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Home My WebLink About910752.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 1991, WELD COUNTY, COLORADO PETITION OF: FIRST FEDERAL SAVINGS & LOAN ASSN OF DENVER 2901 23 AV GREELEY, CO 80631 DESCRIPTION OF PROPERTY: PIN: R 2598386 PARCEL: 095924100062 - GR 17622-D PT NE4 24 5 66 (GALLERY GREEN ANNEX) BEG NE COR OF SEC $688.26' N89D53'W 49.96' TO TRUE POB N89D53'W 198' N156.82' S89D59'E 168' SELY 47. 12' S127. 17' M/L TO TRUE POB (PT TRACT 3) (IMPS ONLY GR 17622-J (INTRAWEST BANK OF GREELEY) WHEREAS, the Board of County Commissioners of Weld County, Colorado, organized 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 1991, 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 1991, 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 Property Tax Advisors, Inc. , who submitted written data concerning this 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 the 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 910752 Page 2 RE: BOE - FIRST FEDERAL SAVINGS & LOAN ASSN OF DENVER options: 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 furnished 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 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) , 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) 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. 910752 Page 3 RE: BOE - FIRST FEDERAL SAVINGS & LOAN ASSN OF DENVER 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 b the foll wing vote on the 29th day of July, A.D. , 1991. BOARD OF COUNTY COMMISSIONERS ATTEST: �� WELD COUNTY, OLORADO Weld County Clerk to the Board �� a: . Gore • .. rman By: �L �, � fi� Deputy Clerk to the BQa 1 eo e Ke edy, Pro-Tem APPROVED AS TO FORM: -��6%� 4(-67c Constance L. Harbert istant County Attorney C. W. Kir y lift O414 475) V W. H. Webster 910752 BOE DECISION SHEET PIN #: R 2598386 PARCEL #: 095924100062 FIRST FEDRAL SAVINGS & LOAN ASSN OF DENVER 2901 23 AV GREELEY, CO 80631 HEARING DATE: July pr, 1991 TIME: 8:30 A.M. HEARING ATTENDED? (Y/49 NAME: s ue AGENT NAME: PROPERTY TAX ADVIXORS INC . � - DECISION: DECREASE IN VALUATION }C .. INCREASE IN VALUATION NO CHANGE IN VALUATION ASSESSMENT RATIO ACTUAL VALUATION ORIGINAL ADJUSTED Land $ 120388 $ J .00 •fig$ Improvements OR Personal Property 267625 / ) c3.1,, -0-- Total Actual Value $ 388013 $ :31q 4517 COMMENTS: ` MOTION BY (LP TO ?gi &St, SECONDED BY .F K Lacy ) Kennedy N) Failed to meet burden of proof Harbert N) Comparables inadequate Kirby N) Assessor's data unchallenged Webster N) NI„ Other: . -tfi4tr, RESOLUTION NO._ 910752 \O80 915 10th STREET ---\) GREELEY,COLORADO 80 31 SO NOTICE OF DENIAL PHONE,(3031 356-4000, EXT.4256 wine(7- GR 17622,-D PT NE4 24 5 66 (GALLERY GREEN ANNEX) BEG NE CDR OF SEC 5688.264 N890531W 49.96. TO TRUE COLORADO POB N89053.14 1989 N156.821 5890591E 1684 SELY 47.121 S1274,17. M/L TO TRUE POB (PT TRACT 3) (IMPS ONLY GR 17622-J (INTRAMEST BANK OF GREELEY) 2302 W 29 ST GREELEY OWNER FIRST FEDRAL SAVINGS t LOAN ASSN OF DENVE PROPERTY TAX ADVIXORS INC PARCEL 095924100062 PIN R 2598386 3090 SOUTH JAMAICA CT SUITE 204 YEAR 1991 AURORA CO 80014 LOG 04087 06/03/1991 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 lies): Residential property is valued by considering the cost and market approaches. Agricultural land value is determined solely by the earning or productive 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 fora 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: NO CHANGE HAS BEEN MADE TO THE ACTUAL VALUATION OF THIS PROPERTY• COLORADO LAW REQUIRES US TO SEND THIS NOTICE OF DENIAL FOR ALL PROPERTIES ON WHICH ME DO NOT ADJUST THE VALUE. PROPERTY CLASSIFICATION PETITIONER'S ASSESSOR'S VALUATION ESTIMATE ACTUAL VALUE ACTUAL VALUE OF VALUE PRIOR TO REVIEW AFTER REVIEW LAND 1204388 1209388 IMPS 2679625 2679625 TOTALS $ $ 3889013 $ 3889013 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. WARREN L. LASELL 06/10/91 WELD COUNTY ASSESSOR qp ,�y ry FormPPR-207-87/91 ADDITIONAL INFORMATION ON REVERSE SIDE 911.f�t'I52 60 /c?97//1 C. • .. . . PROPERTY TAX 3090 S. JAMAICA CT., • SUITE 204 i AURORA,'COLORAD0 80014 • (303) 368-0500 ADVISORS. C INC. 70 1 f!_ July 23, 1991 Weld County Board of Equalization ATTN: Ms. Carol Harding 915 — 10th Street Greeley, Colorado 80631 RE: P.I.N. Numbers R 2598386 R 0054787 To The Honorable Board: We are hereby submitting, as written, our protests on the above—referenced properties. We will be unable to attend our hearings scheduled for: July 26, 1991 at 8:30 AM and wish the Honorable Board to consider our protest as written. May I take this opportunity to thank you for your consideration. Very truly yours, PROPERTY TA), ADVISO S pc/tin- 112 Beldon Wright BW/nik BWWELD.107 Enclosure cc: Michael Sampson, Chief Appraiser — Assessor's Office C 4 A 4";�^12 V � u�4J Petition To: COUNTY BOARD OF EQUALIZATION Subject: APPEAL OF REAL PROPERTY VALUATION County: Weld Schedule Number: 8259-8386 PTA No. 1297MJ Property Address: 2901 - 23rd Avenue, Greeley 2302 W. 29th Street, Greeley Property Owner: First Federal Savings & Loan Agent: PROPERTY TAX ADVISORS, INC. 3090 South Jamaica Court, Suite 204 Aurora, Colorado 80014 (303) 368-0500 By: Beldon Wright Date: July 16, 1991 Attachments: Photograph(s) of Subject Property X Income Approach Market Approach X Cost Approach Uniformity x Correlation . PETITIONER' S FINAL ESTIMATE OF VALUE: $ 334,650 Site Size 29• 185 s.f. YOC 1979 Effective Bldg. Age 11 Gross Building Area 3,388 SF Remaining Econ. Life 34 Land-to Bldg. Ratio 8.6 :1 Zoning Constr. D Use: Bank Property Address: 2901 - 23rd Avenue/2302 W. 29th Street, Greeley FINAL ESTIMATE OF VALUE: S334,650 CORRELATION AND CONCLUSIONS: Petitioner contends that the difference between a Class D bank building ($67.42/s.f. ) and a Class D office building ($43+/s.f. ) is the appurtenances such as vault door, teller line, sprinkler system, drive-up facility, etc. , that the Assessor carries as add-on's to his $67.42 base cost. These add-on's at the $24 difference between office and bank buildings equals $81 ,000+. In addition, Petitioner depreciates canopies, asphalt, concrete and parking lot lights on a straight-line basis over 20-year life. Petitioner gives equal weight to his two approaches to value. Therefore: Cost = $336, 100 Income = $333,200 $669,300 = $334,650 2 24 w.J. .��lt i. a3 r752'�s Property Address: 2901 - 23rd Avenue/2302 W. 29th Street, Greeley COST APPROACH TO VALUE _ $ 336, 100 Excellent Type: Bank Class: D Average x Low Cost Land: sf Building: sf Y.O.C. 1979 Adjusted Base Cost: $ 67.42 /sf Source: Assessor 3,388 sf x $ 67.42 /sf = $228,419 sf x $ /sf = sf x $ /sf= $ 228,419 RCN Depreciation: 9 % = 91 % Good Source: Assessor Condition: $ 207,861 RCNLD Deferred Maintenance = $ Curable Functional = $ Incurable Functional = $ Economic Obsolescence = $ $ 207,861 *Depreciated Ancillary Improvements = $ 7,890 Land Value = $ 120,388 VALUE BY COST APPROACH = $ 336, 139 Say: $ 336, 100 COMMENTS: *Canopies, asphalt, lights & poles, concrete (average 20-year life) $15,780 x .5 = 21.0752 , Property Address: 2901 - 23rd Avenue/2302 W. 29th Street, Greeley INCOME APPROACH TO VALUE _ $ 333,200 GLA: 3.388 sf Rental Rate: $ 12 NNN sf Source: Market Factors Affecting Rental Rate: 3,388 sf x $ 12 /sf = $ 40,656 sf x $ /sf = $ sf x $ /sf = $ Potential Gross Income $ 40,656 Source: Occupancy Rate = x 100 % Effective Gross Income = $ 40,656 Source: Expenses = 10% minus $ 4,000 Net Operating Income = $ 36,656 Source: * Capitalization Rate = , 11 $ 333,236 say VALUE BY INCOME APPROACH = $ 333,200 COMMENTS: * Petitioner uses generic capitalization rate. Actual rate should be 13.21%. Return = Average 5-year C.D. Rate (6/30/90) _ .077 Recapture = 100/34 remaining life = .0294 ETR = .29 x .088598 = .0257 . 1321 CJw� r, -(1J:.'") C re Petition to: COUNTY BOARD OF EQUALIZATION Subject: APPEAL OF REAL PROPERTY VALUA*ON — r '— County: Weld Schedule Number: R259-8386 Property Address: 2302 - 29th Street Property Owner: First Federal Savings & Loan Association Agent: PROPERTY TAX ADVISORS, INC. 3090 South Jamaica Court, Suite 204 Aurora, Colorado 80014 (303) 368-0500 By: U hit Date: 2'74 fr Attachments: 1. Assessor's Notice of Determination 2. Agency Agreement 3. Supporting Documentation Attached To Follow Submitted to Assessor W:1297MJ O ap Tv—1 et t) Property Tax Advisors , Inc . ( 303) 368-0500 3090 S. Jamaica Ct . , Suite 204 Aurora, Colorado 80014 CONSULTANT - AGENCY AGREEMENT Property Owner: First Federal Savings County: Weld P.I.N. Property Address R259-8386 2302 - 29th Street The undersigned hereby appoints and authorizes Property Tax Advisors, Inc. as its Agent and Consultant in the preparation and execution of a real estate assessment appeal and/or appeals on behalf of the undersigned before the County Assessor, the County Board of Equalization, an Arbitrator, or, as an expert witness, before the Colorado State Board of Assessment Appeals, or a court of law in regard to the above enumerated property and/or properties for the assessment years 1991, 1992. The undersigned further authorizes Property Tax Advisors, Inc.,as agent of the undersigned, to execute and cause to be filed on behalf of the undersigned, in the name of the undersigned, any and all documents relating to an appeal of the subject assessment and/or assessments. This agreement is executed this l 7 day of ,Ii,r/1Y / , 19 4/. BY: / BY: APPROVED: Property Tax Advisors, Inc. BY: / 9n/A u� 'Jz . (t 41 \ CLERK TO THE BOARD lit P.O. BOX 758 111 ' GREELEY,COLORADO 80832 C. (303)3584000 EXT.4225 COLORADO July 19, 1991 Parcel No. : 095924100062 PIN No. : R 2598386 FIRST FEDRAL SAVINGS & LOAN ASSN OF DENVER 2901 23 AV GREELEY, CO 80631 Dear Petitioner(s) : The Weld County Board of Equalization has set a date of Frisday,July 26, 1991, at or about the hour of 8:30 A.M. , to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Centennial Center, 915 10th Street, Greeley, Colorado, in the First Floor Hearing Room. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor will be present before the Board. The Board will make their 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 10, 1991, and mailed to you on or before August 16, 1991. 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. 2,7 Ji FIRST FEDRAL SAVINGS & LOAN ASSN OF DENVER - R 2598386 Page 2 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. 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 EQUALI ATIONN /.1.42 Donald D. Warden, Clerk to the and BY: Carol A. Harding, Iiepef cc: Warren Lasell, Assessor PROPERTY TAX ADVIXORS INC, Hello