HomeMy WebLinkAbout920749.tiff RESOLUTION
RE: REVALUATION OF SUBDIVISION LAND AND NOTIFICATION OF OWNERS OF AFFECTED
PROPERTIES - THE BOARD OF EQUALIZATION, 1992, WELD COUNTY, COLORADO
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 1992, and
WHEREAS, the General Assembly passed SB92-101 and the Governor signed it
into law on June 2, 1992, to be effective for the 1992 appraisal year, and
WHEREAS, SB92-101 reversed the prior law that required assessors to deduct
indirect costs from the value of subdivision land prior to discounting, and
WHEREAS, in valuing subdivision land for 1992 the Weld County Assessor
complied with the prior law, and
WHEREAS, SB92-101 does not permit the Weld County Assessor to deduct
indirect costs from the value of subdivision land prior to discounting, and
WHEREAS, in order to comply with the requirements of state law and in order
to avoid the penalty of repayment of state school equalization payments, it is
necessary that the Weld County Board of Equalization order that Weld County
subdivision land, found to be undervalued, be revalued in a way which does not
allow the deduction of indirect costs prior to discounting.
NOW, THEREFORE, BE IT RESOLVED by the Board of Equalization of Weld County,
Colorado, that the Weld County Assessor will revalue approximately 1,000 parcels
affected by the new law and assist the Board in notifying the owners of the
affected properties of the value changes.
BE IT FURTHER RESOLVED by the Board of Equalization of Weld County,
Colorado, that all subdivision land owners will be notified within five days of
this Resolution.
The above and foregoing Resolution was, on motion duly made and seconded,
adopted b///y��� the following vote on the 10th day of August, A.D. , 1992.
/ � 0 j�1 /j ;/ BOARD OF COUNTY COMMISSIONERS
ATTEST:/nfvh`, yp// WELD COUNTY, COLORADO
Weld County Clerk to the Board EXCUSED
A Ge ge Kennedy, Chairman
7/.
BY: 4it,,m1( /�Y� C�Q (//-TCz?C7.-«-1��� :oA�'o� U
Deputy Clerk to the B^^ � Constance L. Harbert, Pro-Tem
APPROVED AS 'FORM: EXCUSED
C. W. Kir
County Attorney Gor . L
W. H. Webster
920749
iri C G S; C_A i
August 12, 1992
Dear Property Owner:
In June of this year, Governor Romer signed into law SB92-101, which provided,
among other things, that "no indirect costs of development, including, but not
limited to, costs relating to marketing, overhead, or profit, shall be considered
or taken into account" in valuing subdivision lands for property tax purposes.
This new law reverses a prior order of the State Board of Equalization which
permitted the deduction of such costs in valuing subdivision lands.
In order to comply with the requirements of State law, the County Board of
Equalization, on August 10, 1992, passed a Resolution requiring the revaluation
of subdivision lands affected by the new law. Your individual properties' new
assessed value is set forth on the enclosed assessment.
The County Board of Equalization regrets this action, but has no other choice in
order to comply with the property tax provisions of the Colorado Constitution and
statutes. If you have any questions, please contact the Assessor's Office.
Sincerely,
WELD COUNTY BOARD OF EQUALIZATION
920749
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