HomeMy WebLinkAbout920237.tiff PRESCRIBED BY THE PROPERTY TAX ( c
ISTRATOR
FORM 920 1/66-6/90 P;' ,A JN FOR ABATEMENT OR REFUND OFNTAXES c. JECKEL ��
GO, DENVER 36312
' � Petitioners: Use this side only.
Greeley Colorado, December 13 19 91 11 _
City or Town
To The Honorable Board of County Commissioners of ldeld County
Gentlemen: I O I r
The petition of James R. & Julie A. Barton
whose mailing address is• PO Box 366
La Salle CO 80645
City or Town State Zip Code
SCHEDULE NUMBER DESCRIPTION OF PROPERTY AS LISTED ON TAX ROLL
)&0078 . c. LAS 11564 L17 THRU 22 BLK 5 MC CUTCHEONS
A '6'1-, -4-1±f011) (116 3rd Ave, LaSalle)
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respectfully requests that the taxes assessed against the above property for the years A. D.
19...59..., 19 90 , are erroneous, illegal, or due to error in valuation for the following reasons:
(Completely describe the circumstances surrounding the incorrect value or tax.)
In accordance with Senate Bill 91-231, petitioner requests review and adjustment
of the 1989 and 1990 assessed value. Subject's over-valuation is verified by
the assessment reduction the property received in 1991 and is further verified
by the attached report showing it's value in the '87/-88 market window.
Summation: Subject is a retail/office strip in La Salle. The income stream has
been relatively consistent in the last four years, and is examined in the
attached report. Given the real estate markets of 87/88 and 89/90 (both rent
and sales prices) plus subject's actual rent history, it was clearly worth
little more in the previous assessment period than that established for the
91/92 period. Petitioner requests the 89/90 valuation be adjusted to $238,500.
z,. 198.4... 19.9.Q..
Value Tax Value Tax
Orig. 83, 120 7,850.36 83,120 7,919. 18
Abate. 13,950 /1 ,317.53 13,950 1,329.08 /
T' BaL 69, 170 6,532.83 69, 170 6,590. 10
ae
We taxes (have) (Havant) been paid. Wherefore your petitioner prays that the taxes may
be alaxtetcban refunded in the sum of $ 2,646.61
I declare, under penalty of perjury in the second degree that this petition, together with any
accompanying exhibits or statements, has been examined by me and to the best of my knowledge,
information and belief is true, correct and complete.
Vail court assEssoR
D ^ b James and Julie Barton
y Petitioner
DEC S 1 1991 \'\\
COLO'
By C
GREELEI•
I77 Agent V V
Christ op
p er D. Ruff
R&N Property Consultants
413 Main St * PO Box 99
Address Windssz.,...CQ...8QS50
(303) 686-7447
- i
A>��D3-� 920237
II
RESOLUTION OF COUNTY COMMISSIONERS
WHEREAS, The County Commissioners of Weld County,
State of Colorado, at a duly and lawfully called regular meeting held on the ll.th day
of March , A.D. 19 92, at which meeting there were present the following
members. Chairman..George .Kennedy, .and Commissioners...C.ons.tance..L....Harber,
C, W. Kirby., .Gard..on..E.. kac..y,...and..W....H.....Webs.ter
notice of such meeting and an opportunity to be present having been given to the taxpayer and
the Assessor of said County and said Assessor...repx.eaen.t.ed..by..Mike...&so.n and taxpayer
rep.recent.e.d..by...Chris...Ruff.,...R&N.,...being present; and (name)
(name)
WHEREAS, The said County Commissioners have carefully considered the within applica-
tion, and are fully advised in relation thereto,
NOW BE IT RESOLVED, That the Board... .aoncux.s with the recommendation of
(cdncurs or does not concur)
the assessor and the petition be._.approved......., and an abatement/refund be allowed
L 19mrfr3d ogon(ed) 1989 1317.53 be allowed or not be allowed)
on an assessed valuation of$ .1990 „,13,95.0.for 19.9.0 . 13.29_AB..total tax for th year(s) 19.$.9.&9D•
Chairman of Board of ounty Commissioners.
STATE OF COLORADO, )) Pro tern
}ss.
County of Wald 1)
I, Donald..D.,...Warden , aidatelitaaltdatatirgiffkill Clerk
of the Board of County Commissioners in and for the County of Weld
State of Colorado, do hereby certify that the above and foregoing order is truly copied from the
records of the proceedings of the Board of County Commissioners for said Weld
County, now in my office.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed theseal of said County,
at Greeley, Colorado this 11th • .y of rizcy.min
, A. D. 19..92....
r g��iatvj Clerk.
By...�fl� l4 . (4
Deputy.
ACTION OF THE PROPERTY TAX ADMINISTRATOR
Denver, Colorado, � z.-c.Y /V , 1g.7,
The action of the Board of County Commissioners, relativefo the within petition, is hereby
appro j] approved in part $ ❑ denied for the following reason(s)
ATTEST: `�Q�� t�T�p 1/
sue._ .`.Z: l � `y `I^++` l •�' i� j�C13�t��.
ecretary. l Property Tax Administrator.
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AA' W CLERK TO THE BOARD
P.O. BOX 758
GREELEY,COLORADO 80832
(303)358-4000 EXT.4225
COLORADO
February 28, 1992
James R. and Julie A. Barton
P. 0. Box 366
LaSalle, Colorado 80645
RE: SCHEDULE NUMBER 4057786 (0961-31-4-12-011)
Dear Mr. & Mrs. Barton:
This is to advise you that the Board of Weld County Commissioners will hear your
petition for tax abatement or refund on the property described as: LAS 11564 L17
THRU 22 BLK 5 MC CUTCHEONS (116 3rd Ave, LaSalle) . This meeting is scheduled for
Monday, March 9, 1992 at 9:00 a.m. , at which time you may be heard. The Assessor
is recommending that the Board APPROVE your petition.
The meeting will be held in the Chambers of the Board, Weld County Centennial
Center, First Floor, 915 10th Street, Greeley, Colorado, at the above specified
time.
If you have any questions concerning this matter, please do not hesitate to
contact this office.
Sincerely,
Donald D. Warden,
Weld County Clerk to the Board
BY: A
Deputy Clerkrto the Board
XC: Assessor - W. Lasell
County Attorney
R & N Property Consultants
•
PARCEL/SCHEDULE NUMBER: 0961-31-4--12-011/4057786
PROPERTY ADDRESS/CITY : 218 N 2nd St. , La Salle
COUNTY Weld •
OWNER/REPRESENTATIVE . James R. & Julie A. Barton
R&N CONTRACT NUMBER A0337-1
DATE SUBMITTED Dec 17, 1991
PETITIONERS VALUE: $238,500
CASE SYNOPSIS:
Subject is a retail/office strip in La Salle. Subject has ALWAYS had vac-
ancy problems. It is currently 50% vacant: 1 unit 2-3 yrs, 2 units 1 yr,
and 1 unit 4-5 mos. An appraisal was performed in Dec '9D, with a value
of $197,000 resulting. Our analysis of actual 1988 and 1989 income and
expenses, coupled with a county-type analysis assuming $7.00/SF, 25% vac,
25% expenses, and 13.25% cap (eff tax rate = .0276) , reveals an income
value range of $170K to $225K. A value of $238,500 is very fair.
INCOME APPROACH TO VALUE 1988 $ 170,92.4
INCOME APPROACH TO VALUE 1989 : $ 195,038
PRO-FORMA INCOME ANALYSIS : $ 238,743
MARKET APPROACH TO VALUE 1988 : $ 197,000
ca .0237
•
PROPERTY INCOME AND EXPENSE ANALYSIS
:1989 1988
RENTAL INCOME
Gross rents 35,582 33,212 act
CAM Reimburse
Vac/Credit Loss 0 % 0 %
Adjusted Gross 35,582 33,212
OPERATING EXPENSES
Advertising 0% 0%
Insurance 757 2% 575 2%
Ground Maint 0% 0%
Janitorial/Clean 0% 0%
Management Fees 1,800 5% 1,800 5%
Maintenance/Repair 2,235 6% 2,718 8%
Property Taxes 7,731 22% 7,107 21%
R.,-gReplacements 0% 0%
Utilities Utilities 2,580 7% 3,065 9%
Trash removal 0% 0%
Misc Category 0% 0%
Misc Category 0% 0%
_._ __ ^ —
Total Expense 15,103 42% 15,265 46%
Cap Rate (expensing actual taxes) : 0.105 GRM:
35,582 -- 15,103
= INCOME VALUE 1989: $ 195,038
0.105
33,212 - 15,265
------------------- - INCOME VALUE 1988: $ 170,924
0.105
PRO-FORMA INCOME ANALYSTS
Leasable Square Footage: 7,607 SF
Avg Gross Rent Rate $ 6.00
Potential Gross Income : $ 45,642
Vacancy/Collection Loss: 15 %
Operating Expenses 20
Cap Rate (eff tax=.025) : 0.130
PRO—FORMA INCOME INDICATION OF VALUE: $ 238,713
92022
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ACia's102.P WELTS COUNTY ASSESSOR "S OFF'CE LOG 2927
RUN DATE OFi,''SR;'91 199?. PERSONAL. INQUIRY PIN R 405'778.6
RUN TIME 0:O7-38
PROT&T"1 YPE WALK • IN BY AGENT PARCEL t3961 31412011
BA.RTGN • JAMES R fa JULIE A 1/3 I NT Si ER.I S TAX CONSULTANTS
FLACK NORMAN E 1/3 .I.NT ,fir MILLER ER A
F O BOX :3 6 F,
22 N 3 413 MA IN
!:,ALL. , r:'.0 80645--0.66 WIND '1 OR • CO 8055f.
MA T L TO BOTH HOME 303 _. _._._...... WORK 30:3 a1 --1:2?1
REASON VA LUE TOO HIGH
APPOINTMENTS. ,
LEGAL LAS 11564 L.t? THRU 22 BLK 5 Mt" CUTCHEONS SUBDIVISION 3(701 05
"X,116 3RD AV% NEIGHBORHOOD 000111
ADDRESS 215 • N 2 ST LASALLE TAX AREA O.I;i
NOV ACTUAL LAND 22800 IMPS 261196 TOTAL 303998
LAND ABSTRACT CODES 2112 -
IMPS ABSTRACT CODES 22.12
OWNER ACTUAL LAND IMPS TOTAL
OWNER C'+.DMPS
NAME.
A DDP.Ef,-,,S.
A PPR `. IMP
AP PR N1
£1 fib!
1s : I MA).E._+3 =.r .i_.t.�• . a icfro
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DATE SIGNATURE
SIGNATURE DOES NOT IMPLY AGREEMENT, OE BIND EITHER PARTY,
��7) ��/ �Ep, /- FOR AFFECT TAXPAYER'S APPEAL FIGHTS
NNSW .,_E / �`L � \ .._......._.......... .._ _.._._..... ... _._..._.. AV r
1
As a result of a physical inspection of the subject
property and an analysis of pertinent data, it is, my_ opinion
that the Market Value of the subject property, as of
December 10, 1990, in fee simple was :
TWO HUNDRED FIFTEEN THOUSAND DOLLARS
( $215, 000) .
It is also my opinion that the "fair value" of the
subject property, as of December 10, 1990, in fee simple was :
ONE HUNDRED NINETY SEVEN THOUSAND DOLLARS
( $197, 000) .
Sincerely,
Seg4-
Ja -s E. toll , SRPA
J . _
I .
43,ricer
.—a Fron,- Lx 'd Benic '/y-rffai'zo, ( — ' - 4gO
1
LaSalle Center Investors
Operating Summary
- 1988 1989 1990
Unit M Sq. Ft.
T1 768 5, 722 5,722 5,722 1, -15-
T2 512 3,814 3, 814 3,814 7H5
T3 512 3,815 3,815 998 -7,`(5.
T4 800 5,960 5,960 5,960 )7•K5
T5 800 5, 121 4,815 4,967 ,),I
T6 1,040 2,213 200 0
T7 1,575 6,567 11, 256 11,734 7.`5
18 1,600 0 0 0
Cut lf c- = `7.c
RENTAL INCOME 7,607 33,212 35, 582 33, 195
Occupancy Rate 59X 63% 59%
Repair & Maint. 2,718 2,235 1,830
Utilities 3,065 2,580 2,784
Office Supplies 362 336 255
Property Tax 7, 107 7,731 7,850
Insurance 575 757 606
OPERATING EXPENSE 13,827 13,639 13, 325
OPERATING PROFIT 19,385 21,943 19,870
Interest 31,649 32,200 34,995
Depreciation 18,732 19,470 16,650
NET PROFIT - LOSS -30,9% -29, 727 -31,775
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Exterior Walls - They are rigid steel framed and have factory
painted, 26 gauge, metal panels on the exterior that faces the alleys.
Those areas facing 3rd Avenue and U.S. Highway i;85 are covered with
/ brick veneer. Good quality retail store fronts will face the streets.
Roof - It is shed style in design, sloping toward the alleys, and
co, red with 26 gauge, factory painted, metal panels. Gutters and .
downspouts have been installed.
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Floors - The floors are four-inch concrete slab poured on grade 1.
and are to be covered with a combination of vinyl tile and commercial
carpeting, depending on tenant requirements.
Interior Walls - The interior walls are to be a combination of paint-
ed drywall and factory finished, wood paneling and a variety of other
finishes that will comply with tenant requirements.
Ceiling - The ceiling is to be suspended with two by four, drop-in,
acoustical panels.
Insulation - Both the ceiling and exterior walls are to be insulated
to code. Walls will have an R-19 rating; and the ceiling, an R-30
rating, according to the contractor.
Electrical System - The electrical system will be installed to code
specifications and is to be adequate to supply the needs of the occupants
of the building. Lighting fixtures are to lie predominantly fluorescent,
four tube, drop-in fixtures, with prismatic diffusers.
HVAC - The heating, ventilating, and air conditioning is to be
handled by Rheem, roof mounted, gas fired, package heating and air
conditioning systems.
Plumbing - Each of the rental units is to have, at least, one rest-
room , with a water closet and a wall-hung lavatory. Three of the larger
spaces are to have both men's and women's restrooms, similarly
equipped.
Doors and Windows - The main entry doors are steel, with windows
in the upper portion. Steel clad doors are installed for the rear
entries. Hollow-core wood doors are to he used for the restrooms.
Store front windows will be aluminum framed, fixed sash.
I The quality of construction is average for this type of facility. It
will be new and, thus, in good physical condition. There are no appar-
i, eat items of functional inutility.
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