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Home My WebLink About901448.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 1990, WELD COUNTY, COLORADO PETITION OF: PIZZA HUT % JIM WINTERS 2414 N WOODLAWN SUITE 201 WICHITA, KS 67278 - 9950 DESCRIPTION OF PROPERTY: PIN: P 0004367 PARCEL: 147105214007 - 450 DENVER AV FORT FTL 15406-A BLK 11 WHEREAS, the Board of County Commissioners of Weld County, Colorado, organized as a Board of Equalization for the purpose of adjusting, equalizing, raising or lowering the assessment and valuation of real and personal property within this County, fixed and made by the County Assessor for the year 1990, and WHEREAS, said petition has been heard before the County Assessor and due notice of adjustment thereon has been given to the taxpayer(s) , and WHEREAS, the taxpayer(s) presented a petition of appeal to the County Assessor's valuation for the year 1990, claiming grounds for relief thereunder stating the property described in such petition was assessed too high, as more specifically stated in said petition, and WHEREAS, said petitioner being represented by Dougherty & Scavo, who submitted a letter regarding said petition, and WHEREAS, the Board has made its findings on the evidence, testimony and remonstrances and is now fully informed. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, acting as the Board of Equalization, that the evidence presented at the hearing clearly supported the value placed upon the Petitioner's property 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. As such, this Board finds that the Petitioner failed to meet its burden of proving that the Assessor's valuation was incorrect. The assessment and valuation of the Weld County Assessor shall be, and hereby is, affirmed. 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: 94)144.8 Page 2 RE: BOE - PIZZA HUT 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. (39-8-108 (1) , CRS) Appeals to the BAA must be made on forms furnished by the BAA, and should be mailed or delivered within thirty (30) days of denial by the OBOE 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 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. (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. (39-8-108 .5, CRS) 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 Page 3 RE: BOE - PIZZA HUT 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 30th day of J ly, A.D. , 19,90. , q / ; /� ATTEST: (71V ' , , BOARD OF COUNTY COMMISSIONERS ' %d �(/G WELD NTY, COLORADO Weld County Clerk to the Board / - �J ene R. Bran ner, Chairman BY: /9O714 -, (-4.-1 Deputy Clerk to the Board .t e rge K nedy, Pro-Te APPROVED AS TO FORM: �� Constance L. Har ert 7)>---7_„-- ) _ ` ty Attorney C. W. irb / Go . OFFICE OF COUNTY ASSESSOR 915 10th STREET GREELEY,COLORADO 80631 NOTICE OF ADJUSTMENT PHONE(303)356-4000, EXT.4256 FTL 15406-A 8LK 11 COLORADO 450 DENVER AV FORT LU OWNER PIZZA HUT DOUGHERTY L SCROD PARCEL 147105214007 PROPERTY TAX CONSULTANTS PIN P 0004367 220 E MULBERRY ST YEAR 1990 FT COLLINS CO 80524 LOG 00102 07/05/1990 The appraised value of property is based on the appropriate consideration of the approaches to value required by law.The Assesidihas de't'ermined" that your property should be included in the following category(ies)`. ';) Residential property is valued by considering the cost and market approaches. cif Agricultural land value is determined solely by the earning or production capacity of the land,capitalized at a rate set by law. Producing mines are assessed at 25%of the gross proceeds or 100%of the net proceeds,whichever is greater. Oil and gas leaseholds and lands are assessed at 87.5% of the gross value of the oil and/or gas sold or transported from the premises on primary production;secondary production is valued at 75%. 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 deter- mined the valuation(s) assigned to your property.The reasons for this determination of value are: YOUR PERSONAL PROPERTY ACCOUNT HAS BEEN ADJUSTED FUR 1990. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE ACTUAL VALUE ACTUAL VALUE OF VALUE PRIOR TO REVIEW AFTER REVIEW PERSONAL PROPERTY 59.093 58. 906 TOTALS $ $ 59s 093 $ 58.906 If you disagree with the Assessor's decision,you have the right to appeal to the County Board of Equalization for further consideration, 39-8-1061111a1,C.R.S. Please see the back of this form for detailed information on filing your appeal. By: RICHARD W. KEIRNES 07/05/90 • WELD COUNTY ASSESSOR DATE 22 (l Form PR-207 D 87/90 F P-2 ADDITIONAL INFORMATION ON REVERSE SIDE �� 5=4,6D . r. s, . . Es). rs hod '0 APPEAL filt: ,ASSESSOR'S DECISION , k uss,== r, .003= sr sd< < ,ryrues3 recoc71 August 10 for real property �€ . . ,: ; era ar-k 9y c,,,y equkdruunfd. :i9-8 idfl and 398-107{2}, C.R.S. eri rvr to the County Board of . r r ' ' - - OR BEFORE - <5lir .t.uy` r7 :itrcn}J '7 I.. P‘ t 1 zPP ('Curdy Board of i., ` _ rrS:1 t,,. :n t= ? , z It , V Rt-L7 (1;1 (?C}. BEFORE .. . D. . x .,n t'..`.0. 69Sa.169 r , ..., i. =so . 'k*ra or=soh s r r, r c _'O.- iliti$�l�(`ytiiYl-i(ii triFrt�t f7ay$ O� the Cuter-iv ..t •71., s 1 iFPj.I 1 PP LP i:14 ,2 par.?I5 03-5.1)5). r2 ) 366 5880 O=O6 ref Court: .f.eif'Fr out-d- i k: a Or he usse, .r,:4 a )0.6- 55OS . PROVE 531O kriis. foLE,Lr A TIMELY ARREAL, i'' .r 05 .,9319t 60.0 - OF 1Y1'0i @NG ' ' . , 51 re.") 1 Ftk 638==t ` fflor d sir. ¢: rt`A .9,5=91,5N t3\30 DOUGHERTY & SCAVO /^ ',!;n ., PROPERTY TAX CONSULTANTS U /7 a• 220 E. MULBERRY ST. �r ?L FT. COLLINS, COLORADO 80524 I'0 7�: PHONE: (303)493-4980 ; THOMAS N. DOUGHERTY L�� . .3r FAX: (303)482-0860 'JAMESA. SCAVO July 18, 1990 Mr. Richard W. Keirnes Weld County Assessor 915 10th Street Greeley, CO 80631 Re: James E. Winter DBA Winter Enterprises 450 Denver Avenue 1471-05-2-14-007 Dear Mr. Keirnes: Please regard this letter as formal protest of the current valuation of the above referenced property. Enclosed is authorization for Dougherty & Scavo to represent the above referenced property owner in this matter. Additionally please find documentation enclosed to support an actual value for this property of $102,500. Thank youfor your consideration. Sineere ;�i� \ Tom Dou y DOUGHERTY & SCAVO TD:bh Encls . DOUGHERTY & SCAVO 90-027 N �•: r�° 's¢',...„—:<.,: rT Y h'c :...".„:11,„%‘:--��" A � 1 .•', fir{(i.4:4 ) 4 i_. /fit .. - \. �__ a �— I / - k y ! _� Ar _ �t�.. .. 1 k _ ... _ 1 �.r ,,r-c.. _ t 4n ,•: „ » :.�wg.nw�. a'h �,a.' ' t-vp.� - ..w� ' '-rd'Sr r a , DOUGHERTY & SCAVO 90-027 PARCEL NUMBER: 1471-05-2-14-007 CITY: Fort Lupton ADDRESS: 450 Denver Avenue USE: Commercial Land/Restaurant-Fast Food CONSTRUCTION TYPE: Frame NUMBER OF STORIES: 1 BUILDING SIZE: 1,741 SF LOT SIZE: 14, 000 SF CONDITION: Good COMMENTS: This is a typical Pizza Hut type facility with normal construction and design for a pizza restaurant. The condition is good. It is important to separate "Pizza Hut" goodwill value from the real estate value. We will do that by looking at "market" rent rates for the income approach to value and the cost approach to value. DOUGHERTY & SCAVO 90-027 INCOME APPROACH TO MARKET VALUE Gross Income Potential: 1,741 SF @ $11. 00/SF $19, 151 Less: Vacancy & Credit Loss ( 108) ( 1,915) Less: Operating Expenses (25%) ( 4,788) Net Operating Income: $12,448 CAPITALIZATION RATE = 13$ INCOME VALUE _ $95,754 Fast foods generating $11.00/SF in the Fort Lupton area Parcel Number : 1471-05-2-14-007 Property Owner : WINTER Address : 450 DENVER AVENUE City, State, ZIP: FORT LUPTON, CO 80621 Surveyed by : TD Date of Survey : 6/90 Occupancy: Fast Food Restaurant Floor Area: 1,741 square feet Number of stories: 1. 0 Class: Frame Average story height: 8 .0 feet Cost rank: Average Effective age: 8 years Cost as of: 6/88 Heating and Cooling: Package Unit 1008 Other features: Units Cost Total Basic structure cost 1,741 54.47 94,832 Extras: WALK IN COOLER 7,800 Replacement Cost New 102,632 Less Depreciation: Physical and Functional <11.5%> <11,802> Depreciated Cost 90,829 Miscellaneous: LAND 5,223 2 .00 10,446 LAND BACKLOT 8,777 1. 00 8,777 ASPHALT 5,500 0.78 4,289 Subtotal 23,512 Total 114,341 Assessed Value 29% 33, 158 Cost data by MARSHALL and SWIFT DOUGHERTY & SCAVO 90-027 CONCLUSION INCOME APPROACH TO VALUE _ $95,754 MARKET APPROACH TO VALUE = N/A COST APPROACH TO VALUE _ $114,341 VALUE REQUESTED = $102,500 AUTHORIZATION I hereby authorize Daugherty-Scavo to investigate, if deemed appropriate, seek adjustments in assessed valuation and receive copies of notice of valuation for the following real properties; \d c».3. ver Jow"A Owner Name: James E. Winter Address: P.O. Box 789950 City, State: Wichita, KS Zip: 67278 Phone: 316-687-6385 Parcel No. Address (legal ) 97131-29-004 (Real /Pers. ) Riverside Shopping Center, Ft.Collins 97261-27-004 (Real/Pers. ) 2631 S. College Ave. , Ft. Collins 87191-09-002 (Pers. ) 2850 McClelland Dr, Ft. Collins 97251-19-001 (Pers. ) 2601 S. Lemay #3, Ft. Collins 97214-22-001 (Pers. ) 2170 W. Drake #82, Ft. Collins 95142-15-002 (Real/Pers. ) 832 W. Eisenhower , Loveland 95013-10-004 (Pers. ) 249-E E. 29th St. , Loveland ti5253-08-008 (Real /Pers. ) 430 Prospect Dr. , Estes Park. 095901424002 (Real/Pers. ) 2439 W. 10th St. , Greeley 147105214007 (Real /Pers. ) 450 Denver Ave. , Ft. Lupton 096117311013 (Real /Pers. ) 2525 Eighth Ave. , Greeley 080717302001 (Real /Pers. ) 1000 12th St. , Windsor 080717:02002 (Real ) 1000 12th St. , Windsor 080717302003 (Real ) 1000 12th St. , Windsor Dougherty-Scavo shall be our exclusive agent for a period of 1 year in matters relating to ad valorem taxation of the above listed real properties. 2/,127-e.%:° Owner' s Signature Date Mailing Address of Notice of Assessed Valuation: Dougherty-Scavo 220 E. Mulberry Street Fort Collins, CO 80524 Hello