HomeMy WebLinkAbout911166.tiff BOARD OF ASSESSMENT APPEALS
STATE OF COLORADO
Docket Number 14172
ORDER
BANK OF NEW YORK,
Petitioner,
vs.
WELD COUNTY BOARD OF EQUALIZATION,
Respondent.
THIS MATTER was heard by the Board of Assessment Appeals on
January 11 , 1991 , Don Clifton and LaNee Streeter presiding .
Petitioner was represented by James E. Heiser, Esq . Respondent was
represented by Jan Allison , Esq . The Board ' s decision was put on
the record February 8, 1991 .
FINDINGS OF FACT:
1 . Subject property is described as follows:
PIN: R2810486, GR 4814 LOTS 1 THRU 32 BLK 43
TOG WITH VAC E-W ALLEY %701 8 ST% (Weld County
Schedule Number 0961-05-3-14-010)
2. Petitioner is protesting the 1990 actual value of the
subject property , a 150-room hotel in Greeley .
3. Petitioner presented the following indicators of value:
Market: $2,813,000.00
Income: $3,712 , 508.00
4. Petitioner contends that subject property has shown bad
performance since opening .
5. Petitioner did not include income from the third floor,
stating that it was not appropriate to mix two income approaches.
Property is a distressed property , in Petitioner' s estimation , and
is currently owned by the note holder.
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6. Petitioner contends that the 1990 actual value of the
subject property should be $3,000,000.00.
7. Respondent presented the following indicators of value:
Market: $3,975,250.00
Cost: $5,462,083.00
B. Respondent presented four comparable sales ranging in
sales price from $775,000.00 to $2,400,000.00 and in size from 48
to 100 rooms to derive a market approach value for the subject
property .
9. Respondent contends that the third floor income should
be used in the income approach. The cost and income approach are
not as applicable as the market approach, contends the Respondent,
due to discrepancies between construction costs and appraisal
values and because of the short tenure of past tenants and lack of
concrete data. Respondent was unable to find common ground between
extremes of value in sales comparables, but due to problems with
cost and income, put most weight on the market approach.
10. Respondent used a state-approved cost estimating service
to derive a market-adjusted cost value for the subject property of
$5,485, 575.00.
11 . Respondent assigned an actual value of $3,975,250.00 to
the subject property for tax year 1990.
CONCLUSIONS:
1 . Petitioner presented insufficient probative evidence or
testimony to prove that the Weld County Assessor improperly valued
the subject property , in accordance with the Board ' s Rule 14.
2. The Weld County Assessor properly used the applicable
state statutes and the Division of Property Taxation manuals and
guidelines in valuing the subject property for tax year 1990.
3. Petitioner provided no solid evidence that could be used
by the Board , and therefore, did not meet its burden of proof.
ORDER:
The petition is denied.
814172
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DATED this �4 day of February , 1991 .
BOARD OF ASSESSMENT APPEALS
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I hereby certify that this is a true
and correct copy of the decision of
the Board of Assessment Appeals .
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814172
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