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Home My WebLink About940729 RESOLUTION RE: THE BOARD OF EQUALIZATION, 1994, WELD COUNTY, COLORADO PETITION OF: WINDSOR ASSOCIATES INC P 0 BOX 477 WHEATRIDGE, CO 80034 DESCRIPTION OF PROPERTY: PIN: R 1478486 PARCEL: 080720401003 - WIN CST-A PT E2SE4 20 6 67 CARANNA 1ST FILING BEG SOD12'E 325.25' & S89D47'W 50' OF E4 COR SEC S89D47'W 184.89' NOD12'W 317' N87D46'E 185' SOD12'E 323.5' TO BEG 7810 STONE MTN CT% 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 1994, 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 1994, claiming that the property described in such petition was assessed too high, as more specifically stated in said petition, and WHEREAS, said petitioner not being present, 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. The assessment and valuation of the Weld County Assessor shall be, and hereby is, affirmed as follows: 940729 +RSCO BCC 'Z; AZ) / /lid- Page 2 RE: BOE - WINDSOR ASSOCIATES INC ORIGINAL Land $ 97,030 Improvements OR Personal Property 455,597 TOTAL ACTUAL VALUE $ 552,627 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) OR 940729 Page 3 RE: BOE - WINDSOR ASSOCIATES INC 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. 940729 Page 4 RE: BOE - WINDSOR ASSOCIATES INC The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 28th day of July, A.D. , 1994. BOARD OF COUNTY COMMISSIONERS ATTEST: 447/4Si, WELD//9O/UNTY,/CCOLOR1/bit- A�/gDOunty C ,, V 1/b i1-.-' m W. ebste , a rma BY: /� Deputy Cle to the Board . Dale eK. Hall, P o-Tem APPROVED AS TO FORM: //Ge0 e/({Baxter ounty Attorn y Co stance L. Harbert / ii° tk /`/25- �G garbara J. Kirkmer ,% 940729 %) BOE DECISION SHEET PIN If: R 1478486 PARCEL $: 080720401003 WINDSOR ASSOCIATES INC P 0 BOX 477 WHEATRIDGE, CO 80034 HEARING DATE: July 28, 1994 TIME: 9:00 A.M. HEARING ATTENDED? (YO NAME: AGENT NAME: APPRAISER NAME: fc.„ DECISION: DECREASE IN VALUATION INCREASE IN VALUATION NO CHANGE IN VALUATION ASSESSMENT RATIO ACTUAL VALUATION ORIGINAL SET BY BOARD Land $ 97,030 $ Improvements OR Personal Property 455,597 Total Actual Value $ 552,627 $ - COMMENTS: '- / �� MOTION BY TO � --> 469'I�z� SECONDED BY /-;( .174.1<=-- Baxter -- OZDN) Hall -- (0N) Failed to prove appropriate value Harbert -- ON) No comparables given Kirkmeyer -- / 4? ) Other: Webster -- TpN) RESOLUTION NO. 94C729 OFFICE: OF COUNTY ASSESSOR 1400 NORTH 17th AVE. / GREELEY, COLORADO 80631 1! NOTICE OF DENIAL PHONE (303) 353-3845, EXT. 3656 WIN CST-A PT E25E4 20 6 67 CARANNA 15T FILING C BEG 50012'E 325.25' 6 S89047'W 50' OF E4 CUR SEC COLORADO 506D47'W 184.89' NODl2'lU 317' N87D46'E 185' 50012'L 323.5' TO BEG %810 STONE MIN CIA BID STONE NOUNTAI CT WINDSOR OWNER WINDSOR ASSOCIATES INCr ) WINDSOR ASSOCIATES INC PARCEL 0807aP O1M3 Cr) PIN R 1486 .. � —y � r . P U iiOX 477 YEAR 1994:i 03 WHEAT RIDGE CO 80034 LOG 00268 ND 05/27/1994 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 MARKET APPROACH. AGRICULTURAL LAND VALUE IS DETERMINED SOLELY BY THE EARNING OR PRODUCTIVE CAPACITY OF THE LAND, CAPITALIZED AT A RATE SET BY LAW. 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: NO CHANGE HAS BEEN MADE TO THE ACTUAL VALUATION OF THIS PROPERTY. COLORADO LAW REQUIRES US TO SEND THIS NCTICE OF DENIAL FOR ALL PROPERTIES ON WHICH WE DO NOT ADJUST THE VALUE. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE ACTUAL VALUE ACTUAL VALUE OF VALUE PRIOR TO REVIEW AFTER REVIEW LAND 97.030 97.030 IMPS 455,597 455.597 TOTALS $ $ 552,627 $ 5524627 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 06/03/94 WELD COUNTY ASSESSOR DATE 34 �� 15-OPT-AR �/�'y""tt ,�` �� O Form PR-207-87/94 ADDITIONAL INFORMATION ON REVERSE SIDE ilt Ga c!' i ;i',i 3 .;iCWL4%:IL4Lf .r 1,24 tE_k)_k cgtl ,,it i lip r°C 7t.: c :0 fl August F for 'ihi =ry,i, . ry. t+U4. Gl t v,lam t t . ,a ;EA .'1`-iC r: %la', c' 3;9-' 104 and �;tj t x•,) _ i t. 7 r^ II . .�i 71 Y}j7\h`i ,��c`H ..�<.�.Vi1A ..�/i4 U .. S .• { r Y:1 2 III +...,,:"i <ck'�€- a'Sr ;`r': fS:'. J,.:_ Y:..: _ w \ ,M i h H N l i & i 1 n ,a . .. J Y C. . ..i L ' C. a Y i .. ,i,✓.4 � \ .. . _ s 1",a.ri YT 'Y _ i..rc .. _,rl .r.r.JS a. Gi il. v h,J JHiJ4 _\. ✓ . . - QL.IA 'S(li 1 DC.' J(1:3i L2 f'i'FI S'f.":'•aciS tittttLta u: , A4i1 .;n,tG .:';a.1'F,k.14,43. . 41'ir2 f";r3Fid1' asFl`-k.UZ.S'J.CutC, „ itt 3iiDE::JUhI0 . 1 rvrhk..�.: 6GIe.A7�4 '4rti[{i i��JJn1 1 YTh-.Iv.=+`- n_ I ., _ ,. . Y f ': .,. rr c rl i.. PirH 111Rrvjladf ` 418[4144'N ',�Fi>[ vi 4. ,SSGMM ,I v 4 < 61i _v.Y IL r: G.. JJp. n.. i v: { ✓ J4 -�., _... : S � ,1 . 1 .".i ,..5..t. ., i . i, ; 1U.. lY" ..AJ vrVt r =. 1'. ✓ Based on comparable sales the value of this property is $478,800. The comparable sales used to reach this value are as follows: Date Sold Property Address Selling Price 06/12/92 706,712,718 & 724 2nd St., Windsor, CO $425,000 10/09/91 3750 24th St., Greely, CO 6,000,000 10/24/91 . 706,708,710 & 712 W. 27th Ave. , Greeley, CO 1 ,220,000 Attached is the sales data on the three comparable sales used. - 1)?(Oi GU t c srr Ass c , 940729 a "n ' SALE NUMBER 2 r n aa‘ r (.M-Ff'. L �, `{4 i. C-t`.- c-c. i`. •3`' �r r �Lw t 's r r rfc °'i'�Rad• ��( Taken in June 1993 Project Name: Windsor Gardens Address: 706. 712. 718. and 724 2nd Street. Windsor. CO Legal Description: Lots 12 i and 4.Block I Glen Rock Place .f Date of Sale: June 12 1992 Sale Price: $425 000 Cash Equivalent Price: $425 000 Financing: Cash to seller: new loan Grantor: Section 16. Inc._a Colorado corporation }•'; Grantee: John Hgvman and Patrick Hoyman Reception Number: 02292515 Lot Size: 1.84 acres Density: 16.85 dwelling units/acre Number of Buildings: 4 Number of Units: 11 Net Rentable Area: 24.775 square feet Construction Date: 1971 Condition: Fair to average Heating/A.C.: Gas. hot water baseboardlwall-mounted A.C. • FOSTER VALUATION COMPANY J� - 52 - 940729 Sale No. 2 Page 2 Appliances: Standard: no laundry hook-ups Utilities Paid By Tenant: Electricity Utilities Paid By Owner: Gas. water and sewer Furnished at Time of Sale: No Unit Mix: 5 one-bedroom. one-bath units. 13 two-bedroom. one-bath units and 13 three-bedroom. 1 5 bath units Location: Centrally located in Windsor Parking: Off-Street Yes. paved Carports/Garages None • Amenities: None Sale Price/Unit: $13.710 Sale Price/SF of Net Rentable Area: $17.15 Sale Price/Room: $6 343 Pot. Gross Annual Income: $124.960 Vacancy: $12.216 Eff. Gross Income: $112.744 Expenses: $64.783 157% EGII Net Operating Income: $47.961 Pot. Gross Income Mult.: 3.40 Overall Rate: 11.3% Remarks: Property is of the same age and general condition as the subject. A previous sale took place in December 1985 at which time the property sold to the present owners for$603,800, or on ?Sa the basis of$19,477 per unit. 1-le (41 FOSTER VALUATION COMPANY "I 53 940729 I SALE NUMBER 4 • ,A:.rt MC 1 1 NmL 1 T C1i 1- 12 II, ( - . i N..�� ."'t•� 1 Taken in September 1992 Project Name: Gateway Place Apartments Address: 3750 24th Street. Greeley. CO Legal Description: A portion of Lot 1 Gateway Park Filing No 2 (amended 1 Date of Sale: October 9. 1991 Sale Price: $6.000.000 Cash Equivalent Price: $6.000.000 Financing: Cash to seller I ' Grantor: Capitol Federal Savings and Loan Association under RTC receivership Grantee: Gate Way Place. Ltd., a limited partnership Reception Number: 02265894 Lot Size: 9.78 acres Density: 21.47 dwelling unitslacre Number of Buildings: 11 Number of Units: 210 I Net Rentable Area: 169 906 square feet Construction Date: 1987 Condition: Good Heating/A.C.: Gas.forced airlcentral air conditioning `'- FOSTER VALUATION COMPANY 56 940729 I iSale No. 4 Page 2 Appliances: Standard: laundry hook-ups Utilities Paid By Tenant: Electricity and gas Utilities Paid By Owner: Water and sewer Furnished at Time of Sale: No Unit Mix: 78 one-bedroom one-bath units: 48 two-bedroom. one-bath units: and 84 two-bedroom. two-bath unity Location: On the southwestern edge of the city in a developed area Parking: Off-Street Yes. paved Carports/Garages 42 garages available Amenities: Clubhouse, outdoor swimming pool. tennis courts. volleyball courts Sale Price/Unit: $28 571 Sale Price/SF of Net Rentable Area: $35 3l Sale Price/Room: $7 874 Pot. Gross Annual Income: $l.108.700 Vacancy: $77.609 Eff. Gross Income: $1031.091 Expenses: $389.085 (38% EGJ) Net Operating Income: $642.006 Pot. Gross Income Mult.: 5.41 Overall Rate: 10.7% Remarks: Units have fireplaces. This complex and Country Club West Apartments are considered to be Greeley's newest and nicest projects. The property sold out offoreclosure at close to its $6,400,000 asking price. I i I 1 FOSTER VALUATION COMPANY K' 57 - 940729 I , I / SALE NUMBER 5 r . *. 'L > Ill II .NI r t 1e i T,Il _ E • Taken in September 1992 I Project Name: Village Gardens Apartments Address: 706. 708. 710. and 712 West 27th Avenue. Greeley CO Legal Description: Part of the .SWV4SEVI of Section 1 Township 5 North. 0 Range 66 West of the 6th P.M. Date of Sale: October 24. 1991 Sale Price: $1.220.000 P— Cash Equivalent Price: 51 220.000 Financing: Cash to seller r Grantor: Everitt Enterprises. Inc.. a Colorado corporation Grantee: Bruce Dei/I/c Reception Number: 02267165 rLot Size: 2 33 acres Density: 40.90 dwelling units/acre Number of Buildings: 3 Number of Units: 72 I Net Rentable Area: 5? 280 square feet Construction Date: 1971 Condition: Average to good Heating/A.C.: Central. gas fired. hot water baseboard/wall A.C. r • FOSTER VALUATION COMPANY "l r - 58 - 940729 r ISale No. 5 Page 2 i Appliances: Standard: no laundry hook-ups Utilities Paid By Tenant: Electricity and gas Utilities Paid By Owner: Water and sewer Furnished at Time of Sale: No Unit Mix: 36 one-bedroom. one-bath units: and 16 two-bedroom, one-bath units Location: Centrally located in a predominantly residential area. Parking: Off-Street Yes paved Carports/Garages Carports Amenities: Clubhouse with two saunas and outdoor pool Sale Price/Unit: $16.944 Sale Price/SF of Net Rentable Area: $22.90 Sale Price/Room: $4 841 Pot. Gross Annual Income: $105.880 Vacancy: $18.353 Eff. Gross Income: $287.527 Expenses: $139,234 !48% EGII Net Operating Income: $148.291 Pot. Gross Income Mult.: 1.99 Overall Rate: 12.2% Remarks: Apartment units are accessed via interior hallways. Resident population is comprised of a proportionately large number of seniors. Many have been long-time tenants. A new membrane roof cover was installed on the buildings approximately five to six years ago. I I I I I FOSTER VALUATION COMPANY /J 940729 DEPARTMENT OF FINANCE AND ADMINISTRATION �i PHONE(303)3564000 4218 P.O....BOX 758 GREELEY,COLORADO 80632 Igoe COLORADO July 19, 1994 Parcel No. : 080720401003 PIN No. : R 1478486 WINDSOR ASSOCIATES INC P 0 BOX 477 WHEATRIDGE, CO 80034 Dear Petitioner(s) : The Weld County Board of Equalization has set a date of Thursday, July 28, 1994, at or about the hour of 9:00 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 he 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 5, 1994, and mailed to you on or before August 10, 1994. 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. 940729 WINDSOR ASSOCIATES INC - R 1478486 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 Dona u� ? ;"494? Clerk to the Board L BY: k /Y77�berlee f� d et ��,( / cc: Warren Lasell, Assessor Hello