HomeMy WebLinkAbout910892.tiff RESOLUTION
RE: THE BOARD OF EQUALIZATION, 1991, WELD COUNTY, COLORADO
PETITION OF:
BANK OF WINDSOR
P 0 BOX 1041
WINDSOR, CO 80550
DESCRIPTION OF PROPERTY: PIN: R 1448686 PARCEL: 080720115029 - WIN WW-TB9
PT L9 REPLAT TR B WINDSOR WEST BEG NE COR L9 THENCE S86D01'W 265. 16' SO1D34'E
182.83' S49D49'E 111.85' N62D13'E 202.26' NO1D34'E 179.16' TO BEGS1041 WEST MAINS
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 Chris Ruff, R & N Tax
Consultants, 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 property by the petitioner.
As such, this Board finds that the petitioner partially met 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, adjusted as follows:
910892
Page 2
RE: BOE - BANK OF WINDSOR
ORIGINAL ADJUSTED
Land $ 23,360 $ 23,360
Improvements OR
Personal Property 455,601 395,601
TOTAL ACTUAL VALUE $ 478,961 $ 418, 961
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:
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)
910892
Page 3
RE: BOE - BANK OF WINDSOR
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.
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.
910892
Page 4
RE: BOE - BANK OF WINDSOR
The above and foregoing Resolution was, on motion duly made and seconded,
adopted by the following vote on the 7th day of August, A.D. , 1991.
BOARD OF COUNTY COMMISSIONERS
ATTEST: WELD COU TY COLORADO
Weld County Clerk to the Board NAY
Go Lacy Chairma
B -
By: 0
Deputy Clerk to the Boa eor a Ken edy, - em
APPROVED AS TO FORM: i‘na..em.4,i®.�*. /LL,tU,"-- (AYE)
onstance /L�. Harbert
15 (AYE)
As i�t County Attorney C. Kir y
kto (AYE)
W. H. Web to
910892
BOE DECISION SHEET
PIN #: R 1448686 PARCEL #: 080720115029
BANK OF WINDSOR
P 0 BOX 1041
WINDSOR, CO 80550
HEARING DATE: August 7, 1991 TIME: 10:00 A.M.
HEARING ATTENDED?) NAME: ,Y,X-La,:7
AGENT NAME: TAX CONSU TA TA NTS 7- n arc
DECISION: JJ
DECREASE IN VALUATION
INCREASE IN VALUATION
NO CHANGE IN VALUATION
ASSESSMENT RATIO
ACTUAL VALUATION
ORIGINAL ADJUSTED
Land $ 23360 $
Improvements OR �..�
Personal Property 3455601 q Ciao f
my y
Total Actual Value $ 478961 $ H g39 �l
vo
COMMENTS: / t/
MOTION BY /SAY TO ( cp-cc"-r-c-No i3 Coo
SECONDED BY _aciL Lacy (Yall
Kennedy (Y/�
Failed to meet burden of proof Harbert g'N)
yt Comparables i Kirby CIN)
Assessor's data unchallenged Webster ON)
Other:
RESOLUTION N0. 910892
915 10th STREET
r-- GREELEY,COLORADO 80631
NOT„,. I C t OF DENIAL PHONE(303)356-4000, EXT.4256 '
iglik . wti—Tii9 PT L9 RE PLAT TR .3 SclINDSOr
WEST 'tLG NE COR ,L9 TNENCE 53bD',, 11 W .16 is 164
COLORADO s - 1r-'34'E 1:s_.0:.: . s49_49 'E 111 .651 Nt,2:_)1sE 2CL . L.6s
NC LI-j41E 1l9. 1b, TO i5'.-C, ,1i 41 wE`:;T MAIN%
1D41 '.!AIN ST WI fa l._ ,,..i
J
0ANE—P si:E. OF :ii :41.15 OR
Is ANN OF WINDSOR
P I I. k 1 4-4;d e,3 0
P O BOX 1041 YEAR 1991
SCR r` `J), l
bi 1 NL. ��rt -
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(ies):
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 grass 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 amodnt 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:
NO CHANGE tiAS bEtN elADE TO T1-t! ACTUAL VALUATION OF THIS F'ROPEi:T Y.
COLORAJU LA14 RE-tiUIRES US TC; S ND THIS NOTICE- Of 3LtillAL FOR ALL
PROPERTIES CN WHICH NE L0 NCT ADJUST Th= VALuL,
PETITIONER'S ASSESSOR'S VALUATION
PROPERTY CLASSIFICATION ESTIMATE ACTUAL VALUE ACTUAL VALUE
OF VALUE PRIOR TO REVIEW AFTER REVIEW
LAND Z3s3bC 2:5s300
455s bC 1 4t,')b1 1
tMFS
•
•
TOTALS $ $ 47d, 961 $ 47o, 961
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.
WARREN L. LASELL ` 6I1`/31
By: 9 ���� 16
WELD COUNTY ASSESSOR DATE
Cs ,.- 01:AD7 ADDITIONAL INFORMATION ON REVERSE SIDE
sti:40„
CLERK TO THE BOARD
P.O.BOX 758
IP
GREELEY,COLORADO WSW
(303)356.4000 EXT.4225
III C.
COLORADO
July 23, 1991
Parcel No. : 080720115029 PIN No. : R 1448686
BANK OF WINDSOR
P 0 BOX 1041
WINDSOR, CO 80550
Dear Petitioner(s) :
The Weld County Board of Equalization has set a date of Wednesday, August
7, 1991, at or about the hour of 10:00 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.
910332
BANK OF WINDSOR - R 1448686
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 EQUALIZATION
�4044
Donald D. Warden,
Clerk to they BB and
BY: ¢a{�L�c .1
Carol A. Harding, Dep
cc: Warren Lasell, Assessor
ERIS TAX CONSULTANTS,
°1_099°
' EXHIBIT ' /Vief‘c7G
/ 1i3v/qd ��� a a 5�� € i .2/. ei
a a,7 as
All cotiveyance documenu subja[to the documentary fee submitted to the county clerk and recorder for recordation must be accompanied by a real I i
property transfer declaration.Upon completion,the declaration must be signed by the grantor(seller)or grantee(buyer).Refer to 39-14-102(I)(a),C.R.S. I
and instructions on back.
REAL PROPERTY TRANSFER DECLARATION
1. Address or legal description of real property: 1041 West *rain Street
Windsor, Colorado 80550
2. Is this a transaction among related parties? Yes ❑ No K
3. Total sale price:$ 492,000.00
4. What was the cash downpayment?$ 492,000.00
5. Did total sale price include a trade or exchange? Yes ❑ No bx
6. Did the buyer receive any personal property in the transaction? Yes ❑ No E$
I
If yes,the approximate value: $ —n-
7. Were mineral rights included in the sale? Yes❑ No a .
i
8. Were water rights included in the sale? Yes❑ No TA
it
9. If applicable,you may include goodwill for a going business. Approximate value of goodwill?$ n/a
10. Was less than 100%interest in the real property conveyed? Yes El II I No33
I'
11. Date of Closing: 1 1—"1n-9n
Month Year
I'
,-
12. Was the loan new El or assumed❑ ? cash transaction
13. What was the interest rate on the loan? n/a i•
i
14. What was the term of the loan? n i a
15. Were any points paid? Yes ❑ No❑ If yes,how many? n/a .
16. Signed this 30th day of November 1990 I
®Grantor ❑ Grantee m`" • yr
K OF WINDSOR INVES - NT GROUP by J. RICHARD DRAKE, Managing
General Partner
I ❑Grantor aGrantee _
K OF WINDSOR by JAMES A. RUTZ, President
I
..
II
III I
Nn.1181. REAL.PROPERTY TRANSFER DECLARATION 050PT-AD/FORM TD1000419)
Bradford Publishing.1743 Wane St..Denver.CO 80207—(3031292-2500-6-89 (+�P R �(',[��07
V.c-V i�tW.
ill
1 EXHIBIT
2%-
PARCEL/SCHEDULE NUMBER: 0807-20-1-15-029
PROPERTY ADDRESS 1041 Main St, Windsor
COUNTY Weld
OWNER/REPRESENTATIVE . Bank of Windsor/Jim Rutz
R&N CONTRACT NUMBER 0279-BANK OF WINDSOR
DATE SUBMITTED Jun 10, 1991
PETITIONERS VALUE: $340,000
CASE SYNOPSIS:
Subject is compared to the bank bldg sale at the Greeley Mall (#134, 6530
SF ® $68.91/SF, including a drive-up , sitting on 44.110 SF) . Subject, by
comparison, is 4550 SF on 58,370 SF lot with a two car drive-up capacity.
Upward adjustments are required due to subject's age (1982 vs comp's 1973)
and excess land, but a downward adjustment is certainly necessary due to
comp's location at the Mall. Overall, adjust up 10%, to $75/SF--$340,000.
July 90 Mitchell appraisal market conclusion also 575/SF--$350,000 (4728")
INCOME APPROACH TO VALUE FOR 1990: S ERR Cap/GRM:
INCOME APPROACH TO VALUE : $ ERR Cap:
MARKET APPROACH TO VALUE FOR 1990: $ 341,250
COUNTY/IDEALIZED INCOME APPROACH : $ 339,150 12.00/5/15/0.130
COUNTY'S CURRENT VALUATION 1991 : $ 478,960
(LAND-23,359 ) (IMPS-455,601 )
TOTAL COUNTY VALUATION/SF SERR/SF
NET LEASABLE SQUARE FOOTAGE: 4,550 GROSS SQUARE FOOTAGE:
21.0532
R&N PROPERTY CONSULTANTS 413 MAIN ST WINDSOR, CO 80550 303-686-7447
PROPERTY INCOME AND EXPENSE ANALYSIS
ACTUAL (AS AVAILABLE) AND RECONSTRUCTED
1990
RENTAL INCOME
Gross rents
CAM Reimburse
Vac/Credit Loss 0 % 0 %
Adjusted Gross 0 0
OPERATING EXPENSES
Advertising ERR% ERR%
Insurance ERR% ERR%
Grounds Maint ERR% ERR%
Janitorial/Clean ERR% ERR%
Management Fees ERR% ERR%
Maintenance/Repair ERR% ERR%
Property Taxes ERR% ERR%
Res/Replacements ERR% ERR%
Utilities ERR% ERR%
Trash removal ERR% ERR%
Misc Category ERR% ERR%
Misc Category ERR% ERR%
____
Total Expense ERR% ERR%
Cap Rate (expensing actual taxes) : GRM:
0 —
__�_�� = INCOME VALUE : $ ERR
0 -
= INCOME VALUE 1990: $ ERR
COUNTY/IDEALIZED INCOME APPROACH
Leasable Square Footage: 4,550 SF
Avg Gross Rent Rate $ 12.00
Potential Gross Income : $ 54,600
Vacancy/Collection Loss: 5%
Operating Expenses 15%
Cap Rate (eff tax=.025): 0.130
COUNTY INCOME INDICATION OF VALUE: $ 339,150
Assessor Copy
0279-BANK OF WINDSOR
R&N PROPERTY CONSULTANTS 413 MAIN ST WINDSOR, CO 80550 303-686-7447
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