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Home My WebLink About20012224.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 2001, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE PETITION OF: FIRST BANK OF ERIE C/O FIRST BANK HOLDING CO P O BOX 150097 LAKEWOOD CO 80215 DESCRIPTION OF PROPERTY: ACCOUNT#: R5757586 PARCEL#:146718311010 - ERI 24431 L3 & S4' L4 BLK13 %512 BRIGGS% 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 2001, 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 2001, 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: p /� 2001-2224 PC, AS; PULQ1�( ean 7616 .1C PAD�� lp AS0049 RE: BOE- FIRST BANK OF ERIE Page 2 ACTUAL VALUE AS DETERMINED BY ASSESSOR Land $ 11,963 Improvements OR Personal Property 103,022 TOTAL $ 114,985 - 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), CRS) Appeals to the BAA must be made on forms fumished by the BAA, and should be mailed or delivered within thirty (30) days of denial by the CBOE to: Board of Assessment Appeals 1313 Sherman Street, Room 523 Denver, CO 80203 Phone: 866-5880 OR 2. District Court: You have the right to appeal the CBOE's decision to the District Court of the county wherein your property is located. New testimony, exhibits or any other evidence may be introduced at the District Court hearing. For filing requirements, please contact your attomey 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), CRS) OR 3. Binding Arbitration: You have the right to submit your case to arbitration. If you choose this option the arbitrator's decision is final and your right to appeal your current valuation ends. (Section 39-8-108.5, CRS) 2001-2224 AS0049 RE: BOE- FIRST BANK OF ERIE Page 3 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. 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 3rd day of August, A.D., 2001. BOARD OF OUNTY COMMISSIONERS �,�,�� WELD CO TY, COLORADO ATTEST: ��j e��,'v" M. J. eile, Chai Weld County Clerk to the o \t, Glenn Vaad, P e BY: Deputy Clerk to the 3�- , V �✓4,.-' � William Jerke APPROVED AS TO E • avi E. Long ssistant Coun ,Attorney 1 R bert D. Mas en 2001-2224 AS0049 JUL-02-2001 10:32 1ST BANK HOLDING 303 235 1O44 P.11 NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 414 I sillip '' - I X00 NORTH 17th AVE. i . - ERT 24431 L3 & S4 r L4 BLK13 GREERTH 17TCO 0VE. %512 BRIGGS�S 631 PHONE(970)3s-ASS,EXT.56$0 in I 13 ;'.a C: 5 3 COLORADO OWNER; FIRST BANK OF ERIE RECF--;:',7D`7D FIRST BANK OF ERIE LOG 4069 C/O FIRST BANK HOLDING CO PARCEL 14671831101 P O BOX 150097 ACCOUNT R5757586 LAKEWOOD, CO 80215 YEAR 2001 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 categwy(ics): All other property, including vacant land, is valued by considering the coat, market and income approaches. Commercial property is valued by considering the cost, market, and income approaches. If your concern is the amount of your property tax.local taxing authorities(county,city,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 as follows: No change has been made to the valuation of this property.. Colorado law requires us to send this notice of denial or all properties on which we do not adjust th value. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW COMMERCIAL 114985 114985 F t TOTALS S $ 114985 5 114985 APPEAL DEADLINES:REAL PROPERTY-JULY 16,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. 06/19/2001 By: Stanley F.Sessions WELD COUNTY ASSESSOR DATE IS-DPT-AR 2001-2224 STATE OF COLORADO WELD COUNTY PETITION FOR APPEAL TO THE HONORABLE WELD COUNTY BOARD OF EQUALIZATION: Petitioner, 1ST Bank Colorado Corp., c/o Tax Profile Services Inc. (TPS) located at 2525 16th St., Suite 225, Denver, CO 80211, requests a review of the County Assessor's Notices of Determination for the Subject Property described below for tax year 2001. A Statement of Agency is also attached. PROPERTY OWNER'S NAME: 1ST Bank Colorado Corp. a/k/a 1ST Bank Holding Company MAILING ADDRESS: c/o Tax Profile Services, Inc. 2525 16th St. , Suite 225 Denver, Colorado 80211 PROPERTY NAME: 1ST BANK ERIE BRANCH -ERIE-6 PROPERTY ADDRESS: 512 BRIGGS STREET ERIE, Colorado SCHEDULE NUMBER: R5757586 APPEAL IS ON: Land & Improvements DESCRIPTIVE cmonnurrs OF APPEAL: Correct square footage should be used in calculating values for Cost. Market and Income approaches. Functional obsolescence should be applied for design and utility in the cost approach. An accrued depreciation percentage should be calculated and used in the Cost approach. Sales used in the Market Approach should only include arms-length transactions , and not include property sold as going concerns . The income approach should only include rents that have been verified, and the Market approach should only include sales which have been verified. Determination: SIGNATURE OF PETITIONER: �' i 114101 " ./ NAME: Jef re �Iyo oe PHONE NUMBER: (303) + • 14 phone (3031 477-4597 fax STATEMENT OF AGENCY Property Owner, FIRSTBANK Holding Company of Colorado, hereby appoints TAX PROFILE SERVICES, Inc. (hereinafter"TPS") as Property Owner's representative in connection with the valuations for assessment of Property Owner's real property and or personal property in THE STATE OF COLORADO FOR 2001-2002, for taxes payable the following year (hereinafter"Subject Property"). TPS shall have full authority to: a) Review all applicable records relating to the valuation for assessment of the Subject Property, b) Discuss the valuation for assessment of the Subject Property with the County Assessor, with any representative of the Assessor's office, or with the County, as to the amount of valuation which TPS deems appropriate in the circumstances, c) Accept the valuation for assessment, and d) Pursue any statutory remedies which Property Owner may possess before the County Assessor, County Board of Equalization, County Board of Commissioners, State Tax Court,District Court, Appellate Courts, or in binding arbitration in the Property Owner's name and on Property Owner's behalf. The person signing below is acting in a representative or official capacity, or as attorney- in-fact and has the authority to do so on behalf of the Property Owner. This agreement shall remain in effect until revoked in writing by property owner. FIRSTBANK Holding Company of Colorado c-�-- 3(is (o Signature / -75 / Date �p/ ® ///J E� 4, e--c-./ C, C. C-PC' .JCS"'l [o L' (/ K. ! `C,j((/ "LL� Name Title r( H-IgaOTE 1 rvr0e (O , Cora .y Company Name • BOARD OF ASSESSMENT APPEALS, STATE OF COLORADO 1313 Sherman Street,Room 315 Denver, Colorado 80203 Petitioner: FIRST BANK OF COLORADO CORP., v. Respondent: JEFFERSON COUNTY BOARD OF EQUALIZATION. Attorney or Party Without Attorney for the Petitioner: Docket Numbers: 37405-37408 Name: William A. McLain,Esq Address: 3962 South Olive Street Denver, CO 80237-2038 Phone Number: (303) 759-0087 E-mail: Attorney Reg. No.: 6941 ORDER THIS MATTER was heard by the Board of Assessment Appeals on February 1,2001,3. Russell Shaw, Harry 3_ Fuller, and Karen a Hart presiding. Petitioner was represented by William McLain, Esq. Respondent was represented by Lily Oef]er, Esq. PROPERTY DESCRILPTION: Subject property is described as follows: PERSONAL PROPERTY (Jefferson County Schedule Nos. 911326, Docket No. 37405; 910971, Docket No. 37406; 908374, Docket No. 37407;917655,Docket No.37408) Petitioner is protesting the 2000 actual value of the subject properties: personal property located at 5125 South Kipling Parkway, 6701 South Wadsworth Boulevard, 1940 South Kipling Parkway, and 7590 West Colfax Avenue. i ISSUES: Petitioner: Petitioner contends that four items: the teller lines, the night depository box, the bank vault excluding the door, and the fire alarm system are real property and not personal property. These items are affixed to the building. Respondent: Respondent contends that the vault is already considered real property; only the doors are personal property. The other three items are treated as personal property for the subject properties, as they are for all bank properties in Jefferson County. Del Mesa Farms determined that, despite whether the property is affixed to the real estate, it is personal property if the use is primarily tied to a business operation. • FINDINGS OF FACT: 1_ Docket Nos. 37405, 37406, 37407, and 37408 were consolidated for this hearing. 2. Petitioner's witness, Ms. Kasey A. Holtz, Vice President of Administration for Tax Profile Services, Inc., testified that she has taken appraisal courses but is not a licensed appraiser. She has been working with Petitioner's personnel for the last year regarding their personal property valuations and classifications. 3. Ms. Holtz testified that the teller lines and night deposit box were built into the building and should be real property. The fire alarms arc required for operation of the bank due to code requirements and arc built into the bank walls. The bank vault should be real property;only the vault door should be classified as personal property. 4. Ms. Holtz testified that the Marshall Valuation Service definition of a bank includes night depositories and vaults as part of the real property cost valuation. It does not include vault doors. • 5. Under cross-examination, Ms. Holtz admitted that she has not taken any personal property valuation classes. She worked briefly with another bank four years ago regarding bank personal property. She has read the Del Mesa Farms case but still maintains these items are real property. 6. Upon questioning from the Board, Ms. Holtz testified that she distinguishes between burglar alarm systems and fire alarm systems due to the Marshall Valuation Service definitions of included items in its bank occupancy description. 7. Petitioner did not request a specific actual value for the subject properties. They are requesting a determination of classification of the four disputed items as personal property. 37405-02.01 2 8. Respondents witness, Ms. Lisa Cresson, an Appraiser in the Personal Property Department of the Jefferson County Assessor's Office, testified that she has taken cost, market, income, and personal property classes. She reviews approximately 300 personal property accounts each year. She conducts audits of businesses. Ms. Cresson was accepted as an expert in the field of personal property appraisal. 9. Ms. Cresson pointed out that Petitioner classified the disputed items as personal property on the renditions submitted to the assessor. She clarified that the vault itself was classified as real property. The only portion listed as personal property was the vault door. 10. Ms. Cresson testified that the disputed items are considered personal property in Jefferson County and are classified as such for all banks. 11. Ms. Cresson testified that personal property is considered to be anything that can be removed from the property. All of the disputed items can be removed from the real property. The Division of Property Taxation, Assessors Reference Library (ARL), states that personal property is property that is primarily tied to the business. The disputed items are not currently being valued as part of the real property. 12. Under cross-examination, Ms. Cresson testified that the real property is valued according to its use as a bank. All three approaches to value are used to value the real property. 13. Under questioning from the Board, Ms. Cresson testified that the An does not specifically identify the disputed items as personal property. She has seen fire alarm systems and night depository boxes removed from the real property by subsequent owners in other properties. The teller counters have a long life. 14. Under redirect examination, Ms. Cresson testified that she sees no distinction between security systems and fire alarms. Both are treated as personal property. 15. Respondent assigned the following actual values to the subject properties for tax year 2000: Docket Number Schedule Number Actual Value 37405 911326 $274,946.00 37406 910971 $152,830.00 37407 908374 $155,346.00 • 37408 917655 $324,100.00 CONCLUSIONS: 1. Respondent presented sufficient probative evidence and testimony to prove that the subject properties were correctly valued for tax year 2000. 37405-08.01 3 2. It is undisputed that vault doors should be valued as personal property. After careful consideration of all the evidence and testimony, the Board is persuaded that only the vault doors are being valued as personal property; the vaults themselves are valued as real property. 3. In Del Mesa Farms and BAA v. The BOE of Montrose County (97CA0686), the courts found that "...regardless of whether a particular item is affixed to a building and may otherwise constitute a fixture system, the item constitutes personal property if its use is primarily tied to a business operation." 4. As to the night depository, teller lines, and fire alarm system, the Board is persuaded that these items are primarily tied to the business operation of Petitioner and should therefore be considered personal property. These items are trade fixtures related to the business. None of the items are essential to the operation of the buildings. The buildings could be operated without the disputed items. 5. Petitioner also pled that the Marshall Valuation manual included these items as part of the real property cost approach. Therefore, Petitioner claims they were double assessed by Respondent. The Board takes no jurisdiction over the real property values, as those arc different properties that are not under appeal in these cases. The issue of double assessment would come into question primarily under the cost approach, and the Board does not know which valuation methodology was used to value the real property. ORDER: The petition is denied. APPEAL: Petitioner may petition the Court of Appeals for judicial review within 45 days from the date of this decision. If Respondent alleges procedural er.o,n or errors of law by this Board, Respondent may petition the Court of Appeals for judicial review within 30 days from the date of this decision. 37405-08.01 4 DATED and MAILED this y4&day of February,2001. BOARD OF ASSESSMENT APPEALS . sell Shaw .91 Harry J.F I cdretj Karen E. Hart This decision was put on the record FEB 14 2001 . ttoF corn I hereby certify that this is a true and correct copy of the decision of SEAL the Board of Assessment Appeals. % 1 1 Diane Von Dollen 37405-08.01 TOTRL P.05 CLERK TO THE BOARD PHONE (970)356-4000 EXT 4217 FAX: (303)352-0242 ' WEBSITE: www.co.weld.co.us 915 10TH STREET P.O. BOX 758 O GREELEY, COLORADO 80632 COLORADO July 19, 2001 FIRST BANK OF ERIE CIO FIRST BANK HOLDING CO P O BOX 150097 LAKEWOOD CO 80215 Parcel No.: 146718311010 Account No.: R5757586 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 3, 2001, at or about the hour of 10:00 AM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Centennial Center, First Floor Hearing Room, 915 10th Street, Greeley, Colorado. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor or his designee will be present. The Board will make its decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing,a decision will still be made by the Board by the close of business on August 6,2001, and mailed to you on or before August 10, 2001. Because of the volume of cases before the Board of Equalization, all cases shall be limited to 15 minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you provide evidence to support your position. This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have. Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. At least two(2)working days prior to your hearing the Assessor will have available,at your request, the data supporting his valuation of your property. FIRST BANK OF ERIE - R5757586 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 Don44714de Clerk to the Boarder BY: G `/ / � /.� arol A. Harding, Deputy cc: Stanley Sessions, Assessor JEFFREY MONROE TAX PROFILE SERVICES INC 2525 16TH ST, SUITE 225 DENVER CO 80211 Weld County STANLEY F. SESSIONS COUNTY ASSESSOR MICHAEL SAMPSON, CHIEF APPRAISER ASSESSOR'S VALUE REPORT OF COMMERCIAL PROPERTY FOR County Board of Equalization FIRST BANK OF ERIE PETITIONER VS. WELD COUNTY ASSESSOR'S OFFICE RESPONDENT Parcel Number: 1467-18-3-11-010 Schedule Number: R5757586 Log Number: 4069 Date: 08/03/01 Time: 10:00 am Board: CBOE PREPARED BY LEE WILLIAMS lee_ (.v ti JA __ 7-2y-o/ Signature Date ASSESSOR'S OFFICE STAFF APPRAISER CBOE_COMM_010998 Page 1 Summary of Salient Facts Property Type: Commercial - Bank. Location: 512 Briggs Street, Erie, Colorado Property Rights Appraised: Unencumbered Fee Simple Estate Owner of Record: First Bank of Erie % First Bank Holding Company Land Characteristics : The land size is 4, 350 square feet. Improvement Characteristics : The improvements consist of 1 story building utilized as a bank. Zoning: CC - Community Commercial Highest & Best Use: As currently used - Bank. Date of Value: June 30, 2000 Year of Construction: 1918 and remodeled 1965 (1, 769 sq. ft. ) Assessor's 2001 Valuation: Estimated Land Value $ 11,963 Estimated Improvement Value 103,022 Total Value $114,985 Estimate of Value: Cost Approach Land Value: $11, 963 Improvement Value: 97,437 Total Value Rounded: $109,400 Sales Comparison Approach: $123,800 Income Approach: $120, 000 Final Estimate of Market Value: $114,985 2 • SUBJECT PHOTOGRAPHS rr. - kR' +1✓M " ilhat• C4-04 11 6...,7. 2001$.�:kA SUBJECT PROPERTY VIEWING WEST wr c0.:• :!; Q • l , 4 IT Ji din • S ;* , . . F #.`� fah .. SUBJECT PROPERTY VIEWING EAST 3 NEIGHBORHOOD ANALYSIS The boundaries of the neighborhood are essentially the town borders of Erie. The predominant use type and occupancy in this neighborhood is light manufacturing, storage warehousing, retail, and residential SITE ANALYSIS Location: The site is located 512 Briggs Street in Erie, Colorado. Size: The subject site is 4, 350 square. Zoning: The zoning is CC - Community Commercial . Topography: The site is level and shows no problems with drainage. IMPROVEMENT ANALYSIS The subject improvement is a masonry structure with 1, 769 square feet. Gas forced air provides HVAC, and the building height is 12 ' The building was built in 1918 and remodeled in 1965 . Condition: The quality of construction is considered low and because of a good maintenance program remains in average condition. All of the components are functioning and no functional obsolescence was observed. COST APPROACH In the Cost Approach an indication of value is obtained by adding the estimated land value to an estimate of the depreciated replacement cost of the buildings and other improvements . Replacement cost, as opposed to reproduction cost, will be utilized to estimate the cost of the subject building. Replacement cost is the cost of creating a new structure with similar utility as the subject but using current designs and building techniques . Reproduction cost is the cost of creating an exact replica, using the same or nearly the same materials . The Marshall and Swift computer cost service was utilized to estimate the construction cost of the improvements . This source is commonly employed by appraisers and cost estimators in the market and is considered to be reliable. This data is updated continually and utilize local multipliers in order to adjust costs to reflect conditions in the specific area in which the property being 4 WELD COUNTY ASSESSOR Account#: R5757586 PROPERTY PROFILE Parcel#: 146718311010 MH Seq#: MH Space: Building#: - 1 Condo SF Condo%Land: Condo% Bldg: Landscaping Qual/$ Property Type: Commercial 0 1 Low $0.00 Quality: Low Nbhd: 3901 Occupancy: Bank Condition: Average Nbhd Ext: 00 Perimeter: 180 Nbhd Adj: 1 Percent Comp: 100.00% Individual Built As Detail Built As: Bank Year Built: 1918 Construction Type: C Year Remodeled: 1965 HVAC: Package Unit % Remodeled: 1 Interior Finish: Adj Year Bit: 1965 Roof Cover: Effective Age: 25 Built As SF: 1769 Mh Make: #of Baths: Tag Length/Width: X #of Bdrms: Tag Length/Width: X #of Stories: 1 Mh Skirting LF: Story Height: 12 MH Skirting Type: Sprinkler SF: Diameter: Capacity: Height: Building Details Bldg#: 1 NIGHT DEPOSITORY 1 $0.00 $0.00 VAULT DOORS 2 $0.00 $0.00 VAULT 125 $0.00 $0.00 VAULT 125 $0.00 $0.00 SAFE DEPOSIT BOXES 3X11X16 132 $0.00 $0.00 Value Details RCN Cost/SF: $82.21 Design Adj°/0: 0 Func Obs%: 0 Total RCN: $145,429.00 Exterior AdJ %: 0 Econ Obs %: 0 Phys Depr%: 0.33 Interior AdJ %: 0 Other Obs%: 0 Phys Depr$: 47992 Amateur AdJ%: 0 RCNLD$: $97,437.00 RCNLD Cost/SF $55.08 Market/SF: $0.00 LAND 11,963.00 TOTAL $109,400.00 Wednesday,July 18, 2001 4 A Page 2 of 2 appraised is located. The costs contain normal construction interest, sales taxes on materials, contractors ' overhead and profit including job supervision, builder ' s insurance, etc . They are intended to be the final costs to the owner. Replacement cost new plus land utilizing the Marshal and Swift computer cost service results in an estimate of $109,400 . LAND SALES SUMMARY SHEET Sales Date Sales Price Area Price/ Grantor/ Grantee of In SF Zoning SF Sale Land First Bank of Erie Assessors 512 Briggs Street -- Value 4,350 CC $2.75 Erie, CO $11, 963 #1467-18-3-11-010 1 Best Case Scenario 584 Briggs Street 09/99 $104, 000 x 3,750 CC $5.55 Erie, CO .20 = $20, 800 1467-18-3-11-019 2 568 Briggs Street LLC 568 Briggs Street 06/00 $177, 000 X 7, 500 CC $4 .72 Erie, CO .20 = $35,400 1467-18-3-11-017 The subject site is 4, 350 square foot mostly rectangular, level, zoned CC with good location on Erie' s main Briggs Street. The comparable sites are all located Briggs Street, and the abstraction/allocation technique is utilized to estimate land value at 20% of sale price as no vacant lots have sold in downtown Erie. The abstraction/allocation technique gives a range from $4 . 72 PSF to $5 . 55 PSF. As a result of the land sales study, the subject property is fairly valued at $2.75 PSF, or $11, 963 . SALES COMPARISION APPROACH The three market transactions of retail buildings tabulated in the following table show an indicated value per sq. ft. range of $69 . 89 to $93 . 95 . Two are recent sales of comparable size as the subject are located on Briggs Street in Erie. Considering the recent comparable sales, the Sales Comparison Approach has been considered and indicates the subject property 5 a ME �I_Ai�a sr COMPARABLE SALE MAP -'5 trel36 i1 l lln11I1li1�u«t, „pan, ma K� ' I..h�eCl■M1la ee -Idas �P. tiaL1ia t..a 1111131 7.- , Kirkland pm n�'�� tari .1 , '.i t�-l�l,G!711IIh .■�Im'.1.,111 nr ial_fl d_ , . .� 1.■111111111! II �j ritr I1 ill �ti 1�IIIII. un°O mn6 J;"ENt�1A!! 1 I`I L I�•Par ce Bran 1 C-�IIII I 1..ITiI °L I I� V �ain C "pi , 1 n n IIIn� IIIIIIII'i'ii snm1111 .°I��ONI twilriir Ai ■r ��,l ii ©Spring Gulch I I�■i Harney ��. MI &:IngrArlini DO 1 1 /��2 a�p )� e all • s II . 1)":nA r%r�� l!l ssµm Rin�i7 ■l e �■ en -,.n Gt° zs�� Staadte I3i115123 a`•1 •aho Creek - 1_1 40 c a , -�' ■I, al. . aPle.san View Ridg: ^"" ) i i ... Emil , A -Irest•ne - AV •I I:?::-re•= "Fill P EP JAI. - ria ,h/rilsollMid lial gi - • 4 .. _ III abliiii IIIIIIIiill ca mil war fii-,04.11%Illi - ii , 'r'It iii1 MI kra Milli un Bartel •I in v, ..:`.'/4 a.•�.I-•. TM iii.ii .. \\ j S4-te coll I Mine Junction 0. oa\a¢t � Leyne, • zs ��ISt-Vrains I IlliliwirreIlhead Guillei ■�■■ � ailli,11 reek _ Ilk Ica 7 I .1 n t ounty WI '�i I u m v Illfr �. �. F 1,.�� J iL: 251 Lf I I ' 111111 Ii nlllll Firfahh"..g11:3 � �•,t/ .01 � O O .i-Lan. at ►t r 1 .o '�.Illi� '21.Wei _ I� e �)I►`'F •,�T ©-mpart Range ME IA r7e �(I'c � ill . eE pjQe, a i a IJ119Eg ■ �°�' �� 1 Al,p 5 Poi_: fa' _ zr I ll ��Tan_am �.�■ ill II1 !r til Ell Elias, L MI .1‘191 -\ 6r Clliii it 4w,1 .&715117,71a; Irf c I • . .,me. Stre et �! if+f�erri'71 I li IlIP1171 �1, a, � ' \ , enderso Island, lri 5A would support a conservative estimated value of $70/SF, or $123,800 rounded. Therefore, the subject property appears to be fairly valued at $65.00/SF. IMPROVED SALES SUMMARY SHEET Grantor/Grantee Date Sales Price Building Size Price/SF of Building Sale First Bank of Erie Assessor' s 512 Briggs Street Value 1, 769 $65 . 00 Erie, CO $114, 985 1467-18-3-11-010 1 Best Case Scenario 584 Briggs Street 09/99 $104, 000 1, 488 $69 . 89 Erie, CO 1467-18-3-11-019 2 568 Briggs Street LLC 568 Briggs 06/00 $177, 000 1, 884 $93 . 95 Street Erie, CO 1467-18-3-11-017 3 Spinden Albert 114 8th Street 01/00 $170, 000 2 , 183 $77 . 87 Dacono, CO 1469-06-2-06-005 INCOME APPROACH The income approach measures market value by determining the price which open market condition justify paying for a particular property' s net income stream. Net income is the actual income that remains after all operating expenses are deducted from effective gross income, but before mortgage debt service and depreciation are deducted. Net income is converted to a value under this approach by applying an overall capitalization rate, which is derived from market sales. 6 • PROFORMA INCOME WORKSHEET Parcel : 1467-18-3-11-010 Name: FIRST BANK OF ERIE Prop Address: 512 BRIGGS ST, ERIE, CO Bldg sq ft Use No of Units Type Lease 1,769 Bank 1 GROSS Effective Tax Rate Mill Rate Assm't Rate Tax Rate 0.084115 0.29 0.02439335 Annual Annual Fractional rent Units Rent/Month Size/Bay Rent Rent PSF 1 $1,475.00 1,769 $17,690.00 $10.00 Avg Rent PSFf $10.00 Subject Rents Annual Annual Gross Area Rent PSF Income Rental Rate PSF 1,769 $10.00 $17,690 Less Vacancy & Expenses: Vacancy 5% ($884) Expenses 12% ($2,122) Net income $9.13 $14,684 Net Income/Overall CapRate=Property Value Property Value Value PSF Cap Rate + Eff 0.090 0.0244 0.114 $128807 $72.81 Tax Rate 0.100 0.0244 0.124 $118,419 $66.94 Total property value $120,000 $67.84 Estimated Percent of Expenses: Amount 2000 Gross Income Gross PSF Insurance $884 5.00% $0.50 Management at $884 5.00% $0.50 5% EGI Reserves at 2% $354 2.00% $0.20 Total $2,122 12.00% $1.20 INCOME CAPITALIZATION AND SUMMARY Deductions are required to potential gross income for all allowable operating expenses . The direct capitalization rate for convenience stores was selected based on published data and appraisal information retained in this office. It should be noted that the income information utilized in this Income Proforma is based on typical income and expenses within the Erie area and not on actual lease information as the subject is owner occupied and not leased. CORRELATION AND FINAL ESTIMATE OF VALUE The last step in the appraisal process is to conclude a final estimate of value for the subject property. This is done after analyzing the quantity, quality, and reliability of the data utilized, strengths and weaknesses of the different methods of valuation, and applicability of each approach to the type of property being appraised. The final estimate of value approximates that which an informed, rational investor would pay for the subject property if it were available for sale on the open market at the date of appraisal, given the data used in this report . A review of the value indication derived from the three approaches employed is as follows : COST APPROACH $109,400 SALES COMPARISON APPROACH. . . $123,800 INCOME APPROACH $120, 000 Based on the information presented in this Assessor' s Valuation Report, it is the opinion of the Weld County Assessor' s Office that the estimated valuation of $114,985 be affirmed. 8 ASSUMPTIONS AND LIMITING CONDITIONS This report is subject to the underlying assumptions and limiting conditions qualifying the information contained in the report as follows: 1) No responsibility is assumed for the legal descriptions or for matters including legal or title considerations. Title to the property is assumed to be good and marketable. All existing liens and encumbrances, if any, have been disregarded and the property is appraised as though it were free and clear. 2) Responsible ownership and competent property management are assumed. 3) Any sketch or photographs in the report are included to assist the reader in visualizing the property. No survey was provided for review. 4) The information furnished by others is believed to be reliable. However, no warranty is given to its accuracy. 5) It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies which may be required to discover such factors. 6) Neither all nor any part of the contents of this report shall be reproduced for dissemination to the public through advertising media, public relations media, news media, sales media, or any other public means of communications without the prior written consent of the author. 7) This appraisal was created for the purpose of ad valorem taxation. For this reason it is the appraisal of the fee simple title rights attached and specific to the real property described in this report. These fee simple title rights may differ from the rights of ownership if they are encumbered by favorable or unfavorable lease provisions. by reason of the purpose of the appraisal or function of the report herein set forth, the value reported is only applicable to the property rights appraised and the appraisal should not be used for any other purpose. 8) The removal or loss of any portion of this report invalidates the entire report. 9) It is understood, by reason of this report, that the author is to give testimony in a court of law or hearing as an Expert Witness, on behalf of Weld County. 10) The purpose of this appraisal is for ad valorem taxation and is restricted from standard appraisal procedures only by state law regarding those procedures and by limitations based on mass appraisal procedures, therefore Highest and Best Use will be assumed to the present use of the property; CRS 39-1-103 5 (c) "Once any property is classified for property tax purposes, it shall remain so classified until such time as its actual use changes or the assessor discovers that the classification is erroneous. " If information is made available to the appraiser to show that the current improvements demonstrate qualities that make its current use detrimental to its market value then obsolescence of the appropriate type and scope will be considered on an individual or group basis. 9 Lee Williams Colorado Certified General Appraiser CG01316201 • Education B.S.B.A. (Hotel and Restaurant Mgt. ) University of Denver Appraisal Institute Courses Appraisal Procedures U.S.P.A.P. Update Uniform Standards of Professional Practice International Association of Assessing Officers Appraisal of Land Income Approach to Valuation Advanced Income Development and Writing of Narrative Appraisal Reports Mass Appraisal of Income Producing Properties Workshops and Seminars Sales Confirmation Understanding Limited Appraisals HP 12C Calculator Fair Lending and the Appraiser Data Confirmation and Verification Windows Desktop Time Trend Analysis Professional and Trade Affiliations Colorado Certified General Appraiser #CG01316201 Colorado Association of Tax Appraisers Relevant Employment October 1999 Weld County Assessor's Office, Commercial Appraiser To Present Discovering, listing, and valuing commercial property along I-25 in Weld Co. June 1999 Independent Fee Appraiser To October 1999 Residential appraisals in Larimer and Weld Counties Dec. 1997 Appraisal Specialties, Inc. as a Residential and Commercial Appraiser To May 1999 Researching , inspecting, and preparing assignments in Larimer and Weld Counties Dec. 1996 Weld County Assessor's Office. Residential Property Appraiser To Dec. 1997 Discovering, listing, and valuing residential property in northern Weld Co. Jan. 1994 Key Bank of Wyoming/Colorado. Review Appraiser - engaging and To Oct. 1996 reviewing appraisals, perform appraisals, and write technical reviews. Sept. 1988 Larimer County Assessor's Office. Deputy Assessor supervising To Dec. 1993 commercial appraisals and appraisers. Oct. 1986 Routt County Assessor's Office. Chief Appraiser supervising appraisal To July 1987 procedures and appraisers. Feb. 1978 Larimer County Assessor' Office. Worked as a Residential Property To Sept. 1986 Appraiser, Chief Appraiser, and Deputy Assessor supervising Real Property operations. 10 BOE SUMMARY SHEET Account Number: R5757586 Parcel Number: 146718311010 FIRST BANK OF ERIE C/O FIRST BANK HOLDING CO P O BOX 150097 HEARING DATE: August 3, 2001, AT 10:00 AM HEARING ATTENDED? (Y& NAME: AGENT NAME: JEFFREY MONROE TAX PROFILE SERVICES INC 2525 16TH ST, SUITE 225 DENVER CO 80211 APPRAISER NAME: REF DECISION ACTUAL VALUATION ORIGINAL SET BY BOARD Land $ 11,963 $ Improvements OR Personal Property 103,022 Total Actual Value $ 114,985 $ COMMENTS: MOTION BY B J TO L12--O--- SECONDED BY R/�'� Geile — N) Jerke — jy N) Failed to prove appropriate value Long -- ,go N) No comparables given Masden - G9% N) Assessors value upheld Vaad - id N) Other: RESOLUTION NO. Hello