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Home My WebLink About20052242.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2005, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE PETITION OF: RITZMAN TERENCE C & 10831 OAK BAYOU LN HOUSTON, TX 77064 DESCRIPTION OF PROPERTY: ACCOUNT#: R8766400 PARCEL#: 095910227011 -GR 1MH L7 BLK1 MOSIER HILL 1ST & L8 BLK1 MOSIER HILL 1ST RPLT SITUS: 5415 11 ST GREELEY 80634 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 not being present or represented, and WHEREAS,the Board has made its findings on the evidence,testimony and remonstrances and is now fully informed. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, acting as the 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 follows: ACTUAL VALUE AS DETERMINED BY ASSESSOR Land $ 215,243 Improvements OR Personal Property 614,157 TOTAL $ 829,400 2005-2242 AS0061 RE: BOE - RITZMAN TERENCE C & PAGE 2 BE IT FURTHER RESOLVED that a denial of a petition, in whole or in part, by the Board of Equalization may be appealed by selecting one of the following three options;however,said appeal must be filed within 30 days of the denial: 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 county wherein your property is located. New testimony, exhibits or any other evidence may be introduced at the District Court hearing. For filing requirements, please contact your attorney or the Clerk of the District Court. Further appeal of the District Court's decision is made to the Court of Appeals fora 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. 2005-2242 AS0061 RE: BOE - RITZMAN TERENCE C & PAGE 3 Arbitration Hearing Procedure: Arbitration hearings are held within sixty days from the date the arbitrator is selected. Both you and the OBOE are entitled to participate. The hearings are informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records, documents and other evidence. He also has the power to administer oaths, and all questions of law and fact shall be determined by him. The arbitration hearing may be confidential and closed to the public, upon mutual agreement. The arbitrator's written decision must be delivered to both parties personally or by registered mail within ten (10) days of the hearing. Such decision is final and not subject to review. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the OBOE. In the case of residential real property, such fees and expenses cannot exceed$150.00 per case. The arbitrator's fees and expenses, not including counsel fees, are to be paid as provided in the decision. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 4th day of August, A.D., 2005. BOARD OF COUNTY COMMISSIONERS ! IEI(,/,�� WELD COUNTY, COLORADO -41°‘ iontet*Wa.4 MWilliam H. rke, Chair Id Tra y Clerk to the Board • ( • %AIV . J. ile, Pro-Tem Deputy Clerk t e Board P Y Da i E. Long APPRO�D AS TO F IN n Robert ; asden Assistant:County Attorney v GL Glenn Vaad Date of signature: /D geeve 2005-2242 AS0061 Weld County STANLEY F. SESSIONS COUNTY ASSESSOR CHRISTOPHER WOODRUFF, DEPUTY ASSESSOR ASSESSOR'S VALUE REPORT OF COMMERCIAL PROPERTY FOR County Board of Equalization RITZMAN TERENCE C & RITZMAN CHEDELYN H PETITIONER vs. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 0959-10-2-27-011 Schedule Number: R8766400 Log Number: 3522 Date: 08/04/05 Time: 9:30 AM Board: CBOE PREPARED BY STAN JANTZ Signature Date Signature Date ASSESSOR'S OFFICE STAFF APPRAISER CBOE_COMM_010998 Page 1 SALIENT FACTS AND CONCLUSIONS Purpose of Appraisal To determine Market Value as of 1/1/05 based on an appraisal date of 6/30/04. Property Rights Appraised Unencumbered fee simple interest. Location 5415 11 ST GREELEY Land Area 47,853 Square Feet Zoning GRE CH Property Type Commercial 0.18— Retail Store 0.82— Fast Food Restaurant Year Built 1998 Year Remodeled Quality Average Class Wood Frame Number of Stories 1 Improvement Sq. Ft. 6,380 Basement Unfinished Sq. Ft. Basement Finished Sq. Ft. Mezzanine: Value Indications: Land 215,243.00 Cost Approach 915,389.00 Market Approach 816,600.00 Income Approach 861,300.00 Assessor's Value 829,400.00 CBOE_COMM_0 10998 Page 2 COST APPROACH LAND VALUE Sales utilized to establish the value in the subject neighborhood are from 2003 and the first six months of 2004 for the 2005 assessment date. The comparative sales approach is the most reliable method of land valuation. Pursuant to 39-104-(10.2) (c) C. R. S., the Assessor may utilize sales from July 1999 through the June of 2004 to establish the proper value, if sufficient information is not available in the prior 18 months. Also, comparables outside the subject property area may be used. The Weld County Assessor has an established ongoing sales confirmation and validation program for property transactions used in developing value. The land size of the subject is 47,853 square feet. Comparable commercial land in the subject area is valued at $5.50 per square foot. Address Sale Date Sale Price Land Size Per Sq. Ft. Sq. Ft. Comparable 1 Senor Jalapenos 03/12/2003 $195,000 38,115 $5.12 1815 65th Avenue Greeley Comparable 2 Mountain View Office 10/3/2001 $580,300 105,516 $5.50 5881 16th Street Greeley Comparable 3 Tortuga Bay 10/31/2003 $310,800 41,440 $7.50 6200 W. 9th Street Greeley ASSESSOR'S SUBJECT LAND VALUE 47,853 SF X $4.50 = $215,243 CBOE_COMM 010998 Page 3 SUBJECT PHOTO • L I h a� -. it A COST APPROACH SUMMARY The Assessor is currently using Marshall and Swift cost tables for the cost approach of commercial properties in Weld County, which has been approved by the Division of Property Taxation to be utilized by Colorado Assessors. The structure has been classified properly utilizing the Marshall and Swift Valuation service and an appropriate value assigned. A land value has likewise been established through the utilization of vacant land sales of comparable properties. Improvement Value 700,146.00 Land Value 215,243.00 TOTAL VALUE BY THE COST APPROACH 915,389.00 CBOE_COMM_010998 Page 4 MARKET APPROACH COMPARABLE FAST FOOD / RETAIL SALES ADDRESS Grantor/Grantee Date of Sale Square Price Sale Price Foot Per Subject FOOD COURT 6,380 $130.00 5415 11th Street, Greeley FOOD COURT ATOMIC I LLC/RITZMAN 06/06/2002 $816,000 6,380 $127.90 5415 11"1 Street, TERENCE&CHEDELYN Greeley 2 HILLCREST CENTER CODY JACK/DOLLAR 10/1/2002 $1,898,400 15,081 $125.97 5750 W 10h Street, JAMES&LINDA Greeley 3 CABLES END KEITH JOHNSON/ 12/12/2003 $1,047,500 5,549 $149.00 3780 W 10TH Street WELD COUNTY BANK Greeley THE AVERAGE FOR ALL THREE MARKET SALES IS $134.29 PER SQUARE FOOT MARKET CALCULATIONS SUBJECT 6,380 SQ. FT. TIMES $128.00 PER SQ. FT. EQUALS $816,640 CBOE_COMM_0 10998 Page 5 INCOME APPROACH FOOD COURT 5415 11TH STREET GREELEY, CO WHEN THE SUBJECT PROPERTY SOLD IN JUNE OF 2002 THE AVERAGE RENT RATE WAS $15.00 NNN. 6,380 S.F. TIMES ESTIMATED RATE $15.00 NNN PER S.F. 95,700 LESS 10% VACANCY & COLLECTION LOSS -9,570 EFFECTIVE INCOME 86,130 LESS 5% MANAGEMENT & RESERVES -4,307 NET OPERATING INCOME 81,823 CAPITALIZATION RATE 9.5% INCOME VALUE 861,294 ROUNDED TO 861,300 CBOE_COMM_010998 Page 6 FINAL RECONCILIATION COST APPROACH MARKET APPROACH INCOME APPROACH 915,389.00 $816,600.00 861,300.00 ASSESSOR'S VALUE $829,400.00 CBOE_COMM_010998 Page 7 07/12/05 08:49 FAX WELD ASSESSOR I?J008 • NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR s ' 1400 NORTH 17th AVE. GR 1MH L7 BLK1 MOSIER HILL 1ST ' & GREELEY,COS0631 Islet; - L8 BLK1 MOSIER HILL 1ST RPLT SITUS : PHONE(970)353.3843,EXT.3650 r" 5415 11 ST GREELEY 80634 www.co.weldco.us OWNER: RITZMAN TERENCE CE C & RITZMAN TERENCE C & • 10831 OAK BAYOU Is PARCEL 095910227011 HOUSTON, TX 77064 ACCOUNT R8766400 • YEAR . 2005 The appraised value of property is based an the appropriate consideration of the approaches to value required by law. The AsieMor his determined that your property should be included in the following categary(ies): Commercial property is valued by considering the cost, ' market, and income approaches . • If your concern is the amount of your property tax,local tmdag authorities(county,city,fire protection,and other special districts)hold budget bearings in the fall. Please refer to your tax hill or ask your Assessor for a listing of these districts,and plan to attend these bu4gt hearings. The Assessor has carefully studied ail 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: • • No change has been made to the valuation of this property Colorado law requires us to send this notice of- denial for all properties on which we do not adjust the value. • • PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW • COMMERCIAL • 829400 829400 • • • . I TOTALS $ $ i399ann $ a�odnp APPEAL DEADLINES: REAL PROPERTY—JULY 15,PERSONAL PROPERTY—JULY 20. If you disagree with(he Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration. §39-8- 106(1)(a),C.ILS. Please see the back of this form for detailed information on tiling your appeal. By: Stanley F. Sessions 06/30/2005 WELD COUNTY ASSESSOR DATE ADDITIONAL INFORMATION ON REVERSE SIDE 07/12/05 15:24 FAX WELD ASSESSOR IOIUUZ,UU4 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. A}'PEAL 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 NOTWICATIQN OF HEARING: You will be notified of the tune 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.aov/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_ //e , %/e90--/ e4,2 itifica4 nU 1'o/t ._ iG, ttr- .r • S14NAFURL DA7 au-U-05 39:37a C-melr dpi Axre< 3035777053 '-215 P :5B/W7 11-72' Rittman. Terence Bridge S ASadcstles 300 union Blvd.. Ste 330 AUTHORIJATION TO APPEAR BEFORE THE_ Lakewood, co 80228 Rhona'3 473-7X) LeEU) E ;80 COUNTY ASSVSSOR AND THE Fwc 303-573-7050 lt,jcA ELHNILSO COUNTY BOARD OF FQUAL2AT1OIV. Ti-IF COLORADO BOARD OF ARAPSSMENTAPPEAl S AND ALL.COLORADO STATE COURTS. ON BEHALF OF THE OWNER OF RECORD OF REAL PROPERTY. Ritnr n.Terence 't owner an /cr agent)of the owner of real pe prorty.f't* asc Properly) t at 5415 11 SL .(P.Q',di. 7 ":'1U and darted more a reaay ear Schedule No.(s), parcel ID No NI.096810227011 SO nency auras. rum E*.age&Aaeooeles.ea represent my fleraats aria to appear an my behalf before the County Amara,the aileal00 WC)L‘Cotalty Board ct Eguafiffi1On, the Colorado 8orad of Assesnent Appeals aid as Cdanao state courts,for guesses'reach arse from any mattests)concerning the vakmtion and teot,on a tie ate Property for tax Wen 2005 and 2toa,and for all previous years as altered by ratable Caterado iaw and the See and regulations of the aboveaeferenwd entities. I palter authorize&;dy,&Associates in appear as a'wetness at WI formai or informal hearings of the above- referenced mitten and to teatfy as to the vahlaean Of$1e Property and to the acaa-acy of any factual documentation submsted an my behalf in ccrtnsctiort with the Property_ The undersigned rcqueau that copies of all dartrons from the 6-PltGC County Aaesetsor. the. fits co *,jCourtty Board of CCueTcation, and the Catcrndo Board of Ass .,,i...rt Appears. be mooed m: tdr e S Assoeafes 39O lh,id_Jdn getev_et(gble330. Lakewood.GAB §. Further,the undersigned aensasly revokes oil previous a gnor aeons rotating unto Property and the subfd meters rotor ,ccd herein.This authorization shall roman in effect until this authonzacon is bermalated in a written instrument executed byte undersigned_ 2 Darted th10;ZQ day or 11}t44,,t 2C5 Company: Federal Tax Cif/SSa: +v. .c t tz.e 1c r . rr .r STATE OF LeL :.1 rl f.J C ) Title. Lam.r•,t i' ` )SS COUNTY OF n ) Phatta ;.};� �/y i1; .tL f.9,4-ig Fax: Simon to and mta �L day aft /Mil_ . 2OO-5 vvit eas my hand surd official seat. MyComartacpirt=s NOGvy Puha= Address 1 f • CLERK TO THE BOARD PHONE (970)356-4000 EXT 4217 FAX: (970)352-0242 WEBSITE: www.co.weld.co.us 915 10TH STREET P.O. BOX 758 C. GREELEY, COLORADO 80632 "lig COLORADO July 19, 2005 RITZMAN TERENCE C & 10831 OAK BAYOU LN HOUSTON TX 77064 Parcel No.: 095910227011 Account No.: R8766400 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 4, 2005, at or about the hour of 9:30 AM,to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Department of Planning Services, Conference Room, 918 10th Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 5, 2005, and mailed to you on or before August 12, 2005. Because of the volume of cases before the Board of Equalization, all cases shall be limited to 15 minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you provide evidence to support your position. This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have. Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. If you wish to obtain the data supporting the Assessor's valuation of your property, please request it directly from the Assessor's Office by fax (970) 304-6433, or by calling (970) 353-3845. Upon receipt of your request, the Assessor will notify you of the estimated cost of providing such information. Payment must be made prior to the Assessor providing such information. RITZMAN TERENCE C & - R8766400 Page 2 Please advise me if you decide not to keep your appointment as scheduled. If you need any additional information, please call me at your convenience. Very truly yours, BOARD OF EQUALIZATION LathDonald D. a rden Clerk to the Board cc: Stanley Sessions, Assessor BRIDGE & ASSOCIATES 390 UNION BOULEVARD SUITE 330 LAKEWOOD CO 80228 Hello