market approach, and income approach to appraisal as required by the provisions of section 3 of article X of the state constitution in determining the actual value of vacant land. When using the market approach to appraisal in determining the actual value of vacant land as of the assessment date, assessing officers shall take into account, but need not limit their consideration to, the following factors: The anticipated market absorption rate, the size and location of such land, the direct costs of development, any amenities, any site improvements, access, and use. When using anticipated market absorption rates, the assessing officers shall use appropriate discount factors in determining the present worth of vacant land until eighty percent of the lots within an approved plat have been sold and shall include all vacant land in the approved plat. For purposes of such discounting, direct costs of development shall be taken into account. The use of present worth shall reflect the anticipated market absorption rate for the lots within such plat, but such time period shall not generally exceed thirty years. For purposes of this paragraph (b), no indirect costs of development, including, but not limited to, costs relating to marketing, overhead, or profit, shall be considered or taken into account. 39-1-103, C.R.S. (emphasis added) Lump sum dollar adjustments, rather than percentage adjustments, are used. However, lump sum dollar adjustments should be carefully documented and compared to the adjusted selling price (ASP) of comparable completed lots or tracts to avoid errors in valuation. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 4.9 For present worth procedures, the vacant land value reflected in the ASP must not fall below the most comparable value of raw land. Development costs are divided into two categories: 1. Direct development costs 2. Indirect development costs Direct Development Costs: Indirect Development Costs*: Curbs and Gutters Sales Marketing Costs Streets Sales Commission Costs Culverts Guest Generation Costs Sanitary and Drainage Sewer Entrepreneurial Facilities Insurance Costs, Street Lighting Financing Costs, Utility Easements & Hookup and Profit Utilities Installation Developer/Subdivider Profit Site Preparation and Grading Holding Costs Sidewalks Sales and General Environmental Compliance Costs Administrative Overhead Soil Tests Taxes Engineering and Surveying Costs Professional Services Permits, Fees (Including Tap Fees) Warranties and Performance Bond Costs Insurance Directly Related to Development Construction Greenbelt and Common Area Development Including Landscaping * Deductions not allowed pursuant to 39-1-103(14)(b), C.R.S. Step #6 - Market Adjustments to Determine Adiusted Selling Price (ASP) Since comparable sales are seldom exactly like the subject property, there will be differences to adjust for when making market comparisons. The market adjustments result in the adjusted selling price (ASP). Market adjustments made for nonrealty items included in the sale are accounted for in Step # 4. The remaining considerations (1)financing terms, (2) market conditions (time), (3) location, and (4) physical characteristics are summarized into three categories: 1. Financing: Adjustments for atypical financing such as below market seller financing 2. Time: Adjustments for time, i.e. adjusting sales to the appraisal date 3. Property Characteristics: Adjustments for property characteristics, e.g. location, access, topography, soil conditions 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 2� 4.10 Market adjustment is the process of adjusting differences in the comparable sales so that they become as similar as possible to the subject property. Adjustments are applied to the sales prices of the comparable properties. The adjusted sales prices then become indicators of value for the subject property. If the number of valid sales is limited, it is better to adjust sales than to delete sales from the analysis. Note: It is also better to gather sales from the full 60-month allowable data collection period and time adjust them to the end of the current data collection period, before using sales that will require a location adjustment. Refer to Chapter 2, APPRAISAL PROCESS, ECONOMIC AREAS, AND THE APPROACHES TO VALUE for a complete discussion of how comparable properties are identified and how these adjustments are made. Adjustments to sales prices should be carefully analyzed and documented before use. The vacant land value reflected in the ASP must not fall below the actual value of the most comparable raw land. Step #7 -Apply Present Worth Procedures DETERMINING PRESENT WORTH OF VACANT LAND The market absorption (sellout) period and discount rate are determined. Both are described under Sales Comparison Method found later in the section. All pertinent information, approved plat or competitive environment, the unadjusted selling price, adjusted selling price, and present worth calculations are documented, 39-1-103(5)(a), C.R.S. Raw Land Value Vacant land present worth actual value must never drop below the actual value of the most comparable raw, undeveloped vacant land as of the appropriate level of value. The Division policy of"raw land value establishing market value when present worth valuation procedures result in a lower value" is the control to ensure that mistakes in application of present worth procedures do not result in the actual value falling below fair market value as of the appraisal date. Should "discounted vacant land value" drop below market value, inequity in the valuation of vacant land results. The policy is applicable to each level in the valuation process: the unadjusted sale price (UASP), the adjusted sale price after market adjustments (ASP), and actual value after applying present worth valuation procedures. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 4.11 Raw land is typically appraised on a per acre basis although it may be apportioned to lots or tracts on a square foot basis when determining whether or not present worth values exceed raw land values. If the original tract has been subdivided, each of the subdivided lots receives an appropriate share of the raw land value for comparison purposes. Raw land value is the indicated market value of the unimproved vacant land tract adjusted to the current level of value. When determining the raw land value threshold, consideration is given to the three approaches to value; however, since cost and income data are frequently unavailable, reliance is usually placed on the sales comparison method. When determining raw land value, comparable sales should be selected for similarity to the subject tract. Vacant/Subdivision Land Questionnaire For each subdivision, filing, or other approved plat and for tracts within a competitive environment, data is collected and reviewed annually by the assessor. The data is used to establish absorption periods and adjusted selling prices. The proper valuation of vacant land under development is very difficult to determine when necessary information is lacking. To aid in the solution of this problem, the VACANT/SUBDIVISION LAND QUESTIONNAIRE, found as ADDENDUM 4-A, was developed to collect necessary information from all land developers in the county, including information regarding the valuation of unplatted vacant land. The assessor mails or delivers, as soon after January 1 as possible, two copies of the Vacant/Subdivision Land Questionnaire to each land developer known or believed to own vacant land in the county. The developer has until March 20 to file the completed questionnaire with the assessor. Actual value determined -when. (14)(d) As soon after the assessment date as may be practicable, the assessor shall mail or deliver two copies of a subdivision land valuation questionnaire for each approved plat within the county to the last- known address of the subdivision developer known or believed to own vacant land within such approved plat. Such questionnaire shall be designed to elicit information vital to determining the present worth of vacant land within such approved plat. Such subdivision developer or his agent shall answer all questions to the best of his ability, attaching such exhibits or statements thereto as may be necessary, and shall sign and return the original copy thereof to the assessor no later than the March 20 subsequent to the assessment date. All information provided by the subdivision developer in such questionnaire shall be kept confidential by the assessor; except that the assessor shall make such information available to the person conducting any valuation for assessment study pursuant to section 39-1-104 (16) and his employees and the property tax administrator and his employees. 39-1-103, C.R.S. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 TA 4.12 For statewide consistency, the Division recommends each county use the questionnaire. The assessor may request additional information from the taxpayer at any time during the year, 39-5-115(1), C.R.S. Should additional information be requested either in the cover letter or as a supplemental questionnaire, we recommend that the assessor include the Division's questionnaire for the land developer's signature. The information acquired is updated each year in six-month increments so that all vacant land sales are accounted for throughout the entire length of a possible 60- month data collection period. This is the reason for sending questionnaires during an intervening year. The data returned cannot be used until the following change in level of value. If any land developer does not return the questionnaire by March 20, the assessor may determine a valuation using the best information available. Should the necessary information be made available during review and appeal, the assessor must consider it. Actual value determined -when. (14)(e) If any subdivision developer fails to complete and file one or more questionnaires by March 20, then the assessor may determine the actual value of the taxable vacant land within an approved plat which is owned by such subdivision developer on the basis of the best information available to and obtainable by the assessor. 39-1-103, C.R.S. PRESENT WORTH VALUATION METHODS Of the five generally accepted land valuation methods in use by appraisers, described in Chapter 2, APPRAISAL PROCESS, ECONOMIC AREAS, AND THE APPROACHES TO VALUE, vacant land present worth valuation procedures involves only two. The two are the sales comparison method and the anticipated use or developmental cost method. Sales Comparison Method Whenever adequate quantities of qualified sales data are available, direct sales comparison is the best method to value vacant land. When 80 percent of the lots or tracts are sold, usually a definite market value per lot or tract is established and the unit value, as adjusted for differing property characteristics, is extended to all vacant lots or tracts in an approved plat or competitive environment. The qualified sales are used as the primary basis for valuing all the lots or tracts regardless of ownership. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 4.13 The appropriate level of value is used with consideration given to and adjustments made for, each individual lot's or tract's location, desirability, and use. The only change required in intervening years, other than for an unusual condition, is to reduce the absorption period by one year. Then, calculate the present worth actual value for the intervening year, using the present worth factor for the modified absorption period. For absorption periods calculated to be two years at a change in level of value, the absorption period could be one year in an intervening year. EXCEPTION: If the number of sales within the approved plat, beginning the July 1 following the appraisal date, for 12 months, is less than the absorption rate calculated for the plat, the absorption period may be left unchanged. If nonrealty items or unincurred direct development costs are included in the sales price of the lot or tract, appropriate deductions must be made to the sales price before making market adjustments. Refer to Step #5 - Deduct Unincurred Direct Development Costs Included in the Selling Price, earlier in this section, for a discussion of appropriate deductions for unincurred direct development costs. The following process is used when applying the market approach: 1. Identify all lots or tracts within an approved plat or competitive environment. 2. Determine the actual value of raw land before development. 3. Determine the adjusted selling price. 4. Determine the absorption period. 5. Determine a discount rate and apply present worth procedures to the adjusted selling price. Identify All Lots or Tracts Within An Approved Plat All vacant land is eligible for present worth valuation. Identifying the lots or tracts within an approved plat or competitive environment includes collection, confirmation, and analysis of sales from county records and from the data collected on the Vacant/Subdivision Land Questionnaire. The guidelines for the county sales confirmation program are found in Chapter 3, SALES CONFIRMATION AND STRATIFICATION. The guidelines are used in the confirmation of vacant land transactions. All sales of vacant land whether platted, in development tracts, or unplatted are listed. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 4.14 Unplatted tracts of land may be competing with more widely scattered parcels and, therefore, the competitive environments are determined for unplatted tracts on a case-by-case basis. Establishing these competitive environments serves two purposes: (1) establishing the overall percentage of market absorption of tracts and (2) establishing the market absorption rates associated with the competitive environment. To identify the boundaries of the competitive environment, the surroundings of the subject property are examined. Establishing measurable boundaries allows the appraiser to identify comparable properties in the same competitive environment, to track sales activity, and to measure the level of historical absorption of available properties, i.e. vacant land lot or tract sales in the marketplace. Competition defines competitive environments. Where tracts can reasonably be expected to compete with one another, they are in the same competitive environment, even if the tracts are noncontiguous. Competing tracts generally can be identified through discussions with real estate professionals, recent purchasers of similar tracts, land developers, and property appraisers in surrounding counties. Competitive environment research begins with the subject property and proceeds outward, identifying all relevant factors and influences on the property's value. The search is generally extended far enough to include all influences that the market perceives as affecting value, i.e. what potential sellers and buyers desire. The application of present worth to competitively isolated tracts of land may be handled differently, as described later in the section. Determine the Actual Value of Raw Land Before Development The actual value of the raw land within an approved plat or competitive environment is determined by consideration being given to the most comparable raw land sales adjusted to the current level of value. The present worth value must never drop below the most comparable actual value of raw, undeveloped vacant land at the current level of value. Raw undeveloped vacant land value is the value of the tract before subdividing, adjusted to the current level of value. To determine the appropriate raw land value, comparability of sales is essential. The assessor attempts to find sales of similar size and development status. When analyzing sales for size adjustment, the comparable sold properties must have the same development potential as the subject. Large variances in size typically indicate a different development potential and that the properties are not directly competitive. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 2-1 4.15 Comparable tracts are placed in size ranges, e.g. 1 to 3 acres, 5 to 10 acres, 20 to 35 acres. Since comparable sales are seldom exactly like the subject property, there will be differences to adjust for when making the comparison. Property characteristics are determined and collected for all parcels, both sold and unsold, within an approved plat or competitive environment. Determine the Adjusted Selling Price The adjusted selling prices of lots or tracts are determined as follows: 1. Collect and confirm comparable sales. Adjustments for nonrealty items are made to isolate the real property and to determine unadjusted selling prices (UASP). If comparable sales are not available, the assessor considers comparable sales in other approved plats or competitive environments, economic areas, or across county lines. The sales are adjusted for locational differences. Refer to Chapter 3, SALES CONFIRMATION AND STRATIFICATION. 2. Select appropriate units of comparison. 3. Determine market adjustments to the sales data to reflect the physical characteristics of the subject properties. The process results in the adjusted selling prices (ASP) of subject properties. Refer to Chapter 2, APPRAISAL PROCESS, ECONOMIC AREAS, AND THE APPROACHES TO VALUE. The categories of market adjustments considered for vacant land are as follows: 1. Financing 2. Time 3. Property characteristics a. Location b. Amenities c. Size d. Access e. Topography f. Other physical characteristics Other adjustments include, but are not limited to, zoning, engineering, and infrastructure. All adjustments are applied to sold lots or tracts within an approved plat or competitive environment. The adjusted selling prices of the sold properties serve as base lot or tract values, and are applied to the unsold properties. All adjustment amounts or percentages are related to the current level of value. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 4.16 For purposes of defending the assigned values, all adjustments are documented, 39-1-103(5)(a), C.R.S. Determine the Absorption Period For every reappraisal, the assessor determines the remaining absorption (sell-out) period for the vacant lots or tracts. The calculation is made as of the June 30 appraisal date preceding the change in level of value. The only change required in intervening years, other than for an unusual condition, is the reduction of the absorption period by one year, and then apply the present worth factor for the modified absorption period. For absorption periods calculated to be two years at a change in level of value, the absorption period is one year in an intervening year. EXCEPTION: If the number of sales within the approved plat, beginning the July 1 following the appraisal date, for 12 months, is less than the absorption rate calculated for the plat, the absorption period may be left unchanged. 1. Absorption (Sellout) Percentage To determine whether the vacant land present worth procedures are applied, the absorption (sellout) percentage is calculated. The calculation is performed by dividing the total number of lots or tracts sold or leased (numerator), by the total number of sold and unsold lots or tracts (denominator). If 80 percent or more of the lots or tracts are sold, all land within an approved plat or competitive environment is valued with consideration given to the three approaches to value, and present worth valuation is not applied. If the sellout percentage is less than 80 percent and the other three criteria are met, (1) the land is vacant, (2)the absorption period is greater than one year, (3) the value is greater than raw land value, then vacant land present worth valuation procedures are applied. 2. Absorption Rate The absorption rate is the rate at which properties are sold within a given area. The rate is usually calculated in sales per month and then annualized by multiplying the result by twelve. The period of time used for calculation of the absorption rate is based on the data collection period from the beginning date of the collection period to the appraisal date. If there is insufficient sales history, the absorption rate of a comparable approved plat is used. The beginning date for marketing of lots or tracts is sometimes used for new developments. If lots in an approved plat begin selling after the beginning of the 18-month data collection period, but before the end of the data collection period, the same number of months that the lots or tracts are available for sale is used to calculate the absorption rate. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 Vet 4.17 For subdivisions without sales data or for those formed after the June 30 appraisal date, absorption rates from comparable subdivisions are used. Sales that may have occurred after the appraisal date may be used as a check to ensure that the comparable subdivision's absorption rate is truly comparable. If no comparable subdivisions exist, it is assumed that at least one sale has occurred during the data collection period. Example: For an 18-month sales data collection period 1 (sale) - 18 (months) = .0555 the monthly absorption rate .0555 X 12 (months) = .6666 the absorption rate (annualized). The yearly absorption rate divided into the number of lots or tracts remaining to be sold on the June 30 appraisal date, when rounded to the next whole number, results in the absorption period used for the approved plat. 3. Absorption (Sellout) Period The absorption (sellout) period is the number of years during which vacant lots or tracts are expected to be sold within an approved plat or competitive environment, or the number of years required to sell a single, competitively isolated tract of land as a unit. The period of time is calculated by dividing the number of remaining lots or tracts to be sold by the absorption rate and then rounding up to the next whole number. In the case of a tract of land being sold as a unit, the estimated number of years to the sales date is rounded up to the next whole year. The period is expressed as the whole number of years necessary to sell the remaining vacant lots or tracts. Absorption rates from comparable subdivisions should be used to calculate the absorption period for approved plats formed after the June 30 appraisal date. Since one of the present worth criteria requires an absorption period of greater than 12 months from the appraisal date, the minimum absorption period is two years as of the appraisal date. The minimum absorption period in an intervening year is one year. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 4.18 Absorption Calculations Both the absorption rate and absorption period are calculated by following the process described below. Only the vacant lots or tracts remaining in the ownership of the developer(s) are used in establishing the absorption period: 1. Identify all lots or tracts within an approved plat or competitive environment. Approved plats and competitive environments are analyzed each reappraisal cycle. The analysis takes into consideration the sales pattern experienced within the area during the sales data collection period. Narrative descriptions and supporting documentation accompany all approved plat and competitive environment analysis and subsequent changes. Transamerican Realty Corporation v. Clifton, 817 P.2d 1049 (Colo. App. 1991) requires that the assessor provide evidence to support adequate documentation of the values established for all applicable approaches to appraisal. Insufficient time is not a reasonable excuse for failure to consider the applicable approaches to value. If additional information is needed, refer to Step #1 - Identify All Lots or Tracts Within An Approved Plat or Competitive Environment earlier in this section. 2. Determine the total number of lots or tracts within an approved plat or competitive environment. The total number of sold and unsold lots or tracts within an approved plat or competitive environment are used in calculating the percentage sold, the absorption rate, and remaining absorption period. Consult local real estate professionals to determine the length of time necessary to sell a single, competitively isolated tract as a unit. 3. Determine the total number of lots or tracts conveyed. The number of vacant lots or tracts sold and lots or tracts leased for a long term are totaled. Lots under long-term lease include those that may have been leased to persons intending to install manufactured housing on permanent foundations or to build other improvements. Lots or tracts under installment land contracts are considered sold solely for the purpose of determining absorption calculations. The assessor contacts each developer to determine if any lots or tracts are under installment land contracts and to obtain a list of the contract sales. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 �' 4.19 For a statutory appraisal year and for the following intervening year, the data collection period can be a total of sixty months, i.e. the 60- month data collection period allowed in sales comparison analysis, 39- 1-104(10.2)(d), C.R.S. 4. Calculate the absorption rate and period. The absorption rate calculation is based on the number of lots or tracts sold during the preceding data collection period. The period used to calculate the absorption rate is the same as that used for collecting sales data. For approved plats without sales data or for those formed after the June 30 appraisal date, absorption rates from comparable approved plats with sales during the data collection period are used to establish the absorption rate. The absorption rate and period are calculated as follows: a. Divide the number of lots or tracts sold within an approved plat or competitive environment by the number of months in the sales data collection period. For older developments, the recommended number of months is the minimum sales data collection period of eighteen (18) months. The maximum number of months is sixty (60). Dividing the number of sales within the data collection period by the number of months, results in the average absorption rate per month. The rate is annualized by multiplying by 12. If no sales within an approved plat or competitive environment exist and there are no similar approved plats or competitive environments, it is assumed that at least one sale occurred during the data collection period so that an absorption rate can be calculated. b. Divide the remaining number of lots or tracts to be sold by the absorption rate and round up to the next whole number to determine the additional years needed to sell the remaining lots or tracts. Consult local developers and real estate professionals for their opinions of the absorption period required for a competitively isolated single tract being sold as a unit or a development without recent sales activity. Example: Absorption Period Calculation Approved Subdivision Plat Data Assumptions: Approved Subdivision Plat = 120 lots Original year offered for purchase = 2000 Total lots sold through the appraisal date = 95 Total lots sold during data collection period = 15 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 32- 4.20 The absorption period calculation: Total number of lots = 120 Total number sold = 95 Total percentage sold = 79% (95 -:- 120) Lots remaining at beginning of data collection period = 40 Lots sold in the last 18 months" = 15 15 -:- 18 months X 12 months = 10 lots sold per year An average of 10 lots sold each year during the 18 months preceding the appraisal date. Lots remaining = 25 25 :- 10 = 2.50 years From the calculation, it is estimated that it will take 2.50 additional years to sell the remaining 25 lots. Therefore, the absorption period calculated is 3 years. The absorption period is rounded up to the nearest whole number of years to ensure that the period is long enough. * Beginning of data collection period to appraisal date equals 18 months. Apply Present Worth Valuation Procedures to Adjusted Selling Price Vacant Land Valuation Process - Column #5 - PW of$1 Per Period All vacant lots or tracts are eligible for present worth valuation. In vacant land discounting procedures, present worth value is synonymous with actual value or market value. To determine the discounted present worth value of each subdivided lot within an approved plat or tracts of land within a competitive environment, the following process is used to determine appropriate "Present Worth of One Dollar Per Period" Column #5. 1. Discount Rate Determine the appropriate discount rate using either the Band of Investment or Summation technique. Discount rates may be rounded to the nearest one-half percent. The summation technique used for the current discount rate is shown in ADDENDUM 4-B and in the DEFINITION OF TERMS topic at the end of this section. The band of investment technique is shown in Chapter 2 under the CAPITALIZATION OF GROUND RENT METHOD. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 4.21 2. Annualized Income Determine the absorption period for the remaining lots or tracts within an approved plat or competitive environment. If additional information is needed, refer to the Determine the Absorption Period topic located in a previous part of this section. The absorption period is calculated as of the appraisal date. Divide the adjusted selling price by the number of years in the absorption period to determine the annualized selling price (ordinary level annuity). 3. Compound Interest Rate Tables The compound interest tables can be found in the Property Assessment Valuation book published by IAAO. Use the annual tables corresponding to the discount rate that was determined. Using the Present Worth of One Dollar Per Period, Column #5 of the tables, go to the factor corresponding to the number of years in the absorption period. The number shown is the appropriate factor to be used in the present worth valuation of all vacant parcels within an approved plat. The factor is multiplied by the parcel's annualized adjusted selling price. Column #5, Present Worth of One Per Period, of the compound interest tables, is used when multiple tracts of land within a competitive environment of unplatted properties or subdivided lots within an approved plat qualify for present worth valuation. 4. No Sales Data If there are multiple parcels within the approved plat and comparable sales do not exist, the adjusted sales price before discounting is estimated using the procedures described in Chapter 2, referencing the five accepted valuation methods: sales comparison, abstraction/allocation, anticipated use/developmental cost, capitalization of ground rent, and land residual. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 3k 4.22 Example: Present Worth Value Calculation Example - Multiple Lots or Tracts Assume that the adjusted selling price is $10,000, the discount rate is 12 percent, and the absorption period is 10 years. The actual value is: Adjusted selling price = $10,000 Absorption period = 10 years Discount rate = 12% Present worth of$1 Per Period factor = 5.650223 $10,000 -:- 10 yrs = $1,000 (annualized) x 5.650223 = $5,650 The above calculations reflect the present worth of lots or tracts with an adjusted selling price of$10,000 that are expected to sell within ten years from the appraisal date. Note: Until 80 percent of the lots or tracts in the area are sold, the present worth calculation is made at each change in level of value. The review is necessary since the ASP, absorption period, and discount rate may change, resulting in a different present worth of One Dollar Per Period factor. Vacant Land Valuation Process - Column #4 - PW of$1 All vacant lots or tracts are eligible for present worth valuation. Division policy is that the following requirements must be met in order for a tract of land to receive present worth valuation using Column #4, Present Worth of One Dollar, of the compound interest tables. 1. The tract is vacant and expected to be sold as a unit. 2. There are no similar competing tracts that can be used to establish a competitive environment containing at least two comparable tracts, i.e. the tract is "competitively isolated." Such a tract may be unique due to environmental contamination or government regulations like wetland replacement considerations or zoning restrictions. 3. There are no sold tracts comparable to the subject property, thus no competitive environment can be determined. 4. It is expected to take more than one year to sell the tract. 5. The application of Column #4 to the adjusted selling price results in a value greater than comparable raw land value. Original land sales, prior to development and just before change in surface use, are collected and verified to determine raw land value on a per unit of comparison basis. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 4.23 The Division is available to assist the county assessor if the situation arises. Column #4 is never used to value subdivided land. Present worth valuation using Column #4, Present Worth of One Dollar, of the compound interest tables is not allowed under the following circumstances: 1. Tracts are subdivided into lots within an approved plat. 2. Tracts or lots held for open space. 3. Tract exists within a defined competitive environment. To determine the present worth value of each tract, the following process is used to determine appropriate "Present Worth of One Dollar" Column #4: 1. Discount Rate Determine the appropriate discount rate using either the Band of Investment or Summation technique. Discount rates may be rounded to the nearest one-half percent. The summation technique used for the current discount rate is shown in ADDENDUM 4-B and in the DEFINITION OF TERMS at the end of this section. The band of investment technique is shown in Chapter 2 under the CAPITALIZATION OF GROUND RENT METHOD. 2. Estimated Sale Date Determine the absorption period for the tract by estimating the number of years to its sale date and rounding to the next whole number. The absorption period is calculated as of the appraisal date. If additional information is needed, refer to the Determine the Absorption Period topic located in a previous part of this section. 3. Compound Interest Table Factor Using the compound interest tables, find the set of annual tables corresponding to the discount rate that was determined. Using the Present Worth of One Dollar, Column #4 of the tables, go to the factor corresponding to the number of years in the absorption period. The number shown is the appropriate factor used in the present worth valuation of the single, competitively isolated tract being sold as a unit, and is multiplied times the adjusted, nonannualized selling price. Note: Column #5, Present Worth of One Per Period, of the compound interest tables is used when multiple tracts of land within a competitive environment, or subdivided lots within an approved plat, qualify for present worth valuation. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 4.24 4. No Sales Data If sales do not exist, the adjusted sales price before discounting is estimated using the procedures described in Chapter 2, referencing the five accepted valuation methods: sales comparison, abstraction/allocation, anticipated use/developmental cost, capitalization of ground rent, and land residual. Example: Present Worth Value Calculation Example - Column #4 Applied to a Single, Competitively Isolated Tract Being Sold as a Unit, No Sales The adjusted selling price is $10,000, the discount rate is 12 percent, and the absorption period is 10 years. The actual value is: Adjusted selling price = $10,000 Absorption period = 10 years Discount rate = 12% Present worth of One Dollar factor = .321973 $10,000 (nonannualized) x .321973 = $3,220 The calculations reflect the present worth of a single, competitively isolated tract being sold as a unit with an adjusted selling price of$10,000 that is expected to sell ten years (rounded) from the appraisal date. Developmental Cost Method The developmental cost method is recommended when sales are inadequate to determine value. The process for this method is similar to the Sales Comparison (Market) Method except for development of the adjusted selling price. The method can be used in an approved platted subdivision, Planned Unit Development, or with tracts of land within a competitive environment. The following process is used when valuing vacant land using the developmental cost approach: 1. Identify all lots or tracts within an approved plat or competitive environment. 2. Determine the actual value of the raw land before development. 3. Determine the adjusted selling price. 4. Determine the absorption period. 5. Apply present worth valuation procedures to the adjusted selling prices. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 4.25 Identify All Lots or Tracts Within An Approved Plat If additional information is needed, refer to Step#1 - Identify All Lots or Tracts Within An Approved Plat or Competitive Environment earlier in this section. Determining the Actual Value of the Raw Land Before Development This is necessary for two reasons: 1. The Developmental Cost Buildup Method utilizes raw land value. 2. To ensure that the present worth value never drops below the actual value of comparable raw, undeveloped vacant land, the raw land value is adjusted to the current appraisal date. Raw, undeveloped land value is the value of the tract before subdividing, adjusted to the current appraisal date. The actual value of the raw land within an approved plat is determined by consideration of the most comparable raw land sales at the current appraisal date. Determine the Adjusted Selling Price Prior to present worth valuation, a percentage of the selling price for each lot or tract is established. When using the "cost buildup" method, the percentage of the selling price is defined as: the raw land value plus the additional value attributable to the direct costs of installed site improvements and other installed improvements such as those for greenbelts and common areas, including landscaping, divided by the total of all direct costs, both incurred and unincurred including raw land. When using the "cost deduction" method, the direct costs for comparable finished tracts, including raw land, minus the direct costs of site and other improvements not installed, are divided by the total of all direct costs, both incurred and unincurred including raw land. In either case, the percentage is applied to the selling price at the appropriate level of value. Deductions of indirect costs of development from the selling price are not considered or taken into account, 39-1-103(14)(b), C.R.S. The formula to develop the percentage is: Incurred Direct Development Costs (Including Raw Land) = Percentage Applied All Direct Development Costs (Including Raw Land) to Retail Selling Price 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 4.26 In collecting market sales data of raw land and/or finished lots or tracts, contracts for sale are not included as qualified sales unless the transaction is completed, but not formally closed, during the selected data collection period and the sale qualifies as an arm's length transaction, Platinum Properties Corporation v. Colorado Board of Assessment Appeals, 738 P.2d 34 (Colo. App. 1987). If the terms and conditions of the original agreement have been consummated as evidenced by a deed, at some point prior to a review, appeal, or abatement hearing, the transaction is considered as, but is to carry no more weight than, any other sale. Some developers sell tracts by means of installment land contract sales to generate activity and a cash flow. Installment land contracts require little or no down payment and a deed is delivered to the purchaser when specific conditions are met. Installment land contracts are considered in the same manner as sales consummated by deed only when determining the absorption rate. Developmental Cost Buildup Method First, the raw land is valued at the current level of value. The value doesn't include any development costs. Second, the direct costs associated with the installed site improvements and other installed improvements that are present on the assessment date are related to the current appraisal date and added to the raw land value. Other installed improvements include greenbelts, landscaping, and common areas. The result is divided by all direct costs of development, both incurred and unincurred including raw land. The method of developing a percentage is preferred in the early stages of development if the sales comparison approach has been considered first, but eliminated due to a lack of qualified sales data. Refer to the examples following the description of the Developmental Cost Buildup and Cost Deduction Methods for additional clarification. Developmental Cost Deduction Method The method determines a percentage of the selling price by: 1. Establishing the direct costs of the lot or tract as if ready for a structure to be built on it, (as evidenced by the developer's retail selling prices of comparable lots or tracts) 2. Then, subtract all the direct development costs associated with site improvements and other improvements not yet installed on the assessment date. 3. The result is divided by all direct costs of development, both incurred and unincurred including raw land. In deciding which method to use, the method that requires the least amount of adjustment is usually the most reliable. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 4.27 Example: Developmental Cost Buildup Method Assume that the lots being appraised were developed through the 4th of 6 stages of development. The calculation of the percentage is as follows: DIRECT COSTS Raw Land Value $ 5,000 1 Survey Costs + 500 2 Subdivision Approval + 500 3 Roads/Paving + 1,000 4 Water/Utilities + 2,000 $ 9,000 $ 9,000 (Incurred Direct Costs) = Lot is 75 percent complete. $12,000 (Total Direct Costs) (Based only on direct costs, but applied to the total sale price) Example: Developmental Cost Deduction Method Assume that the lot or tract being appraised is developed through the 4th stage of 6 stages of development. The calculation of the percentage is as follows: DIRECT COSTS All Direct Costs, both $12,000 Incurred and Unincurred Including Raw Land 6 Amenities - 1,000 (unincurred) 5 Sewer/Drainage - 2,000 (unincurred) $ 9,000 $ 9,000 (Incurred Direct Costs) = Lot is 75 percent complete. $12,000 (Total Direct Costs) (Based only on direct costs, but applied to the total sale price) As can be seen from the previous two examples, the same percentage of completion is obtained by either the developmental cost buildup method or the developmental cost deduction method. Physical site improvements may be partially installed as of the assessment date. Appropriate adjustments are made to account for the value of partially installed items. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 4.28 Lump-sum adjustments are made, but they should be compared to the direct costs of the installed improvements of a completed lot or tract to ensure that no errors exist. The method selected is applied to all vacant land lots or tracts, whether sold or unsold, within an approved plat. Consideration is given to each lot's or tract's location, desirability, physical characteristics, and use. Determine the Absorption Period This process is identical to the process used to determine the absorption period under the Sales Comparison Method topic. Please refer to the Determine the Absorption Period topic under the Sales Comparison Method for the appropriate procedures to be used. Apply Present Worth Valuation Procedures to Adjusted Selling Price The process is identical to the process used to apply present worth valuation procedures to the adjusted selling price under the Sales Comparison Method topic. In the present worth valuation of vacant land, the present worth value of the land is synonymous with actual or market value. SUMMARY Present worth valuation procedures are used if they are applicable to the vacant land parcel(s) in question, provided that the resulting values are greater than raw land values in the county. The following process is used when valuing vacant land using the market approach: 1. Identify all lots or tracts within an approved plat or competitive environment. 2. Determine the actual value of raw land before development. 3. Determine the adjusted selling price. 4. Determine the absorption period. 5. Determine a discount rate and apply present worth procedures to the adjusted selling price. Additional information about land valuation techniques may be obtained by consulting the appraisal text published by IAAO. Texts published by the Appraisal Institute and other professional organizations also may be helpful. 15-DIVISION-AS PUB ARL 3 1-89 Revised 6-05 L\1' D R Horton Lot Standard N- N N 0 U) 0 0 N 0I 0 0 0 co ea 9▪ c O O me C a) O) V M CO ' O O0) ((OO ' O CO N O cor r `q r It 49 69 69 69 (9 a) C N a M N C COMt C0 CO O) C - m arm) N CO aD O a > Q SC W CO- r N O o r r n M 0 E C m sT CD O) i j I O CD O1 p) ILi m ' N 0 CI co C CIS O ([) a) a) 0 0 0 0 o e o J ✓ r O r 0 O 0 a e 0 U 'A 0 o) c (o Z O o r O y 69 69 69 69 69 a) an r N IO O Y CO CO I. MO co I.- 03 r r O O) e ? O) h h I: I` C e a co O IO N CO t cow r 15.Q y C (6 CO C a.) E co 0 O O co a' O N N u r) a) (a a d o a) a m a� a� -a , c c m m m L L a O O -o ;O " W a a a art .a a) CO CO CO CO N_ to 0 N N C 'O5 5 5 5 5 CO O 4 N In § r- r M CO CO Co M O Ti OOm CO CO m ...10 Q a Present Worth Table '\a Calculation PV=DiscountedValue 1=Discount Rate N=Time Retail Price $65,000 Pmt--Retail/time Years Discount Rate 1 2 3 4 5 6 7 8 9 10 8.00% 60,185 57,956 55,837 53,822 51,905 50,081 48,345 46,691 45,116 43,616 8.25% 60,046 57,758 55,586 53,524 51,565 49,704 47,934 46,252 44,651 43,128 8.50% 59,908 57,561 55,337 53,228 51,228 49,331 47,529 45,818 44,193 42,649 8.75% 59,770 57,366 55,090 52,936 50,895 48,962 47,129 45,391 43,743 42,178 9.00% 59,633 57,171 54,845 52,645 50,565 48,597 46,735 44,970 43,299 41,715 9.25% 59,497 56,978 54,601 52,358 50,239 48,237 46,345 44,556 42,862 41,260 9.50% 59,361 56,786 54,360 52,073 49,916 47,881 45,961 44,147 42,433 40,812 9.75% 59,226 56,595 54,120 51,790 49,597 47,530 45,581 43,744 42,010 40,372 10.00% 59,091 56,405 53,882 51,510 49,280 47,182 45,207 43,346 41,593 39,940 10.25% 58,957 56,216 53,646 51,233 48,967 46,838 44,837 42,955 41,183 39,514 10.50% 58,824 56,029 53,411 50,958 48,657 46,499 44,472 42,568 40,779 39,096 10.75% 58,691 55,842 53,178 50,685 48,350 46,163 44,112 42,188 40,381 38,685 11.00% 58,559 55,657 52,947 50,415 48,047 45,831 43,756 41,812 39,990 38,280 11.25% 58,427 55,473 52,718 50,147 47,746 45,503 43,405 41,442 39,604 37,882 11.75% 58,166 55,108 52,264 49,618 47,154 44,857 42,716 40,717 38,850 37,105 12.00% 58,036 54,927 52,040 49,357 46,862 44,540 42,378 40,362 38,482 36,726 12.25% 57,906 54,747 51,817 49,098 46,573 44,227 42,044 40,012 38,119 36,354 12.50% 57,778 54,568 51,596 48,842 46,287 43,917 41,714 39,667 37,761 35,987 12.75% 57,650 54,390 51,376 48,587 46,004 43,610 41,389 39,326 37,409 35,626 13.00% 57,522 54,213 51,158 48,335 45,724 43,307 41,067 38,990 37,062 35,271 13.25% 57,395 54,038 50,942 48,085 45,446 43,007 40,750 38,659 36,720 34,921 13.50% 57,269 53,863 50,727 47,837 45,172 42,710 40,436 38,332 36,383 34,577 13.75% 57,143 53,689 50,514 47,592 44,900 42,417 40,126 38,009 36,051 34,238 14.00% 57,018 53,516 50,302 47,348 44,630 42,127 39,820 37,691 35,724 33,905 14.25% 56,893 53,345 50,092 47,106 44,363 41,840 39,518 37,377 35,401 33,577 14.50% 56,769 53,174 49,883 46,867 44,099 41,557 39,219 37,067 35,083 33,253 14.75% 56,645 53,004 49,676 46,629 43,837 41,276 38,924 36,761 34,770 32,935 15.00% 56,522 52,836 49,470 46,393 43,578 40,999 38,632 36,459 34,461 32,622 WELD COUNTY STANLEY F. SESSIONS COUNTY ASSESSOR CHRISTOPHER WOODRUFF, DEPUTY ASSESSOR APPRAISAL REPORT OF VACANT LAND FOR County Board of Equalization KDB HOMES INC - FG 11 PETITIONER vs. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: See attached list A Schedule Number: See attached list A Log Number: See attached list A Date: July 29, 2005 Time: 11:30 am Board: CBOE PREPARED BY VERMEDA EVANS Signature Date ASSESSOR'S OFFICE STAFF APPRAISER INDICATED VALUE Improvements 0.00 Land per lot 68,048.00 Total per lot: 68,048.00 CBOE_VacLand_010998 Page I LIST A ATTACHED AND MADE A PART HERE OF Parcel# Schedule# Log# 146732231016 1938003 4223 146732231017 1938103 4224 146732231029 1939303 4225 146732231030 1939403 4226 146732231031 1939503 4227 146732231032 1939603 4228 146732231033 1939703 4229 146732231034 1939803 4230 146732231044 1940803 4231 146732231045 1940903 4232 146732231048 1941203 4233 146732231049 1941303 4234 CBOE_VacLand_0 10998 Page 2 LAND VALUE Sales utilized to establish the 2005 value in the subject neighborhood must be from the period of one and one-half years immediately prior to July 1, 2004. A period of 5 years immediately prior to July 1, 2004 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. The Weld County Assessor has an established ongoing Sales Confirmation and Validation Program for property transactions used in developing value. It is necessary to analyze the size and shape of comparable sold properties to apply uniform methods of valuation. The units of comparison used to value land in Weld County are square feet, acres, units or buildable sites. The subject property is valued on a buildable site method. Three vacant land sales were found in the area. Parcel Number Sale Date Sale Price Land Size Per Acre Comparable 1 131304068002 2/20/2003 $86,200 9957 sq ft Comparable 2 131313423002 6/19/2002 $82,500 8712 sq ft Comparable 3 131313315010 8/29/2003 $75,000 7808 sq ft CBOE_VacLanO_010998 Page 3 MARKET APPROACH SUMMARY Real property for the tax year 2005 must be valued utilizing the level of value for the period of one and one-half years immediately prior to July 1, 2004. A period of five years immediately prior to July 1, 2004 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 subject property has been classified as Residential Vacant Land 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 the Market Approach to Value for the subject parcel. INDICATED MARKET VALUE Improvements 0.00 Land per lot 80,000.00 Market PW Total per lot 68,048.00 CBOE_VacLand_010998 Page 4 .vs, RealWaie _ Fie Regorts LEA IDI[i [ LEA 480529 -) Description 'VISTA RIDGE FG 11 Tao Yea 2005 LEA Present Worth I Land Attributes I View Detail I Interest Market Adjustments: Market Value $80,000.00 1. Financing Adjustment (±) $0.00 2. Time Adjustment (t) WOO 3. Property Characteristics (±) W.00 4. Adjusted Sales Price "ASP [_) $84000.00 Determine Unadjusted Selling Price: 5. Unadjusted Selling Price(UASP) $80,000.00 6. Development Costs a.Soft/Indirect (-) $0.00 b.Hard/Direct (-) $O.W 7. UASP Len Development Costs (=) $84000.00 Calculation of Absorption Period: Total Lots I 50 8. Total Parcels Solo (/) 28 a Elected Data Colection Period (=1 18 h Absorption Per Month (x1 1.55.1/7.1656 c.Calendar Year Months (_I 12 d Absorption Per Year 18.666666667 9. Remaining Unsold Parcels (/) 22 a.Absorption Per Year(Step 8d) (=II 18.666666667 Percent Unsold I 0.4400 b.Absorption Period Remaining(yrs) 10.Adjusted Sales Price(ASP) [/)I $80,000.00 PV/X I 0.8506 CZ I a.Absorption Period Remaining(yrs) (=1I 2 n I b.Adjusted Sales Price Per Yr (x)) $40.000.00 Actual Value I $6(1.048-84 c.Present Worth of One Per Period (=) 1.701221 Present worth: interest rate. NUM r ri,start,'. LF C 3 Inter.., - ..-At P al::iare ET ASSE55O.,. Microsoft.. 4:22 PM r.0 � Microsoft... +�, CBOE_VacLand_0 10998 Page 5 PRESENT WORTH The "anticipated market absorption rate" otherwise known as "the present worth method" is a method which adjusts the value of property to account for the developer's cost of development and the placing of site improvements. Its purpose is to assist a developer by relieving some of the burden of carrying the up-front costs expended in preparing the property for development and retail sale. The anticipated market absorption rate recognizes the time value of a developer's investment by treating the value of individual subdivision lots like payments in an anticipated future annuity stream. Instead of valuing a multiple-lot subdivision development as the sum of the values of the individual lots, the anticipated market absorption rate discounts the value of the development to the amount that a purchaser of the development would be willing to pay for the entire development on the assessment date. The value derived is the present value of the future income stream represented by the anticipated future sales of the individual lots. This adjustment of value is important because; in valuing property the sum of the parts can be, and often is, greater than the whole. "The market value of a large parcel does not necessarily equal the sum of the market value of the parts into which that parcel may be divided or subdivided because smaller parcels may be more readily marketable." Offsetting the marketability of smaller parcels of a property is the fact that selling a large number of lots takes time. First, the assessor must determine a "marketing area," that is a group of properties used for marketing or sales of platted land by a subdivider or developer, not necessarily limited to platted subdivisions, filings, blocks, or other defined legal descriptions. After a marketing area is determined, an assessor must determine an adjusted selling price for each individual lot. Collecting comparable sales and adjusting them according to time and location does this. Third, an assessor must determine the absorption period, by dividing the number of tracts remaining in the marketing area by the rate at which the tracts historically have sold. Finally, the assessor must discount the adjusted selling price to present value. The assessor must choose an appropriate discount rate and determine the appropriate discounting factor. This factor is the present value of an annuity of one dollar per period over the absorption period. This is done by dividing the adjusted selling price of each lot by the absorption period, and then multiplying this quotient by the discounting factor.' 'Board of Assessment Appeals for the State of Colorado vs.American Capital Fidelity Corporation CBOE_VacLand_010998 Page 6 • • .• I ..z i+itr:�.' •r r 3" r .tk.L"' Lk..iS. Yf J i..'/_ s>► '•YL•_ YCwJA • • Y; ' ' • 14:ti .- l t 4w; =' •. 4r. . r; :i, ua is 1 --Mu - uu...4t.14.11. 4t.1 1..U... _Y_`• _..:...•i'••., I 1 / _.soma• �w+Ai r< :' f I y..N:,1• :,.'3i1 Y,o, 1' ._L .Su K4. 1...:Jir: ..J LwA4I 1. T� . "1.1".4"1.1".4 _ilti—ulJ.aJ-1J1t -.m. R ,L N•ylr .M•/ 1 fS`.1 1. }Jf. .Y V.W..K :':_'.Yrw1a?t ."'.a. l•3\• •O` ...'tY-'•'•f.▪ _AL.,t}ii -,,4' ..A4-'.aoc`u. ;^i � :Y':wY - •••••:•. -2.•�`' •.N.. .i�1, • ...,1.-All • f ... •cx}8.._3'114.mow._•. + 4 . t f W 5*:,k'n� a•<:~li. _•A:'AJ.•._ _•:f e_It.'...'.,.us..1V. 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'.+S• ; .• • J • { ••� lee I • 'r ..__ _... • •14..'...a.�_. . i• A •:i• • ,. ■ •. • !1 .1.. y, �1 w:� I.., 4••••w•••'•:4 N\: ' I.J •••I Pi. '•• 1- •• .•�` I ••' '. • I:4.•y• _ .M.ti .. .'f P f ,11,• ! _ k • I ly a • .t.• W 'IS,yr v •••••Y.t•w•f1•� - =• 'Y-•• , ' -••.••�Y•••.`;•• i , r1•'''.4 ...••••C'Yd 411•• f r ,..41:...V, f•••'~ ••.IO .,I'd. • ..a}r•r I ••1:: .i+t•r•.;1. O..=406.1< Vista Ridge Filing No 11 Final Plat C80E_VecLend_010998 Page 7 i y _ y r ' £5{ _ _ Yt4^.E = O. - y Sd '�3„ a ,s d M$ a 4 - 3� -ci '.I':.s, ₹ yy t 4,:- } Z n4 -:-.7:7.c-,...:,,,-:- Y fez. +Py $ ry C s s,'- fs^Y - 4-4.a z iL .r ,a n.} VistaRideeFGII B [ IAII�IELa NORTILE NN WeldC°un{YJCelarad4 + ..-3.......4. n,.......... `� 00fib.." CBOE_VacLand_010998 Page 8 WELD COUNTY STANLEY F. SESSIONS COUNTY ASSESSOR CHRISTOPHER WOODRUFF, DEPUTY ASSESSOR APPRAISAL REPORT OF VACANT LAND FOR County Board of Equalization D R HORTON INC - FG 1L PETITIONER vs. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: See attached list A Schedule Number: See attached list A Log Number: See attached list A Date: July 29, 2005 Time: 11:30 am Board: CBOE PREPARED BY VERMEDA EVANS Signature Date ASSESSOR'S OFFICE STAFF APPRAISER INDICATED VALUE Improvements 0.00 Land per lot 68,048.00 Total per lot: 68,048.00 CBOE_VacLand_010998 Page 1 LIST A ATTACHED AND MADE A PART HERE OF Parcel # Schedule# Log# 146733304015 1775002 4235 146733304017 1775202 4237 CBOE_VacLand_010998 Page 2 LAND VALUE Sales utilized to establish the 2005 value in the subject neighborhood must be from the period of one and one-half years immediately prior to July 1, 2004. A period of 5 years immediately prior to July 1, 2004 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. The Weld County Assessor has an established ongoing Sales Confirmation and Validation Program for property transactions used in developing value. It is necessary to analyze the size and shape of comparable sold properties to apply uniform methods of valuation. The units of comparison used to value land in Weld County are square feet, acres, units or buildable sites. The subject property is valued on a buildable site method. Three vacant land sales were found in the area. Parcel Number Sale Date Sale Price Land Size Per Acre Comparable 1 131304068002 2/20/2003 $86,200 9957 sq ft Comparable 2 131313423002 6/19/2002 $82,500 8712 sq ft Comparable 3 131313315010 8/29/2003 $75,000 7808 sq ft CBOE_VacLantl_010998 Page 3 MARKET APPROACH SUMMARY Real property for the tax year 2005 must be valued utilizing the level of value for the period of one and one-half years immediately prior to July 1, 2004. A period of five years immediately prior to July 1, 2004 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 subject property has been classified as Residential Vacant Land 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 the Market Approach to Value for the subject parcel. INDICATED MARKET VALUE Improvements 0.00 Land per lot 80,000 Market PW Total per lot 68,048.00 CBOE_Vaclana 010998 Page 4 RealWare F.I ET tie Retiorts LEA -1❑I® [ LEA 480532 -1 Desetiplian IVISTA RIDGE FG 11 Tem Yeas 20M5 LEA Present Worth I Land Attributes I View Detail I Interest Market Adjustments: Market Value $80,000.00 1. Financing Adjustment (±) $0.00 2. Time Adjustment (±) $0.00 3. Property Characteristics (±) $0.00 4. Adjusted Sales Price 'ASP (_) $80.000.00 Determine Unadjusted Soling Price: 5. Unadjusted Selling Price(UASP) r $80,000.00 6. Development Costs a.Solt/Indirect (-) $0.00 b.Hard/Direct (-I $0.00 7. UASP Less Development Costs (_) $80,000.00 Calculation of Absorption Period: Total Lots I 80 8. Total Parcels Sold (i) 41 a.Elected Data Collection Period (_) 18 b.Absorption Per Month Earl 2.2777777778 c.Calendar Year Months (=1 12 d Absorption Per Year 27.333333333 9. Remaining Unsold Parcels (/l 39 a Absorption Per Year(Step 8d] HI 27.333333333 Percent Unsold I 0.4875 b.Absorption Period Remaining(yrs) I 10.Adjusted Sales Price(ASP) (/)I $80,000.00 Pw z I 0.8506 CZ I a.Absorption Period Remaining(yns) (=1I 2 P% I b.Adjusted Sales Price Per Yr (iill $40,000.00 Actual Value I $68,048.04 c.Present Worth of One Per Period (=1 1.701221 Present worth: interest rate. NUM .I Start is 'r, 3 Inter... - vW Peel%I:lore r ASSESSO.., 7, Microsoft... Microsoft... (j 4:29 PM CBOE_VacLand_0 10998 Page 5 PRESENT WORTH The "anticipated market absorption rate" otherwise known as "the present worth method" is a method which adjusts the value of property to account for the developer's cost of development and the placing of site improvements. Its purpose is to assist a developer by relieving some of the burden of carrying the up-front costs expended in preparing the property for development and retail sale. The anticipated market absorption rate recognizes the time value of a developer's investment by treating the value of individual subdivision lots like payments in an anticipated future annuity stream. Instead of valuing a multiple-lot subdivision development as the sum of the values of the individual lots, the anticipated market absorption rate discounts the value of the development to the amount that a purchaser of the development would be willing to pay for the entire development on the assessment date. The value derived is the present value of the future income stream represented by the anticipated future sales of the individual lots. This adjustment of value is important because; in valuing property the sum of the parts can be, and often is, greater than the whole. "The market value of a large parcel does not necessarily equal the sum of the market value of the parts into which that parcel may be divided or subdivided because smaller parcels may be more readily marketable." Offsetting the marketability of smaller parcels of a property is the fact that selling a large number of lots takes time. First, the assessor must determine a "marketing area," that is a group of properties used for marketing or sales of platted land by a subdivider or developer, not necessarily limited to platted subdivisions, filings, blocks, or other defined legal descriptions. After a marketing area is determined, an assessor must determine an adjusted selling price for each individual lot. Collecting comparable sales and adjusting them according to time and location does this. Third, an assessor must determine the absorption period, by dividing the number of tracts remaining in the marketing area by the rate at which the tracts historically have sold. Finally, the assessor must discount the adjusted selling price to present value. The assessor must choose an appropriate discount rate and determine the appropriate discounting factor. This factor is the present value of an annuity of one dollar per period over the absorption period. This is done by dividing the adjusted selling price of each lot by the absorption period, and then multiplying this quotient by the discounting factor.' 'Board of Assessment Appeals for the State of Colorado vs.American Capital Fidelity Corporation CBOE_VacLand_010998 Page 6 VISTA RIDGE FILING NO. 1L FINAL PLAT a.,••• . r_ • .. ..w.V•.CNC, • . ..r... .. A Aih A7..A Ammo'or PAi0.icI I6 M7 .7 t _ V(.7A ClA Mk.TR Lb.#s D►A7 :::::4• • tEs . - ...ay.-ILIVI 1 ._ AM..Yr . ww.r wu.I.I. heat I . 121 I I J I I� I I • 'II ,13Ilir Iy y.4••• EI ___l•_-.90.-..."-t.'7:77-7. I-- ». yI.ti-••• i e.• • r I _ -�J I -1 • CBOE_VacLand 010998 Page 7 ic ^�. ; €` rf Comp2 �.. E I- xr 131313423002 NoName Creek y F } r = � � ' a 'n , .a' comp 131304068002 • r Elms @ Meadow Vale diComp 3 ry° Y "1 131313315010 , O A'. ., x.s Johnson Fames �' 5 er- 0,-4.03 4.4-44;24.4 - , ... n} ...,,. ... . ; . . _:. ... 3 R tEP y. ≥v sty? 3 Sd, x '8+r. _,,, ₹.. s t r F' § IC a i1J 3 v{ 3 1p f .. j• '�-"�'=fs 3 . Visa Ridge FG IL a BR O FIELD . I RTN LENN Weld u n{y. Colorado, , , ?' - : 8 5 --, ° CBOE_VacLand_010998 Page 8 WELD COUNTY STANLEY F. SESSIONS COUNTY ASSESSOR CHRISTOPHER WOODRUFF, DEPUTY ASSESSOR APPRAISAL REPORT OF VACANT LAND FOR County Board of Equalization D R HORTON INC - FG 1M PETITIONER vs. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: See attached list A Schedule Number: See attached list A Log Number: See attached list A Date: July 29,2005 Time: 11:30 am Board: CBOE PREPARED BY VERMEDA EVANS Signature Date ASSESSOR'S OFFICE STAFF APPRAISER INDICATED VALUE Improvements 0.00 Land per lot 68,048.00 Total per lot: 68,048.00 CBOE_VacLand_0 10998 Page 1 LIST A ATTACHED AND MADE A PART HERE OF. Parcel# Schedule# Log# 146733212011 1788902 4238 146733212012 1789002 4239 146733212013 1789102 4240 146733212014 1789202 4241 146733212015 1789302 4242 146733212016 1789402 4243 146733212017 1789502 4244 146733213002 1790002 4245 146733213003 1790102 4246 146733213004 1790202 4247 146733213008 1790602 4249 146733213009 1790702 4250 146733213010 1790802 4251 146733213011 1790902 4252 146733213012 1791002 4253 146733213013 1791102 4254 CBOE_VacLand_010998 Page 2 LAND VALUE Sales utilized to establish the 2005 value in the subject neighborhood must be from the period of one and one-half years immediately prior to July 1, 2004. A period of 5 years immediately prior to July 1, 2004 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. The Weld County Assessor has an established ongoing Sales Confirmation and Validation Program for property transactions used in developing value. It is necessary to analyze the size and shape of comparable sold properties to apply uniform methods of valuation. The units of comparison used to value land in Weld County are square feet, acres, units or buildable sites. The subject property is valued on a buildable site method. Three vacant land sales were found in the area. Parcel Number Sale Date Sale Price Land Size Per Acre Comparable 1 131304068002 2/20/2003 $86,200 9957 sq ft Comparable 2 131313423002 6/19/2002 $82,500 8712 sq ft Comparable 3 131313315010 8/29/2003 $75,000 7808 sq ft CBOE_VacLanO_010998 Page 3 MARKET APPROACH SUMMARY Real property for the tax year 2005 must be valued utilizing the level of value for the period of one and one-half years immediately prior to July 1, 2004. A period of five years immediately prior to July 1, 2004 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)( ), CRS). The subject property has been classified as Residential Vacant Land 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 the Market Approach to Value for the subject parcel. INDICATED MARKET VALUE Improvements 0.00 Land 80,000.00 Market PW Total per lot 68,048.00 CBOE_VacLand_010998 Page 4 .W-RealWare o� Fie Ftegrxts LEA PI ???IDIR alai LEA 4B0533 I Description 'VISTA RIDGE F61M Tan Year� LEA Present Worth I Laid Attributes I View Detail Interest Ida Market Adjustments: Market Value $80,00100 1. Financing Adjustment (±) $0.00 2. Time Adjustment (±) $0.00 3. Property Characteristics (±1 $0.00 4. Adjusted Sales Price "ASP (=1 $80,000.00 Determine Unadjusted Selling Price: 5. Unadjusted Seing Price(UASP) $80,000.00 6. Development Costs a.Solt/Indirect H $0.00 • b.Hard/Direct (-) $0.00 7. UASP Less Development Costs (=) $80,000.00 Calculation of Absorption Period: Total Lots I 91 8. Total Pacels Sold (/) 49 a Elected Data Cofection Period (_) 18 b.Absorption Per Month (s) 2.7222222222 c.Calendar Year Months 1=1 12 d.Absorption Per Year 32.666666667 9. Remainrg Unsold Parcels (/) 42 a.Absorption Per Year(Step 8d) (=ill 32.666666667 Percent Unsold I 0.4615 b.Absorption Period Remaining(yrs) I C% I10.Adjusted Sales Rice(ASP) (/) $80,000.00 PW% I 0.8506 a.Absorption Period Remaining(yrs) (=1 2 • P% I b.Adjusted Sales Price Per Yr [tt) $40,000.00 Actual Value I $68,048.84 c.Resent Worth of One Per Period (=) 1.701221 • Present worth: merest rate. NUM m start G 4' - 3 Welcome to Weld Co... `'pr ReaWare a CBOEVRidge.doc-Mi... it..) 9:43 AM CBOE_VacLand_0 10998 Page 5 PRESENT WORTH The "anticipated market absorption rate" otherwise known as "the present worth method" is a method which adjusts the value of property to account for the developer's cost of development and the placing of site improvements. Its purpose is to assist a developer by relieving some of the burden of carrying the up-front costs expended in preparing the property for development and retail sale. The anticipated market absorption rate recognizes the time value of a developer's investment by treating the value of individual subdivision lots like payments in an anticipated future annuity stream. Instead of valuing a multiple-lot subdivision development as the sum of the values of the individual lots, the anticipated market absorption rate discounts the value of the development to the amount that a purchaser of the development would be willing to pay for the entire development on the assessment date. The value derived is the present value of the future income stream represented by the anticipated future sales of the individual lots. This adjustment of value is important because; in valuing property the sum of the parts can be, and often is, greater than the whole. "The market value of a large parcel does not necessarily equal the sum of the market value of the parts into which that parcel may be divided or subdivided because smaller parcels may be more readily marketable." Offsetting the marketability of smaller parcels of a property is the fact that selling a large number of lots takes time. First, the assessor must determine a "marketing area," that is a group of properties used for marketing or sales of platted land by a subdivider or developer, not necessarily limited to platted subdivisions, filings, blocks, or other defined legal descriptions. After a marketing area is determined, an assessor must determine an adjusted selling price for each individual lot. Collecting • comparable sales and adjusting them according to time and location does this. Third, an assessor must determine the absorption period, by dividing the number of tracts remaining in the marketing area by the rate at which the tracts historically have sold. Finally, the assessor must discount the adjusted selling price to present value. The assessor must choose an appropriate discount rate and determine the appropriate discounting factor. This factor is the present value of an annuity of one dollar per period over the absorption period. This is done by dividing the adjusted selling price of each lot by the absorption period, and then multiplying this quotient by the discounting factor.' 1Board of Assessment Appeals for the State of Colorado vs.American Capital Fidelity Corporation CBOE_VacLand_010998 Page 6 VISTA RIDGE FILING NO. 1M 3ft3tlrIll■ FINAL PI Al • .»... • Ira WO el !ION 319u NA3f3A YIJhS Y;JI -- I NLMLN f tit NE Y.1J93S )1311 MIMI .A 3133 9WL YLAI • F'� •. • • A336 b lath Mai 8fE naf., lWaa Ail lWJLYLf '' WAIL, slia PLAY SEE SHEET 4 EE MI:. alail CBOE_VacLand_010998 Page] 4 pqx-G Comp 20 NE �wa }i -cu... 1 Comp I 131313423002 ' x t 131304068002 NoName Creek s `. Elms @ Meadow Vale , o- < • vY �. + , Comp 3 3 �* . • 131313315010 s ' ; :1-,':s ! Johnson Farms "`";.� '� t a x J_• 1!!& DACO Ltif t IIIEL ,---_tr' ,.4-r-r, " -",,i- ,,- --I " ---.----t 54.= OF kg , F ERIE +.r Y tl fE H . ne lei Vista Ridge FG 1M = >..: j: BROOM FIELD ;� L I LENN Weld Cou ni ,Colorado r CBOE_VacLantl_010998 Page 8 WELD COUNTY STANLEY F. SESSIONS COUNTY ASSESSOR CHRISTOPHER WOODRUFF, DEPUTY ASSESSOR APPRAISAL REPORT OF VACANT LAND FOR County Board of Equalization D R HORTON INC - FG 1N PETITIONER vs. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: See attached list A Schedule Number: See attached list A Log Number: See attached list A Date: July, 29, 2005 Time: 11:30 am Board: CBOE PREPARED BY VERMEDA EVANS Signature Date ASSESSOR'S OFFICE STAFF APPRAISER INDICATED VALUE Improvements 0.00 Land per lot 58,400.00 Total per lot: 58,400.00 CBOE_VacLand_010998 Page 1 LIST A ATTACHED AND MADE OF PART HERE OF. Parcel# Schedule# Log# 146733315001 1792502 4255 146733315002 1792602 4256 146733315003 1792702 4257 146733315004 1792802 4258 146733315005 1792902 . 4259 146733315006 1793002 4260 146733315007 1793102 4261 146733315008 1793202 4262 146733315009 1793302 4263 146733315010 1793402 4264 146733315011 1793502 4265 146733315013 1793702 4266 146733316001 1794902 4268 146733316002 1795002 4269 146733316003 1795102 4270 146733316004 1795202 4271 146733316006 1795402 4273 146733316007 1795502 4274 146733316009 1795702 4275 146733316010 1795802 4276 146733316012 1796002 4277 146733316016 1796402 4278 146733316017 1796502; 4279 146733316018 1796602 4280 146733316021 1796902 4281 146733316022 1797002 4282 CBOE_VacLand_010998 Page 2 LAND VALUE Sales utilized to establish the 2005 value in the subject neighborhood must be from the period of one and one-half years immediately prior to July 1, 2004. A period of 5 years immediately prior to July 1, 2004 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. The Weld County Assessor has an established ongoing Sales Confirmation and Validation Program for property transactions used in developing value. It is necessary to analyze the size and shape of comparable sold properties to apply uniform methods of valuation. The units of comparison used to value land in Weld County are square feet, acres, units or buildable sites. The subject property is valued on a buildable site method. Three vacant land sales were found in the area. Parcel Number Sale Date Sale Price Land Size Per Acre Comparable 1 131304068002 2/20/2003 $86,200 9957 sq ft Comparable 2 131313423002 6/19/2002 $82,500 8712 sq ft Comparable 3 131313315010 8/29/2003 $75,000 7808 sq ft CBOE_VacLand_010998 Page 3 MARKET APPROACH SUMMARY Real property for the tax year 2005 must be valued utilizing the level of value for the period of one and one-half years immediately prior to July 1, 2004. A period of five years immediately prior to July 1, 2004 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 subject property has been classified as Residential Vacant Land 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 the Market Approach to Value for the subject parcel. INDICATED MARKET VALUE Improvements 0.00 Land per lot 80,000.00 Market PW Total per lot 58,400.00 CBOE_VacLantl_010998 Page 4 .,a RealWaie IX Ede IX Ede Resorts LEA ._;:I❑I�I Ole LEA 480534 -' De p !VISTA RIDGE FG IN Tat nit I LEA Present Worth I Land Attributes I View Detail Interest Market Adjustment:: Market Value $80,000.00 1. Financing Adjustment (±) $0.00 2. Time Adjustment (±) $0.00 3. Property Characteristics [±1 $0.00 4. Adjusted Sales Price 'ASP (_) $80100.00 Determine Unadprsted Selling Price: 5. Unadjusted Seling Rice(UASP) $80,000.00 6. Development Costs a.Sof/Indirect (-1 $0.00 b.Hard/Direct (-) $0.00 7. UASP Less Deveopment Costs (_) 580,000.00 Calculation of Absorption Period: Total Lots I 65 8. Total Parcels Sold (I) 16 a.Elected Data Colection Period (_) 18 b.Absorption Per Month (x) 0.8888888889 c.Calendar Year Months (_) 12 d.Absorption Per Year 10.666666667 9. Remaining Unsold Parcels (/) 49 a.Absorption Per Year[Step 8d) (-II 10.666666667 Percent Unsold I 0.7538 b.Absorption Period Remaining[yrs) I 10.Adjusted Sales Price(ASP) (/)I 584000.00 PW X I 0.7300 C'I a.Absorption Period Remaining[yrs) (=1I 5 Pi I b.Adjusted Sales Price Per Yr (,)I $16100.00 Actual Value I $58,398.05 c.Present Worth of One Per Period ( ) 3.64%78 Present worth: interest rate, NUM CBOE_VacLand_010998 Page 5 PRESENT WORTH The "anticipated market absorption rate" otherwise known as "the present worth method" is a method which adjusts the value of property to account for the developer's cost of development and the placing of site improvements. Its purpose is to assist a developer by relieving some of the burden of carrying the up-front costs expended in preparing the property for development and retail sale. The anticipated market absorption rate recognizes the time value of a developer's investment by treating the value of individual subdivision lots like payments in an anticipated future annuity stream. Instead of valuing a multiple-lot subdivision development as the sum of the values of the individual lots, the anticipated market absorption rate discounts the value of the development to the amount that a purchaser of the development would be willing to pay for the entire development on the assessment date. The value derived is the present value of the future income stream represented by the anticipated future sales of the individual lots. This adjustment of value is important because; in valuing property the sum of the parts can be, and often is, greater than the whole. "The market value of a large parcel does not necessarily equal the sum of the market value of the parts into which that parcel may be divided or subdivided because smaller parcels may be more readily marketable." Offsetting the marketability of smaller parcels of a property is the fact that selling a large number of lots takes time. First, the assessor must determine a "marketing area," that is a group of properties used for marketing or sales of platted land by a subdivider or developer, not necessarily limited to platted subdivisions, filings, blocks, or other defined legal descriptions. After a marketing area is determined, an assessor must determine an adjusted selling price for each individual lot. Collecting comparable sales and adjusting them according to time and location does this. Third, an assessor must determine the absorption period, by dividing the number of tracts remaining in the marketing area by the rate at which the tracts historically have sold. Finally, the assessor must discount the adjusted selling price to present value. The assessor must choose an appropriate discount rate and determine the appropriate discounting factor. This factor is the present value of an annuity of one dollar per period over the absorption period. This is done by dividing the adjusted selling price of each lot by the absorption period, and then multiplying this quotient by the discounting factor.' 'Board of Assessment Appeals for the State of Colorado vs.American Capital Fidelity Corporation CBOE_VacLand_010998 Page 6 VISTA RIDGE FILING NO. 1N FINAL PLAT A FILPLAI CI: A FOA"fl1 :i PAFCEL S. t6 AND 17 V`.TA +!1:11)_ 4Ati1LI1 t NAL PLAT ♦ A...Rr 1Nla -. ...ami. M V (II MA 144161.Y na• t i . -. 1L Yi/�N� )j \• sit net.MAI '` p• .0 DI I _. _ . 1 II .1 Il I IJ. 1 - r.nll ♦ I .I .❑ ❑ 1 I Aim& 41.!AYl ALAI ,' I FI ;❑ 1 1 Aili4.ALL /LAI t-I j1I t tw ... r_J . ) ka- �7 p "lee PM I WM Wily AWL CBOE_VacLantl 010998 Page 7 -" e. Comp @ - . ". 4 F53 131313423002 IE ;TONE ` 6 6' _� Comp 1 NoName Creek rJe 4s a 131304068002 �IE IIK 5 Elms @ Meadow Vale ter- , 1 tit sar i"•"m sA -, "44 , ./ Comp 3 3 N ` fi 131313315010 '� ` 'va ,,, -� '�' ry Johnson Farms y i lX Fjt'( &} a£ 1 f s rte, 11 h" L} Q � e1 ' "' , _ 4 en as p4,- . ; i JA x h d yg J' f ',c--5 .. rs.�r: fa '9x' J 46 eat S 41. -. .. „....., ...,..,,,,,t, . . . „„ -,a, ,,,.„ CC' , .- Vista Ridge FG 1N BRIIIIEL NORTILE NN CBOE_VacLand010998 Page 8 WELD COUNTY STANLEY F. SESSIONS COUNTY ASSESSOR CHRISTOPHER WOODRUFF, DEPUTY ASSESSOR APPRAISAL REPORT OF VACANT LAND FOR County Board of Equalization D R HORTON INC - FG 1R PETITIONER vs. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: See attached list A Schedule Number: See attached list A Log Number: See attached list A Date: July 29, 2005 Time: 11:30 am Board: CBOE PREPARED BY VERMEDA EVANS Signature Date ASSESSOR'S OFFICE STAFF APPRAISER INDICATED VALUE Improvements 0.00 Land per lot 64,600.00 Total per lot: 64,600.00 CBOE_VacLand_0 10998 Page 1 LIST A ATTACHED AND MADE A PART HERE OF. Parcel# Schedule# Log# 146732135007 2118603 4283 146733235008 2118703 4284 146733235009 2118803 4285 146733235010 2118903 4286 146733235011 2119003 4287 146733235012 2119103 4288 146733235013 2119203 4289 146733235014 2119303 4290 146733235017 2119603 4292 146733235019 2119803 4293 146733235025 2120403 4294 -- 120t-'11* �/� 146733236001 2121803 4295 146733236003 2122003 4309 C8OE_VacLand_010998 Page 2 LAND VALUE Sales utilized to establish the 2005 value in the subject neighborhood must be from the period of one and one-half years immediately prior to July 1, 2004. A period of 5 years immediately prior to July 1, 2004 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. The Weld County Assessor has an established ongoing Sales Confirmation and Validation Program for property transactions used in developing value. It is necessary to analyze the size and shape of comparable sold properties to apply uniform methods of valuation. The units of comparison used to value land in Weld County are square feet, acres, units or buildable sites. The subject property is valued on a buildable site method. Three vacant land sales were found in the area. Parcel Number Sale Date Sale Price Land Size Per Acre Comparable 1 131304068002 2/20/2003 $86,200 9957 sq ft Comparable 2 131313423002 6/19/2002 $82,500 8712 sq ft Comparable 3 131313315010 8/29/2003 $75,000 7808 sq ft CBOE_VacLand_010998 Page 3 MARKET APPROACH SUMMARY Real property for the tax year 2005 must be valued utilizing the level of value for the period of one and one-half years immediately prior to July 1, 2004. A period of five years immediately prior to July 1, 2004 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 subject property has been classified as Residential Vacant Land 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 the Market Approach to Value for the subject parcel. INDICATED MARKET VALUE Improvements 0.00 Land per lot 80,000.00 Market PW Total per lot: 64,600.00 CBOE_VacLand_010998 Page 4 .w RealWaie IOlI^l Fie ReQorts ^ LEA ,10I 0 4 alai LEA 480538 -' Description (VISTA RIDGE FG 1R Tam Year� LEA Present Worth I Land Attributes I View Detail I Interest Ida Market Muniments: Market Value $80.000.00 1. Financing Adjustment (±1 $0.00 2. Tine A4ustment (t) $0.00 3. Property Characteristics E.1 $0.00 4. Adjusted Sales Price "ASP (=) $80,000.01 Determine Unadjusted Selling Price: 5. Unadjusted Selling Price(UASP1 $80.000.00 6. Development Costs a.Solt/Indirect (-1 $0.00 b.Hard/Direct 1-) $0.00 7. t1ASP Less Development Costs (=I $80,000.00 Calculation of Absorption Period Total Lots I 61 8. Total Pacels Sold (/1 24 a.Elected Data Collection Period (_) 18 b.Absorption Per Month (xj 1.3333333333 c.Calendar Year Months (=I 12 d.Absorption Per Year 16 9. Remaining Unsold Parcels (/) 37 a.Absorption Per Year(Step 8d) (=II 16 Percent Unsold I 0.6066 b.Absorption Period Remaining(yrs) I C4 I10.Adjusted Sales Price(ASPI VII $90.000.O0 PW Z I 0.8075 a.Absorption Period Remaining(yrs) (=)I 3 P%I .Adjusted Sales Price Per Yr (x) $26,666.67 Actual Value I $64.683.17 c.Present Worth of One Per Period (=I 2.422619 Present worth: interest rate. NUM • ET• start e% �i 3 Inter... - „v Pe.31'•,Jare A]SE550... Microsoft...d.J Microsoft... !�., 4:27 PM CBOE_VecLand_n10998 Page 5 PRESENT WORTH The "anticipated market absorption rate" otherwise known as "the present worth method" is a method which adjusts the value of property to account for the developer's cost of development and the placing of site improvements. Its purpose is to assist a developer by relieving some of the burden of carrying the up-front costs expended in preparing the property for development and retail sale. The anticipated market absorption rate recognizes the time value of a developer's investment by treating the value of individual subdivision lots like payments in an anticipated future annuity stream. Instead of valuing a multiple-lot subdivision development as the sum of the values of the individual lots, the anticipated market absorption rate discounts the value of the development to the amount that a purchaser of the development would be willing to pay for the entire development on the assessment date. The value derived is the present value of the future income stream represented by the anticipated future sales of the individual lots. This adjustment of value is important because; in valuing property the sum of the parts can be, and often is, greater than the whole. "The market value of a large parcel does not necessarily equal the sum of the market value of the parts into which that parcel may be divided or subdivided because smaller parcels may be more readily marketable." Offsetting the marketability of smaller parcels of a property is the fact that selling a large number of lots takes time. First, the assessor must determine a "marketing area," that is a group of properties used for marketing or sales of platted land by a subdivider or developer, not necessarily limited to platted subdivisions, filings, blocks, or other defined legal descriptions. After a marketing area is determined, an assessor must determine an adjusted selling price for each individual lot. Collecting comparable sales and adjusting them according to time and location does this. Third, an assessor must determine the absorption period, by dividing the number of tracts remaining in the marketing area by the rate at which the tracts historically have sold. Finally, the assessor must discount the adjusted selling price to present value. The assessor must choose an appropriate discount rate and determine the appropriate discounting factor. This factor is the present value of an annuity of one dollar per period over the absorption period. This is done by dividing the adjusted selling price of each lot by the absorption period, and then multiplying this quotient by the discounting factor.' 'Board of Assessment Appeals for the State of Colorado vs.American Capital Fidelity Corporation CBOE_VacLand_010998 Page 6 VISTA RIDGE FILING NO. 1R FINAL PLAT A FfP.AT C.F aA?Cfl 14A AND A PI)?TCiN CF PA?CFLS 148 ANC Is. •J1STA FiC{:F a0.,1FP Fi'.At P..AT i • 13M,I MIS %MN AM ' Kati / - ❑ ❑ run IRA at la d I• AMID SW RJI •— Rot ,t.,RIR AMli 1, 1 • - 1 '_ 1I I' I I I I ^ L ll ate' �.. n3'-fl.J ��'I <37 44. ' l Owls rY ._:.' I I.':.1. _J.—W1 IJwKt '4 an ass. i}it g ' tJa r r. M.. MALI JAY r WYI MS Psi a h CBOE_VacLand_010999 Page 7 QQ ff� vtE.+� s _ F_ E Comp2 ESTO 'e 131313423002 ' ' Comp 1 NoName Creek s 131304068002 Elms @ Meadow Vale '4 lip . ..E • ,yid 4L:R.f. ,. � .Y Comp 3 tv � `" Sc? 131313315010 at . _k� ..? 1,5_44 i Johnson Farms °-., 3i. 'S' Y a a + 3x `- '� yin` Ygt- 3 ; 1J r I.p. Pi R x 3 I v r'. } .. ,. r { ra, R _' .�1 Vista RideelR �� •� FELL j* - Weld county,coionido; CBOE_VacLand_010998 Page 8 WELD COUNTY STANLEY F. SESSIONS COUNTY ASSESSOR CHRISTOPHER WOODRUFF, DEPUTY ASSESSOR APPRAISAL REPORT OF VACANT LAND FOR County Board of Equalization D R HORTON INC - FG 1S PETITIONER VS. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: See attached list A Schedule Number: See attached list A Log Number: See attached list A Date: July 29, 2005 Time: 11:30 am Board: CBOE PREPARED BY VERMEDA EVANS Signature Date ASSESSOR'S OFFICE STAFF APPRAISER INDICATED VALUE Improvements 0.00 Land per lot 61,392.00 Total per lot: 61,392.00 CBOE_VacLand_010998 Page 1 LIST A ATTACHED AND MADE A PART HERE OF. Parcel# Schedule# Log# 146733240030 2127503 4299 146733240031 2127603 4300 146733240032 2127703 4301 146733240033 2127803 4302 146733241002 2128403 4304 146733241003 2128503 4305 146733241004 2128603 4306 146733241005 2128703 4307 CBOE_VacLand_010998 Page 2 LAND VALUE Sales utilized to establish the 2005 value in the subject neighborhood must be from the period of one and one-half years immediately prior to July 1, 2004. A period of 5 years immediately prior to July 1, 2004 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. The Weld County Assessor has an established ongoing Sales Confirmation and Validation Program for property transactions used in developing value. It is necessary to analyze the size and shape of comparable sold properties to apply uniform methods of valuation. The units of comparison used to value land in Weld County are square feet, acres, units or buildable sites. The subject property is valued on a buildable site method. Three vacant land sales were found in the area. Parcel Number Sale Date Sale Price Land Size Per Acre Comparable 1 131304068002 2/20/2003 $86,200 9957 sq ft Comparable 2 131313423002 6/19/2002 $82,500 8712 sq ft Comparable 3 131313315010 8/29/2003 $75,000 7808 sq ft CBOE_VacLantl 010998 Page 3 MARKET APPROACH SUMMARY Real property for the tax year 2005 must be valued utilizing the level of value for the period of one and one-half years immediately prior to July 1, 2004. A period of five years immediately prior to July 1, 2004 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 subject property has been classified as Residential Vacant Land 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 the Market Approach to Value for the subject parcel. INDICATED MARKET VALUE Improvements 0.00 Land per lot 80,000.00 Market PW Total per lot: 61,392.00 CBOE_VacLand_010998 Page 4 ink RealWaie I— II CT X r File ReQorts t"' LEA :id Nil � -1 LEA 400539 Dnc Year 20M5 dptlon 'VISTARIDGEF61S TaxY 1I[ LEA Present Worth I Land Attributes I View Detail I Interest • Market Adµstments: Market Value $80.000.00 1. Financing Adjustment It) $0.00 2. Time Adjustment (t1 $0.00 3. Property Characteristics (t) $0.00 4. Adjusted Sales Price "ASP (=1 $80.000.00 Determine Una4usted Selling Price: 5. Unadjusted Selig Price(UASP) $80.000.00 6. Development Costs a.Solt/Indirect (-) 50.00 b.Hard/Direct (-) $0.00 7. UASP Less Development Costs (_) 580,000.00 Calculation of Absorption Period: Total Lots I 61 8. Total Parcels Sold (/1 20 a Elected Data Colection Period (=) 18 b.Absorption Per Month (x) 1.1111111111 c.Calendar Year Months 1=1 12 d Absorption Per Year 13.333333333 9. Remaining Unsold Parcels I/) 41 a Absorption Per Year(Step 8d) (_) 13.333333333 Percent Unsold I 0.6721 b.Absorption Period Remaining(yrs) C'I10.Adjusted Sales Price(ASP) Mr $88.000.00 PW X I 0.7674 a.Absorption Period Remaining(yrs) (=1 4 Pi I .Adjusted Sales Price Per Yr (s) $20,000.00 Actual Value I 561.392.28 c.Present Worth of One Per Period (_) 3.069614 Present worth: interest rate. NUM ♦ start el . C -, 3 Inter.., - ,w kealWare r ASSESSO.., J Microsoft,.. O Microsoft... 0( j 4:25 PM CBOE_VacLane_010gsa Page 5 PRESENT WORTH The "anticipated market absorption rate" otherwise known as "the present worth method" is a method which adjusts the value of property to account for the developer's cost of development and the placing of site improvements. Its purpose is to assist a developer by relieving some of the burden of carrying the up-front costs expended in preparing the property for development and retail sale. The anticipated market absorption rate recognizes the time value of a developer's investment by treating the value of individual subdivision lots like payments in an anticipated future annuity stream. Instead of valuing a multiple-lot subdivision development as the sum of the values of the individual lots, the anticipated market absorption rate discounts the value of the development to the amount that a purchaser of the development would be willing to pay for the entire development on the assessment date. The value derived is the present value of the future income stream represented by the anticipated future sales of the individual lots. This adjustment of value is important because; in valuing property the sum of the parts can be, and often is, greater than the whole. "The market value of a large parcel does not necessarily equal the sum of the market value of the parts into which that parcel may be divided or subdivided because smaller parcels may be more readily marketable." Offsetting the marketability of smaller parcels of a property is the fact that selling a large number of lots takes time. First, the assessor must determine a "marketing area," that is a group of properties used for marketing or sales of platted land by a subdivider or developer, not necessarily limited to platted subdivisions, filings, blocks, or other defined legal descriptions. After a marketing area is determined, an assessor must determine an adjusted selling price for each individual lot. Collecting comparable sales and adjusting them according to time and location does this. Third, an assessor must determine the absorption period, by dividing the number of tracts remaining in the marketing area by the rate at which the tracts historically have sold. Finally, the assessor must discount the adjusted selling price to present value. The assessor must choose an appropriate discount rate and determine the appropriate discounting factor. This factor is the present value of an annuity of one dollar per period over the absorption period. This is done by dividing the adjusted selling price of each lot by the absorption period, and then multiplying this quotient by the discounting factor.' 'Board of Assessment Appeals for the State of Colorado vs.American Capital Fidelity Corporation CBOE_VacLantl_010998 Page 6 !IIII VISTA RIDGE FILING NO. 15 FINAL O1.A F A RFPLA1' rA A ?CRi1O% OF PARI.Fi', •413 4N;I 11 •A`..,IA '!1"Ii,i ,A;t?j i NAf_ PLAT Aim i rrr0. IA 11:111 1L 1f d`t`+`!° 11014 7i *a ��. _ .. . • _F.Ili nr t.11#tlii PI.La•!. PLII /' L-7316' AMirl1i 14 aa'ar r 1.tr ;J.19f9i Pl.a»6 ?,.S f :.:*1 « 41-'0. 4..7.4•V ^rGM44J • -. 'sir••'yfL itl1 ' ,.rrr.i�•, rrr;az' I �Ci;l,v .,- "�><11yUrC "fil 4 f-l1'!y'P 2r.'yf v' .+n• r•...... . , . . S 1 :1 1: . • E. .• 1 .• ••`, '• -I ,Is .. • • 'I • . . •.: f• + S'r'5J'J6'f +{atf ,�,a,.e:r.y-: F::d 1/ 1 ti I vlt;.r,. S L1 • •I• _ 1 ,� I • *. • - '.. _ PAilUUi 11# I -..r. I. •s,• ,••. 5; ' e�r.. 91 rf.1 aJl19A • 1' • I .r C •;Zj . ' p 1.i3i# PAM ?.iT 1 1 Ej ;? s• .,. ;tri•.a . 11. >t • r •I .w{'''w:af••- • -�`' •�'_�' „ =• , .,. � ,• ti •- 111tlf1s JL'L'11 ft• r9 'r .. - • • F `•.:- ��-M • ... _. -.'•.. t...4.-ir _- .c~..A' . y S�!{.>�" r Y N -... .A ....•� • S-111?'"• l.. . •... S.1l1.U.V.!�_'i"T?- ••:.-�. • 6•4147 IX .Ap : r.•..'a+� 4.Ks.TL 11 ••- T [a:►1J 1M' • a.• ` Tw.7 0-1117 a) ; • . . CBOE_VacLand_01099B Page 7 4F 4 t' s �� t comp . T NE T� Com 1 131313423002 131304068002 NoName Creek ' x Elms @ Meadow Vale IAAt . ilT _? z . : Comp3 - M 131313315010 x r Johnson Farms � > '�' a � ` - y �aa 'n it'4.mwrxs # s �js r. x a 4. 3 • -t v'J '�' .E ur.C dt * . - * hsih '� I .I ERIE Vista Ridge 18 r BRMFIELt • 1 I, I R`I`HGLENN . . CBOE_VacLand_010998 Page 8 D.R. NORTON, INC. FLG NO.LOT BLK ACCOUNT# 1L 15 2 R1775002 0.29 68,048 19,734 1L 16 2 R1775102 0.29 68,048 19,734 1L 17 2 R1775202 0.29 68,048 19,734 1L 6 4 R1778502 0.29 68,048 19,734 1M 12 2R1782502 0.29 68,048 19,734 1M 11 5 R1788902 0.29 68,048 19,734 1M 12 5 R1789002 0.29 68,048 19,734 1M 13 5 R1789102 0.29 68,048 19,734 1M 14 5 R1789202 0.29 _ 68,048 19,734 1M 15 5 R1789302 0.29 68,048 _ 19,734 1M 16 5 R1789402 0.29 68,048 19,734 1M 17 5 R1789502 0.29 68,048 19,734 1M 2 6 R1790002 0.29 68,048 19,734 1M 3 6 R1790102 0.29 68,048 19,734 1M 4 6 R1790202 0.29 68,048 19,734 1M 7 6 R1790502 0.29 68,048 19,734 1M 8 6 R1790602 0.29 68,048 19,734 1M 9 6 R1790702 0.29 68,048 19,734 1M 10 6 R1790802 0.29 68,048 19,734 1M 11 6 R1790902 0.29 68,048 19,734 1M 12 6 R1791002 0.29 68,048 19,734 1M 13 6 R1791102 0.29 68,048 19,734 1N 8 1 R1792202 0.29 58,400 16,936 1N 1 2 R1792502 0.29 58,400 16,936 1N 2 2 R1792602 0.29 58,400 _ 16,936 1N 3 2 R1792702 0.29 58,400 16,936 1N 4 2 R1792802 0.29 58,400 16,936 1N 5 2 R1792902 0.29 58,400 16,936 1N 6 2 R1793002 0.29 58,400 16,936 1N 7 _ 2 R1793102 0.29 58,400 16,936 1N 8 2 R1793202 0.29 58,400 16,936 1N 9 2 R1793302 0.29 58,400 16,936 1N 10 2 R1793402 0.29 58,400 16,936 1N 11 2 R1793502 0.29 58,400 16,936 1N 13 2 R1793702 0.29 58,400 16,936 1N 14 2 R1793802 0.29 58,400 16,936 1N 1 3 R1794902 0.29 58,400 16,936 1N 2 3 R1795002 0.29 58,400 16,936 1N 3 3 R1795102 0.29 58,400 16,936 1N 4 3 R1795202 0.29 58,400 16,936 1N 5 3 R1795302 0.29 58,400 - 16,936 1N 6 3 R1795402 0.29 58,400 16,936 1N 7 3 R1795502 0.29 58,400 16,936 1N 9 3 R1795702 0.29 58,400 16,936 1N 10 3 R1795802 0.29 58,400 16,936 1N 12 3 R1796002 0.29 58,400 16,936 1N 16 3 R1796402 0.29 58,400 16,936 1N 17 3 R1796502 0.29 58,400 16,936 1N 18 3 R1796602 0.29 58,400 16,936 1N 20 3 R1796802 0.29 58,400 16,936 VISTA RIDGE 1 D.R. HORTON, INC. 1N 21 3 R1796902 0.29 58,400 16,936 �® 3 R1797002 0.29 58,400 -. 16,936 Ea 1 R2118603 0.29 64,600 18,734 1R 8 1 R2118703 0.29 64,600 18,734 1R 9=1 R2118803 0.29 64,600 18,734 1R 10 MIMI R2118903 0.29 64,600 18,734 1R 1 R2119003 0.29 64,600 18,734 1R 1 R2119103 0.29 64,600 18,734 1R 1 R2119203 0.29 64,600 18,734 1R 1 R2119303 0.29 64,600 18,734 1R R2119503 0.29 64,600 18,734 1R _ R2119603 0.29 64,600 18,734 1R R2119803 0.29 64,600 18,734 1R ® R2120403 0.29 64,600 18,734 1R R2121803 _ 0.29 64,600 18,734 1R R2122003 0.29 64,600 18,734 1R R2122403 0.29 64,600 18,734 1R R2123403 0.29 64,600 18,734 1S 29 R2127403 0.29 61,392 17,804 1S n R2127503 0.29 61,392 17,804 1S R2127603 0.29 61,392 17,804 1S _ R2127703 0.29 61,392 - 17,804 1S 1 R2127803 0.29 61,392 17,804 1S E R2127903 0.29 61,392 17,804 1S 2 R2128403 0.29 61,392 17,804 1S 3 R2128503 0.29 61,392 17,804 1S 4 R2128603 0.29 61,392 17,804 1S 5 R2128703 0.29 61,392 _ 17,804 1S 6 2 R2128803 0.29 61,392 17,804 VISTA RIDGE 2 N N to 0 0 O O N NI a .- r 0 O m c m .05 us N n v o CD m o CO N o N N r it es tflto> 69es N N t) et. c qC o)11 01 t.... COr 00) J m C to O O) — m N 001 c0 O Q A CO r NMI ✓ r a th O v E A o v o c H J O 0) 0) N m N O m oo W `m u to O to t 2 0 0) To U O e o 0 0 0 -J ea e r r O r 0 0 O O yr U m a- r c CD Z CO to in ' Q iz 0 0 P a j S9 t9 t9 t9 t9 c m N e- N tO O U) 03 (0 A to O N n l•-• CO r r O CO e v 01 h n A A C H 0 c0 0114110t0 N N t0 C H r a) Cu) p m c a) 0 1 �� U ,O O cd W$ ;,'/ 0 u � tnOO w N •o «m. .�.. N N N \ �.. G I "CI c c t7) 0) 0) L L 6 p p re iE cc ca d aa � � � .a 0 m m m m CO a h N N N H » » > f0 Or- r-a r n CO CI 2'4-1 0 - r m O 0 M c0 CO 0 0 w CO0otn0 0 .27. a « »ice 5! - img§ O44,�: q e@ q;q/< ,={\ham §\® }| 888888 \ 8888 \\/ y / - \ 8828 ` -- }\/2222\ (4 , .. . , a . 1 .... \\\\ \\ qi/! E! $ /\ gas / }} 0° \\ !\ gaPVgp! r|\ . ' 2 wwaae, s . . W$ )/| !Og 114 .. | h \2222! )0 ° \\\}/\ !!f I -- -))i\\( j kk; __ .\}}\!,!!5! KDB HOMES A/K/A CONTINENTAL HOMES FLG NO. LOT BLK ACCOUNT • RATIO ACTUAL VALUE SSESSED VALUE 11 16 R1938003 0.29 68,048 19,734 11 17 R1938103 0.29 68,048 _19,734 11 29 R1939303 0.29 68,048 19,734 11 30 R1939403 0.29 68,048 19,734 11 31 R1939503 0.29 68,048 19,734 11 32 R1939603 0.29 68,048 19,734 11 33 R1939703 0.29 68,048 19,734 1I 34 R1939803 0.29 68,048 19,734 11 44 R1940803 0.29 68,048 19,734 11 45 R1940903 0.29 68,048 19,734 11 48 R1941203 0.29 68,048 19,734 11 49 R1941303 0.29 68,048 19,734 VISTA RIDGE 1 04/18/2005 12:53 3036966669 GM&A PAGE 02/02 CONTINENTAL HOMES, INC. APPOINTMENT OF AGENT FOR PROPERTY TAXES I, t lbnr, P 1 .)Ane l I , hereby designate the following named agent to act on my behalf in all matters pertaining to the review and appeal of real and personal property valuation and classification to the assessor, the CBOE,BAA, District Court, or Arbitration in the STATE OF COLORADO, This includes the receipt of all notices of value and tax bills to our Agent. AGENT TELEPHONE NUMBERS George McElroy&Associates, Inc. 303/696-9666 3131 S. Vaughn Way, #301 303/696-6669 (Facsimile) Aurora, CO 80014 CONTIENTAL,HOMES, INC 303/488-0061 7600 E. Orchard Road, Suite 165S 303/488-0206 (facsimile) Englewood, CO 80111 *Sim lure �a4 U /�i>nnC// Printed Name'AsDate Signed/J�i <'Tr,irz let?I fl bf «�a�y Please indicate your interest in the property' UNDER PENALTY OF PERJURY,I DECLARE THAT I OWN,CONTROL OR POSSESS THE PROPERTY LISTED BELOW. OWNER SCHEDULE NUMBER, ADDRESS All real estate and personal property owned by KDB HOMES,INC d.b.a.CONTINENTAL WELCOME HOME On this I c<-i-J'- day of April,2005, c-_-170 Qfl J 30 nn C l personally appeared before me. l ' n 4 UNotaryPublic, County of ate of MY Commission Expires: t -J) r} // �' �}FtY - 441 u f NANCY L. VOGEL / My Comm.Expiresy 3JiLID LP NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. ERI 1LVR L15 BLK2 VISTA RIDGE FG GREELEY,CO 80631 • 1L PHONE(970)353-3845,EXT.3650 www.co .weld.co.us W�`De OWNER: D R HORTON INC COLORADO • GEORGE MCELROY & ASSOCIATES INC LOG 4235 3131 S VAUGHN WAY SUITE 301 PARCEL 146733304015 ACCOUNT R1775002 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC _r. . . The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has determined that your property should be included in the following category(ies): All other property, including vacant land, 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,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 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE • OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 68048 68048 • TOTALS $ $ 68048 $68048 APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. 06/27/2005 By: Stanley F. Sessions WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207-87/03 YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR' S DECISION The County Board of Equalization will sit to hear appeals beginning July I 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. 5S12Cr° I, 1. 1 • l LI •05 SR,NA I URE Oh PE I I HONER DATE PR-207-87/03 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. ELI 1LVL ERI BLK2 000 VISTA RIDGE FG GREELEY,CO 80631 PHONE(970 �\f.(1;; 1L SITUS : ERIE )��0D0000 )353-3845,EXT.3650 I/ www.co.weld.co.us Wi`D�• OWNER: D R HORTON INC COLORADO GEORGE MCELROY & ASSOCIATES INC LOG 4237 3131 S VAUGHN WAY SUITE 301 PARCEL 146733304017 ACCOUNT R1775202 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has determinedthat your property should be included in the following category(ies): All other property, including vacant land, 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,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 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE • OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 68048 68048 TOTALS $ $ 6RO1R $ 68012 APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C-R,S. Please see the back of this form for detailed information on tiling your appeal. By: Stanley F. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207-87/03 YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR' S DECISION The County Board of Equalization will sit to hear appeals beginning July I 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION'S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. www.dola.colorado.eov/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 12. 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(1.5), 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. 55, zc 'l 1 .05 SIGNA I GRE U} PE I I HONER DA I S PR.207-87/03 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. *it liiiii�� ERI 1MVR Lll ELKS VISTA RIDGE FG GREELEY,CO 80631 1M PHONE(970) www.c weldEXT.3650 www.co.weld.co.us Wi`I P C. OWNER: D R HORTON INC COLORADO GEORGE MCELROY & ASSOCIATES INC LOG 4238 3131 S VAUGHN WAY SUITE 301 PARCEL 146733212011 ACCOUNT R1788902 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has determined that your property should be included in the following category(ies): _ --- All other property, including vacant land, 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,fire protection,and other special district$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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE ACTUAL VALUE ACTUAL VALUE • OF VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 68048 68048 TOTALS $ $ FRnaQ SFa0i1g APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: Stanley F. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207-87/03 4 YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR' S DECISION The County Board of Equalization will sit to hear appeals beginning July I 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. 51512t° 1)- IL O5 SIONA I URE DE PE I I I IUNER DA IL E PR-207-87/03 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. { nom ERI 1MVR L12 BLK5 VISTA RIDGE FG cREEL4Y,CO 80631 PHONE(970 11 1M )353-3845.EXT.3650 www.co.weld.co.us OWNER: D R HORTON INC COLORADO GEORGE MCELROY & ASSOCIATES INC LOG 4239 3131 S VAUGHN WAY SUITE 301 PARCEL 146733212012 ACCOUNT R1789002 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The ASseSsor has determined that your property should be included in the following category(ies): .. All other property, including vacant land, 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,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 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 68048 68048 • • TOTALS $ $ 68048 6R04R APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY—JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: Stanley F. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207.87/03 5 YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR' S DECISION The County Board of Equalization will sit to hear appeals beginning July I 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. 65i N0 SIGNA I URE OF PEI I I TONER DA rE PR-207-87,03 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. ° ERI 1MVR L13 BLK5 VISTA RIDGE FG GREELEY,CO 80631 i$ • 1M PHONE(970)353-3845,E eld 3650 € \ www.co.weld.co.us imp C OWNER: D R HORTON INC COLORADO - GEORGE MCELROY & ASSOCIATES INC LOG 4240 3131 S VAUGHN WAY SUITE 301 PARCEL 146733212013 ACCOUNT R1789102 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has'dttermined that your property should be included in the following category(ies): All other property, including vacant land, 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,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 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. • PETITIONER'S • ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE • OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 68048 68048 TOTALS $ $ S FRO4R 68018 APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: Stanley F. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE • ADDITIONAL INFORMATION ON REVERSE SIDE PR-207-87/03 (c, 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION'S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. 55IZ90 • 0 11 1' 14' 06 SIUNA I URE OE PEI I IIOAER DA 1 E PR-207-87/03 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR // 1400 NORTH 17th AVE. 1M PHONE 1MVR L14 BLK5 VISTA RIDGE FG GREELEY,CO 80631 �� PHONE(970)353-3845,EXT.3650 www.co.weld.co.us OWNER: D R HORTON INC COLORADO - GEORGE MCELROY & ASSOCIATES INC LOG 4241 3131 S VAUGHN WAY SUITE 301 PARCEL 146733212014 ACCOUNT R1789202 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has determined that your property should be included in the following category(ies): - - - • All other property, including vacant land, 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,fire protection,and other special districts)bold 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S • ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 68048 68048 TOTALS $ $ $ APPEAL DEADLINES: REAL PROPERTY—JULY 15,PERSONAL PROPERTY JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: Stanley F. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207-87/03 n YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR' S DECISION The County Board of Equalization will sit to hear appeals beginning July I 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. • 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(1.5), 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. r7 SIGNAL URE OF PETI IIONER DATE PR-207-87,OJ NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. ca r ERI 1MVR L15 BLK5 VISTA RIDGE FG GREELEY,CO 80631 1M PHONE(970)353-3845,EXT.3650 www.co.weld.co.us• OWNER: D R HORTON INC COLORADO • GEORGE MCELROY & ASSOCIATES INC LOG 4242 3131 S VAUGHN WAY SUITE 301 PARCEL 146733212015 ACCOUNT R1789302 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Alssessor has determined that your property should be included in the following category(ies): • All other property, including vacant land, 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,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 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE • OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 68048 68048 TOTALS $ $ 68048 68048 APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: Stanley F. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207-87/03 V 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. 95, No wr,� n . ICI D5 SIGNAL URE OF PE 1 I I TONER DATE PR-207-87/03 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. ‘1)(\t?444;4; ERI 1MVR L16 BLK5 VISTA RIDGE FG GREELEY,CO 80631 1M PHONE(970)353-3845,EXT.3650 www.co .weld.co.us Wig D e OWNER: D R HORTON INC COLORADO • GEORGE MCELROY & ASSOCIATES INC LOG 4243 3131 S VAUGHN WAY SUITE 301 PARCEL 146733212016 ACCOUNT R1789402 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor ha@determined that your property should be included in the following category(ies): _. All other property, including vacant land, 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,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 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE • PRIOR TO REVIEW AFTER REVIEW VACANT LAND 68048 68048 TOTALS $ $ 68048 6RO4P APPEAL DEADLINES: REAL PROPERTY—JULY 15,PERSONAL PROPERTY—JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: Stanley F. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207-87/03 / �, 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. • 551 No SIUNA IUKE GI- NEIfHONER 1 ' 1 ,65 DATE PR-207-87/0J NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. p ERI 1MVR L17 BLK5 VISTA RIDGE FG GREELEY,CO80631 1M PHONE(970)353-3845,www.c EXTweld 3650 �1 ,�� \I www.co.weld.co.us W�`De OWNER: D R HORTON INC COLORADO - GEORGE MCELROY & ASSOCIATES INC LOG 4244 3131 S VAUGHN WAY SUITE 301 PARCEL 146733212017 ACCOUNT R1789502 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor hak determined that your property should be included in the following category(ies): - - . All other property, including vacant land, 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,fire protection,and other special districtc)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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE • OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 68048 68048 • TOTALS $ $ 68048 6R04R APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. Bv: Stanley F. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207-87/03 J 0 YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR' S DECISION The County Board of Equalization will sit to hear appeals beginning July I 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. 5 I zco t1/4+ 05 SIONA I URE OF Ph II HONER DA rh PR.207-87/03 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 ERI 1MVR L2 BLK6 VISTA RIDGE FG 1M GRE HAVE. ELE CO 80631 cat' R PHONE(970)353-3845,EXT.3650 www.co.weld.co.us 'nook OWNER: D R HORTON INC COLORADO • GEORGE MCELROY & ASSOCIATES INC LOG 4245 3131 S VAUGHN WAY SUITE 301 PARCEL 146733213002 ACCOUNT 47332 AURORA, CO 80014 YEAR 2005'/ ' Owner: D R HORTON INC -,-, Er! The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor hasdetermined that your property should be included in the following category(ies): All other property, including vacant land, 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,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 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. • PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 68048 68048 TOTALS $ $ 68048 $ 68048 APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY—JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. 06/27/2005 By: Stanley F. Sessions WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207-87/03 YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR' S DECISION The County Board of Equalization will sit to hear appeals beginning July I 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. 5S12_9(7 1 SIUNA I URE O} PE I I I LONER DATE P0.-207.87'03 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. Ito • ERI 1MVR L3 BLK6 VISTA RIDGE FG 1M GREELEY,CO 80631 4641f PHONE(970)353-3845,EXT.3650 www.co.weld.co.us OWNER: D R HORTON INC COLORADO • GEORGE MCELROY & ASSOCIATES INC LOG 4246 3131 S VAUGHN WAY SUITE 301 PARCEL 146733213003 ACCOUNT R1790102 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The AsEes$or has determined that your property should be included in the following category(ies): — -All other property, including vacant land, 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,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 to attend these budge['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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE • OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 68048 68048 TOTALS $ $ 68048 68048 APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(n),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: StanleyF. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207-57/03 1 j 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. 651 2C1 O 'l. 05' SIGNATURE OF PE m TONER DA I E PR-207.87/03 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. ERI 1MVR L4 BLK6 VISTA RIDGE FG 1M cREEL4Y,CO 80631 PHONE(970)353-3845,EXT.3650 www.co.weld.co.us eOWNER: D R HORTON INC COLORADO • GEORGE MCELROY & ASSOCIATES INC LOG 4247 3131 S VAUGHN WAY SUITE 301 PARCEL 146733213004 AURORA, CO 80014 ACCOUNT R1790202 Owner: D R HORTON INC YEAR 2005 The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has,determined that your property should be included in the following category(ies): All other property, including vacant land, 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,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 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE • OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 68048 68048 TOTALS $ $ 68048 $ 6R04A APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- I06(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: Stanley F. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207-87/03 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. www.dola.colorado.£ov/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 12. 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(1.5), 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. 5 2MO 1. tL NIUNA I URE OF PE I I I TONER DATE PR-207.87/03 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. � ERI 1MVR L8 BLK6 VISTA RIDGE FG 1M cREEL4Y, s3651 I111 CO PHONE(970)358E CO 3650 www.co.weld.co.us Ink OWNER: D R HORTON INC COLORADO GEORGE MCELROY & ASSOCIATES INC LOG 4249 3131 S VAUGHN WAY SUITE 301 PARCEL 146733213008 ACCOUNT R1790602 AURORA, CO 80014 YEAR 2005.. .. Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has determined that your property should be included in the following category(ies): All other property, including vacant land, 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,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 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S • ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE • OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 68048 68048 • TOTALS $ $ FRO4R A8048 APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- I06(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: Stanley F. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE II PR-207-87/03 I!X YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR' S DECISION The County Board of Equalization will sit to hear appeals beginning July I 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. 55, 1O r ) pq 1' 14-05 SIGNAI URE OF PE I I IIONER DAIS PR.207-87/03 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. ERI 1MVR L9 BLK6 VISTA RIDGE FG 1M GREELEY,CO 80631 t PHONE(970)353-3845,EXT.3650 ��T� n www.co.weld.co.us WIIDt OWNER: D R HORTON INC COLORADO GEORGE MCELROY & ASSOCIATES INC LOG 4250 3131 S VAUGHN WAY SUITE 301 PARCEL 146733213009 ACCOUNT R1790702 AURORA, CO 80014 YEAR 20.45 Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The AsseS.sorhas determined that your property should be included in the following category(ies): All other property, including vacant land, 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,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 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE • OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 68048 68048 TOTALS $ $ 68048 $ 68O4E3 APPEAL DEADLINES: REAL PROPERTY—JULY 15,PERSONAL PROPERTY—JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: Stanley F. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207-87/03 16 YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR' S DECISION The County Board of Equalization will sit to hear appeals beginning July I 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. www.dola.colorado. ov/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 12. 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(1.5), 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. 5 5► 2x10 1 1' 14. 05 SR,NA I URE OF PE I I I IONER DATE PR-207-g7/03 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. tg I 1MVR L10 BLK6 VISTA RIDGE FG 1M GR3-384 CT.3651 PHONE(970)353-3845,EXT.3650 www.co.weld.co.us why C OWNER: D R HORTON INC COLORADO • GEORGE MCELROY & ASSOCIATES INC LOG 4251 3131 S VAUGHN WAY SUITE 301 PARCEL 146733213010 ACCOUNT R1790802 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has_determined that your property should be included in the following category(ies): All other property, including vacant land, 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,Pare 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 68048 68048 TOTALS $ $ S C004n -- APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY—JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: Stanley F. Sessions 06,/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PRQO7-61/03 I 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION'S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. 2a SIUNA I URE OF PEI I I IONER DA I E PR-30)-87/OJ NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. G ERI 1MVR L11 BLK6 VISTA RIDGE FG GREELEY,CO80631 46(ft:arill 1M PHONE(970)353-3845,E 50 36 www.co .weld.co.us EXT. eld 3650 WLIDc OWNER: D R HORTON INC COLORADO GEORGE MCELROY & ASSOCIATES INC LOG 4252 3131 S VAUGHN WAY SUITE 301 PARCEL 146733213011 ACCOUNT R1790902 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The AgsCssor has determined that your property should be included in the following category(ies):All other property, including vacant land, 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,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 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. • PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE • OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 68048 68048 TOTALS $ $ 68048 68O48 APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: StanleyF. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207-87/03 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. SIUNA I LRE OF PEI I I IONER DAl E PR-207-87)03 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. ERI 1MVR L12 BLK6 VISTA RIDGE FG GREELEY,CO 80631 ;< ,/i�., 1M PHONE(970)353-3845,EXT.3650 o.weld.co.us WLiDc. OWNER: D R HORTON INC COLORADO GEORGE MCELROY & ASSOCIATES INC LOG 4253 3131 S VAUGHN WAY SUITE 301 PARCEL 146733213012 ACCOUNT R1791002 AURORA, CO 80014 YEAR 27,05 '" Owner: D R HORTON INC • The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has determined that your property should be included in the following category(ies): • All other property, including vacant land, 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,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 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 68048 68048 • TOTALS $ $ 68048 $ 68048 APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. 06/27/2005 By: Stanley F. Sessions WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207-87/03 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. 552-90 4 05 SIGNATURE OF PE m TONER DATE PR-207.87'03 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. EMI 1MVR L13 BLK6 VISTA RIDGE FG GREELEY,CO 80631 4g#t PHONE(970)353-3845,EXT.3650 1 www.co.weld.co.us WiiD a OWNER: D R HORTON INC COLORADO GEORGE MCELROY & ASSOCIATES INC LOG 4254 3131 S VAUGHN WAY SUITE 301 PARCEL 146733213013 ACCOUNT R1791102 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has determined that your property should be included in the following category(ies): "' All other property, including vacant land, 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,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 to attend these budget bearings. 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 68048 68048 TOTALS $ $ 68048 $ 68048 APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: Stanley F. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207-87/03 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. 551 Zq0 0 i4 . Ds MONA I URE OF PEI I I IUNER DA I E PR-207-87/0J NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. ERI611,:i 1N R El 0000 VISTA RIDGE FG 1N cREELeY,CO XT.80631 0 � SITUS : ERIE 000000000 PHONE(970)353-3845,EXT.3650 www.cthweld.co.us OWNER: D R HORTON INC COLORADO GEORGE MCELROY & ASSOCIATES INC LOG 4255 3131 S VAUGHN WAY SUITE 301 PARCEL 146733315001 ACCOUNT R1792502 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has determined that your property should be included in the following category(ies): All other property, including vacant land, 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,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 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 58400 58400 • TOTALS $ $ 58400 S58400 APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: Stanley F. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE Pk-207.97/03 11/�1 YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR' S DECISION The County Board of Equalization will sit to hear appeals beginning July I 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. www.dola.colorado.gpv/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 12. 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(1.5), 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. 4L (A • OS SIGNA I ORE OF PE III TUNER DA'1 E PR-207.87/03 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. liffta ERI 1NVR L2 BLK2 VISTA RIDGE FG 1N GREELEY,CO 80631 aro, _ PHONE(970) www.c EXT.3650 wokOWNER: D R HORTON INC COLORADO • GEORGE MCELROY & ASSOCIATES INC LOG 4256 3131 S VAUGHN WAY SUITE 301 PARCEL 146733315002 ACCOUNT R1792602 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has determined that your property should be included in the following category(ies): All other property, including vacant land, 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,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 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. • • PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE • OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 58400 58400 • TOTALS $ $ 58400 $ 58400 APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: StanleyF. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE //� PR-207-57103 (r` YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR' S DECISION The County Board of Equalization will sit to hear appeals beginning July I 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. 471 (4 (4 SIGNA IURE OF PE I I I JOINER DAIS PR-207-87/03 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. ,+ GREELEY,CO80631 /� ERI 1NVR L3 BLK2 VISTA RIDGE FG 1N PHONE(970)353-3845,EXT.3650 1w www.co.weld.co.us '\\DC, OWNER: D R HORTON INC COLORADO • GEORGE MCELROY & ASSOCIATES INC LOG 4257 3131 S VAUGHN WAY SUITE 301 PARCEL 146733315003 ACCOUNT R1792702 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has determined that your property should be included in the following category(ies): All other property, including vacant land, 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,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 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 58400 58400 TOTALS $ $ 58400 S58400 APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: Stanley F. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE irk 1 V YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR' S DECISION The County Board of Equalization will sit to hear appeals beginning July I 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. 1-4-111-kin {L 1 , A?r 404. -1' I l� 'aS S'R,NA I URE OF PE 1 I 1 IUNER DATE PR-207-87/03 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. ERI 1NVR L4 BLK2 VISTA RIDGE FG 1N GREELEY,CO 80631 4tft( •�\ PHONE(970)353-3845,EXT.3650 www.co .weld.co.us www.co.weld.co.usus OWNER: D R HORTON INC COLORADO • GEORGE MCELROY & ASSOCIATES INC LOG 4258 3131 S VAUGHN WAY SUITE 301 PARCEL 146733315004 ACCOUNT R1792802 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor ha's determined that your property should be included in the following category(ies): — All other property, including vacant land, 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,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 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE • OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 58400 58400 • TOTALS $ $ 58400 $ 58400 APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- l06(I)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: Stanley F. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207-87/03 fib b 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: It'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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: It 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. 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 12. 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(1.5), 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. tint yyS Lk . OS SIGNAL URE Ot Pt 1 I I TUNER DA1 E PR-207-87/01 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. ERI 1NVR L5 BLK2 VISTA RIDGE FG iN GREELEY,CO 80631 441f( PHONE(970)353-3845,EXT.3650 www.co.weld.co.us OWNER: D R HORTON INC COLORADO - GEORGE MCELROY & ASSOCIATES INC LOG 4259 3131 S VAUGHN WAY SUITE 301 PARCEL 146733315005 ACCOUNT R1792902 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor ha'detetmined that your property should be included in the following category(ies): All other property, including vacant land, 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,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 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S • ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE • OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 58400 58400 TOTALS $ $ 58400 $ 58400 APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: Stanley F. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-20Z8)lo3 YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR' S DECISION The County Board of Equalization will sit to hear appeals beginning July I 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. 14 1 OA tA5c ;; /:-: 1 - 14 . ST0NA I URE OY PE III IONuR DATE PR-207-87/03 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. / J ERI 1NVR L6 BLK2 VISTA RIDGE FG 1N GREELEY,CO 80631 PHONE(970)353-3845,EXT.3650 www.co.weld.co.us OWNER: D R HORTON INC COLORADO • GEORGE MCELROY & ASSOCIATES INC LOG 4260 3131 S VAUGHN WAY SUITE 301 PARCEL 146733315006 ACCOUNT R1793002 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has:determined that your property should be included in the following category(ies):All other property, including vacant land, 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,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 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 58400 58400 TOTALS $ $ 58400 S58400 APPEAL DEADLINES: REAL PROPERTY-JULY 15, PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- I06(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. 06/27/2005 By: Stanley F. Sessions WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207-87/01 YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR' S DECISION The County Board of Equalization will sit to hear appeals beginning July I 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. vvww.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 12. 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(1.5), 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. 1 ' 1 (4 '05 SIONA IURE OF PE I fITONER DA IE PR-207-17/03 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. r e ERI 1NVR L7 BLK2 VISTA RIDGE FG 1N GREELEY,CO 80631 f/// PHONE(970)353-3845,EXT.3650 www.co.weld.co.us WIDcOWNER: D R HORTON INC COLORADO - GEORGE MCELROY & ASSOCIATES INC LOG 4261 3131 S VAUGHN WAY SUITE 301 PARCEL 146733315007 ACCOUNT R1793102 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC Ti - The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Ass*sser has determined that your property should be included in the following category(ies): - • --- • All other property, including vacant land, 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,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 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE • OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 58400 58400 TOTALS $ $ 58400 $58400 APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(n),C.R.S. Please see the back of this form for detailed information on filing your appeal. 06/27/2005 By: Stanley F. Sessions WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207-87/03 IlLO YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR' S DECISION The County Board of Equalization will sit to hear appeals beginning July I 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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 4'4, 1(-I$ 'TEN - D5 SrGNAIUREOF PEI IIIONER DM PR-207.8793 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR ERI 1NVR L8 BLK2 VISTA RIDGE FG 1N 1400 NORTH CO 80I 7th 63 GREELEY, 3650 V\VA S' PHONE(970)353-3845,EXT.3650 www.co.weld.co.us WIIDc OWNER: D R HORTON INC COLORADO GEORGE MCELROY & ASSOCIATES INC LOG 4262 3131 S VAUGHN WAY SUITE 301 PARCEL 146733315008 ACCOUNT R1793202 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has determined that your property should be included in the following category(ies): All other property, including vacant land, 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,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 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 58400 58400 TOTALS $ $ 58400 S58400 APPEAL DEADLINES: REAL PROPERTY—JULY 15,PERSONAL PROPERTY—JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: Stanley F. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207-87/03 10 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. 1. 105 SIONAI URE OF Ph rll TONER DA IL E PR-207-87/03 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. t ERI 1NVR L9 BLK2 VISTA RIDGE FG iN GREELEY,CO 80631 /A ti PHONE(970)353-3845,EXT.3650 www.co.weld.co.us WIIDc OWNER: D R HORTON INC COLORADO - GEORGE MCELROY & ASSOCIATES INC LOG 4263 3131 S VAUGHN WAY SUITE 301 PARCEL 146733315009 ACCOUNT R1793302 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC ii The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor ha's determined that your property should be included in the following category(ies): - '..d All other property, including vacant land, 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,fire protection,and other special distric't's)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 infonnation,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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. • PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE • OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 58400 58400 • TOTALS $ $ 58400 $ 58400 APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: Stanley F. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207-87/03 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. brit 1 LI 'Os SWNA I URE OF PE 1 I I IONER DATE PR-207-87/03 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE.• ERI 1NVR L10 BLK2 VISTA RIDGE FG cRE3845,EXT. 651 1N PHOKE(970)353-3845,EXT.3650 www.co.weld.co.us W�`IDC� OWNER: D R HORTON INC COLORADO - GEORGE MCELROY & ASSOCIATES INC LOG 4264 3131 S VAUGHN WAY SUITE 301 PARCEL 146733315010 ACCOUNT R1793402 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor ha$determinedthat your property should be included in the following category(ies): All other property, including vacant land, 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,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 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. • PETITIONER'S • ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE • OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 58400 58400 • • TOTALS $ $ 58400 S58400 APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: Stanley F. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207-87/03 n YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR' S DECISION The County Board of Equalization will sit to hear appeals beginning July I 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. 1 - gips- SIGMA I EIRE OE PE II I IONER DATE PR-207-87/03 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. / t ERI 1NVR L11 BLK2 VISTA RIDGE FG GREELEY,CO 80631 / 1N PHONE(970)353-3845,EXT.3650 ii . o.weld.co.us WII'Dc OWNER: D R HORTON INC COLORADO GEORGE MCELROY & ASSOCIATES INC LOG 4265 3131 S VAUGHN WAY SUITE 301 PARCEL 146733315011 ACCOUNT R1793502 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has determined that your property should be included in the following category(ies): All other property, including vacant land, 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,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 to attend these budget hearings. The Assessor has carefully studied all available information,giving particular attention to the specifics included on your protest,and hastletermined the valuation(s)assigned to your property. The reasons for this determination of value are: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. • PETITIONER'S • ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE • OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 58400 58400 • TOTALS $ $ 58400 S58400 APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- I06(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: StanleyF. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE / PR-207-87/03 c�(v/�/ YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR' S DECISION The County Board of Equalization will sit to hear appeals beginning July I 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. www.dola.colorado.izov/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 12. 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(1.5), 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. 1 05 SRCNA I URE Oh PE I I HONER DA9 E PR-207-87/03 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. ERI 1NVR L13 BO0 VISTA RIDGE FG GREELEY,cos365 1N SITUS : ERIE 000000000 PHONE(970)353-3845,EXT.36S0 www.co.weld.co.us !Elk OWNER: D R HORTON INC COLORADO • GEORGE MCELROY & ASSOCIATES INC LOG 4266 3131 S VAUGHN WAY SUITE 301 PARCEL 1467;33315013 ACCOUNT R1793702 AURORA, CO 80014 YEAR 2-005 Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has-determined that your property should be included in the following category(ies): All other property, including vacant land, 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,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 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE • OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 58400 58400 TOTALS $ $ 58400 $ 58400 APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: Stanley F. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207-87/03 •/q)� YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR' S DECISION The County Board of Equalization will sit to hear appeals beginning July I 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. —11 Lici � Li • pc MIONA I URE OF PE I I I IONER DA I E PR-207.87/O3 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. ERI 1NVR Ll BLK3 VISTA RIDGE FG 1N GREELEY,CO80631 At d., PHONE(970)353-3845,EXT.3650 • www.co.weld.co.us weld.co.us WIDcOWNER: D R HORTON INC COLORADO • GEORGE MCELROY & ASSOCIATES INC LOG 4268 3131 S VAUGHN WAY SUITE 301 PARCEL 146733316001 ACCOUNT R1794902 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The 7C$sssor his determined that your property should be included in the following category(ies): _.._ All other property, including vacant land, 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,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 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: • The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. • • PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 58400 58400 • TOTALS $ $ 58400 S58400 APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. 06/27/2005 By: Stanley F. Sessions WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207-87/03 �� YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR' S DECISION The County Board of Equalization will sit to hear appeals beginning July I 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. 117I (-44g ii ) ii 1 • lL\ •05 SI(JNA I LIRE OF PETITIONER DAl E PR-207.81N3 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. t4tj ERI 1NVR L2 BLK3 VISTA RIDGE FG iN GREELEY,CO 80631 PHONE(970)353-3845,EXT.3650 www.co .weld.co.us www.co.weldld.co.us OWNER: D R HORTON INC COLORADO • GEORGE MCELROY & ASSOCIATES INC LOG 4269 3131 S VAUGHN WAY SUITE 301 PARCEL 146733316002 ACCOUNT R1795002 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor haS determined that your property should be included in the following category(ies): All other property, including vacant land, 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,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 h'a9 determined the valuation(s)assigned to your property. The reasons for this determination of value are: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE • OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW • VACANT LAND 58400 58400 • • TOTALS $ $ 58400 $ 58400 APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: StanleyF. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207-87/03 3A YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR' S DECISION The County Board of Equalization will sit to hear appeals beginning July I 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. tA11 �I q1‘ 1, i4V< SRNA I URE OF Ph 11 I TONER DATE PR-207-S7103 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. A � ERI 1NVR L3 BLK3 VISTA RIDGE FG 1N GREE845,EX 80631 �'�1l PHONE(970)353-3845,EXT.3650 www.co.weld.co.us "ilk OWNER: D R HORTON INC COLORADO GEORGE MCELROY & ASSOCIATES INC LOG 4270 3131 S VAUGHN WAY SUITE 301 PARCEL 146733316003 ACCOUNT R1795102 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Asimor has determined that your property should be included in the following category(ies): All other property, including vacant land, 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,fire protection,and other special distrieft)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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 58400 58400 • TOTALS $ $ 58400 $ 58400 APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- I06(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: Stanley F. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207-87/0.1 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. fin, 44Z —, �L1 . 05 SIGMA I URE OF Pb I I HONER DATE PR-207-87/03 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. ERI 1NVR L4 BLK3 VISTA RIDGE FG 1N GREELEY,CO 80631 #0) PHONE(970)353-3845,EXT.3650 www.co.weld.co.us WIDc OWNER: D R HORTON INC COLORADO GEORGE MCELROY & ASSOCIATES INC LOG 4271 3131 S VAUGHN WAY SUITE 301 PARCEL 146733316004 ACCOUNT R1795202 AURORA, CO 80014 YEAR 2,005 '-' Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has determined that your property should be included in the following category(ies): All other property, including vacant land, 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,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 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 58400 58400 TOTALS $ $ 58400 58400 APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: Stanley F. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207-57/03 3P 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. tit 4L'% cr SRSNA I URE Of PE I I 1 IONER DAl E PR-207-8703 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. a ERI 1NVR L6 BLK3 VISTA RIDGE FG iN GREELEY,CO 80631 PHONE(970)353-3845,ww.c EXT.3650 wOWNER: D R HORTON INC COLORADO • GEORGE MCELROY & ASSOCIATES INC LOG 4273 3131 S VAUGHN WAY SUITE 301 PARCEL 146733316006 ACCOUNT R1795402 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Ass eor has cfetermincd that your property should be included in the following category(ies): All other property, including vacant land, 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,fire protection,and other special district')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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 58400 58400 TOTALS $ $ 58400 $ 58400 APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: Stanley F. Sessions • 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207-87/03 2'f YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR' S DECISION The County Board of Equalization will sit to hear appeals beginning July I 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. www.dola.colorado.eov/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 12. 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(1.5), 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. 1' 14'05 S1GNA I URE OE PE I I I IONER DAl E PR-2O7-8703 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH I7th AVE. ERI 1NVR L7 BLK3 VISTA RIDGE FG 1N GREELEY,CO 80631 A #(fi:141 PHONE(970)353-3845,EXT.3650 www.co .weld.co.us OWNER: D R HORTON INC COLORADO GEORGE MCELROY & ASSOCIATES INC LOG 4274 3131 S VAUGHN WAY SUITE 301 PARCEL 146733316007 ACCOUNT R1795502 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC -1 I The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assbss r has`d"etermined that your property should be included in the following category(ies): • - All other property, including vacant land, 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,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 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 58400 58400 TOTALS S $ 58400 $ 58400 APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: Stanley F. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE /J PR-207-87/03 7;6 YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR' S DECISION The County Board of Equalization will sit to hear appeals beginning July I 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. (11 (-) 1. IQDs S1GNA l URE OF PEI I I TONER DAl E PR-207-87/03 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. wERI 1NVR L9 VISTA RIDGE FG 1N 80631 4g:ft� SITUS : ERIE 000000000 0000 PHONE(970)353-3845,EXT.365050 www.co.weld.co.us W1IDe OWNER: D R HORTON INC COLORADO • GEORGE MCELROY & ASSOCIATES INC LOG 3131 S VAUGHN WAY SUITE 3O1 PARCEL 146753316OO9 ACCOUNT_,R1795702' AURORA, CO 80014 YEAR 2.0105 Owner: D R HORTON INC • The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has determined that your property should be included in the following category(ies): All other property, including vacant land, 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,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 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. • PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 58400 58400 • • TOTALS $ 5R400 $ SR4OO APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY—JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(I)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: StanleyF. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR207-%7/03 n 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. www.dola.colorado.eov/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 12. 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(1.5), 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. ill) Li SIGNA I URE U1 PE I I I IONER I DA I E PR@07-89103 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. ‘1,t ERI 1NVR L10 BLK3 VISTA RIDGE FG cReELEY, XT.80631 50�\\l 1N PHONE(970)353-3845,EXT.3650 www.co.weld.co.us WilDe OWNER: D R HORTON INC COLORADO • GEORGE MCELROY & ASSOCIATES INC LOG 4276 3131 S VAUGHN WAY SUITE 301 PARCEL 146733316010 ACCOUNT R1795802 AURORA, CO 80014 YEAR . 2005 Owner: D R HORTON INC • The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has determined that your property should be included in the following category(ies): All other property, including vacant land, 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,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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 58400 58400 TOTALS S $ 58400 $ SR4OO APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: StanleyF. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207.87/03 10 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. 4 'Lggg MIL' 'os S1GNA I URE OF PE I I I LONER DAl E PR-207-87'03 • NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR NO 1400RTH ORTH 17th AVE. ERI 1NVR L12 BLK3 VISTA RIDGE FG GREELEY,C 80631 ‘1)t(4°I 1N SITUS : ERIE 000000000 PHONE(970)353-3845,EXT.3650 www.co.weld.co.us wuk OWNER: D R HORTON INC COLORADO GEORGE MCELROY & ASSOCIATES INC LOG 4277 3131 S VAUGHN WAY SUITE 301 PARCEL 146733316012 ACCOUNT R1796002 AURORA, CO 80014 YEAR 2005 Owner: D R HORTON INC The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Assessor has.determined that your property should be included in the following category(ies): All other property, including vacant land, 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,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 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: The discount procedure for your subdivision has been checked and it is correct based on instructions published by the state division of property taxation. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 58400 58400 TOTALS $ $ 58400 58400 APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(I)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: Stanley F. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-207-87/03 Lk' 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. 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 12. 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(1.5), 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. 1 11 y 4CG • 1-]4 , o� SIIjNA I URE OF PE I I I IONtR DATE PR-207-87 AB NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. n ERI 1NVR L16 BLK3 VISTA RIDGE FG GREELEY,CO 80631 4 :*! 1N PHONE(970)353-3845,EXT.3650 www.co.weld.co.us WIVDc OWNER: D R HORTON INC COLORADO GEORGE MCELROY & ASSOCIATES INC LOG 4278 3131 S VAUGHN WAY SUITE 301 PARCEL 146733316016 AURORA, CO 8OO14 ACCOUNT. R1796402 Owner: D R HORTON INC YEAR 2005 The appraised value of property is based on the appropriate consideration of the approaches to value required by law. The Asselser ha determined that your property should be included in the following category(ies): — All other property, including vacant land, 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,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: The discount procedure for your subdivision h been checked and it is correct based on instructions publi as shed by the state division of property taxation. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW VACANT LAND 58400 58400 • TOTALS $ $ 58400 $ 58400 APPEAL DEADLINES: REAL PROPERTY-JULY 15,PERSONAL PROPERTY-JULY 20. If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. By: Stanley F. Sessions 06/27/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE PR-307-87,03 �v 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 20 FOR PERSONAL PROPERTY. WELD COUNTY BOARD OF EQUALIZATION 915 10th Street, P.O. Box 758 Greeley, Colorado 80632 Telephone (970)356-4000 Ext. 4225 NOTIFICATION OF HEARING: You will be notified of the time and place set for the hearing of your appeal. COUNTY BOARD OF EQUALIZATION' S DETERMINATION: The County Board of Equalization must make a decision on your appeal and mail you a determination within five business days of that decision. The County Board must conclude its hearings and render decisions by August 5. TAXPAYER RIGHTS FOR FURTHER APPEALS: If you are not satisfied with the County Board of Equalization' s decision you must file within thirty days of the County Board of Equalization' s written decision with ONE of the following: Board of Assessment Appeals (BAA): Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880. www.dola.colorado.eov/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 12. 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(1.5), 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. L\--i , q yg SIGNA 1 URE OF PE I I I TONER DA9 E PR-207.87/03 Hello