HomeMy WebLinkAbout971578.tiffRESOLUTION
RE: THE BOARD OF EQUALIZATION, 1997, WELD COUNTY, COLORADO - ADJUST
VALUE IN PART
PETITION OF:
MAJORS DALE L & EVELYN E
2911 GRANDVIEW DR
GREELEY, CO 80631
DESCRIPTION OF PROPERTY: PIN: R3462386 PARCEL: 096117102005 - GR IP1-5 L5
BLK1 GREELEY INDUSTRIAL PARK %2123 2 AVE%
WHEREAS, the Board of County Commissioners of Weld County, Colorado, convened 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 1997, 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 1997, claiming that the property described in such petition was assessed too
high, as more specifically stated in said petition, and
WHEREAS, said petitioner 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 supported,
in part, the value placed upon the property by the petitioner. The assessment and valuation of the
Weld County Assessor shall be, and hereby is, adjusted as follows:
Land
Improvements OR
Personal Property
ACTUAL VALUE
AS DETERMINED ADJUSTED
BY ASSESSOR ACTUAL VALUE
$ 42,000 $ 42,000
555.000
518,130
TOTAL ACTUAL VALUE $ 597,000 $ 560,130
971578
AS0038
RE: BOE - MAJORS DALE L & EVELYN E
Page 2
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; however, said appeal
must be filed within thirty (30) days of this resolution:
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.
971578
AS0038
RE: BOE - MAJORS DALE L & EVELYN E
Page 3
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 $150.00 per case. The arbitrator's fees and expenses,
not including counsel fees, are to be paid as provided in the decision.
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 31st day of July, A.D., 1997.
APPROVED AS TO FORM:
Assi$trant Coi{fyty Attorney
BOARD OF COUNTY COMMISSIONERS
WELD C,fDUNTY, COLADO
Mf
George Baxter, Chair
stance L. Harbert: Pro-Tem
Dale K. Hall
EXCUSED
Barbara J. Kirkmeyer
W. H. Webster
Ofi Is de_ d
971578
AS0038
WLAtt.
`Dc.
COLORADO
NOTICE OF DENIAL
GR IP1-5 L5 BLK1 GREELEY
INDUSTRIAL PARK %2123 2 AVE%
OWNER: MAJORS DALE L & EVELYN E
MAJORS DALE L & EVELYN E
2911 GRANDVIEW DR
GREELEY, CO 80631
06/27/1997
LOG 4119
PARCEL 096117102005
ACCOUNT R3462386
YEAR 1997
OFFICE OF COUNTY ASSESSOR
1400 NORTH 17th AVE.
GREELEY, CO 8063 t
PHONE (970) 353.3845, EXT. 3650
C_1
,
The appraisal value of property is based on the appropriate consideration of the approaches to value required by law. The Asdssor hasrletermined that
your property should be included in the following category(ies):
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 ail available information, giving particular attention to the specifics included on your protest and has determined the
valuation(s) assigned to your property. The reasons for this defemination of value are:
A 1982 COLORADO CONSTITUTIONAL CHANGE REQUIRES COMMERCIAL PROPERTY TO BE VALUED
BASED ON THE 1996 LEVEL OF ACTUAL VALUE AND ASSESSED AT 29% FOR 1997.
REPLACEMENT COST, MARKET, AND INCOME ARE APPROACHES USED TO DETERMINE THE ACTUAL
VALUE OF YOUR PROPERTY. YOUR VALUATION IS SUPPORTED BY THE APPRAISAL PROCEDURES
REQUIRED BY LAW.
PROPERTY CLASSIFICATION
PETITIONER'S
ESTIMATE
OF VALUE
ASSESSOR'S VALUATION
ACTUAL VALUE
PRIOR TO REVIEW
ACTUAL VALUE
AFTER REVIEW
LAND
IMPS
42000
555000
42000
555000
TOTALS $ $ 597000 $ 597000
f 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.
06/27/1997
By:
I5-DPT-AR
Form PR -207-87/94
WARREN L. LASELL
WELD COUNTY ASSESSOR
DATE
ADDITIONAL INFORMATION ON REVERSE SIDE
YOU HAVE THE RIGHT TO APPEAL THE ASSESSOR'S DECISION
The County Board of Equalization will sit to hear appeals beginning July 1 and continuing through August 5 for real
property (land and buildings) and personal property (furnishings, machinery, and equipment) 39-8-104 and 39-8-
107(2), C.R.S.
APPEAL PROCEDURES:
If you choose to appeal the Assessor's decision you must appeal to the County Board of Equalization. To preserve
your right to appeal, your appeal must be POSTMARKED OR DELIVERED ON OR BEFORE JULY 15 FOR
REAL PROPERTY, AND JULY 21 FOR PERSONAL PROPERTY.
WELD COUNTY BOARD OF EQUALIZATION
915 10th Street, P.O. Box 758
Greeley, Colorado 80632
Telephone (970)356-4000 Ext. 4225
NOTIFICATION OF HEARING:
You will be notified of the time and place set for the hearing of your appeal.
COUNTY BOARD OF EOUALIZATION'S DETERMINATION:
The County Board of Equalization must make a decision on your appeal and mail you a determination within five
business days. The County Board must conclude their hearings by August 5.
TAXPAYER RIGHTS FOR FURTHER APPEALS:
If you are not satisfied with the County Board of Equalization's decision you must file within thirty days of the
County Board of Equalization's written decision with ONE of the following:
Board of Assessment Appeals (BAA):
Contact the BAA at 1313 Sherman, Room 315, Denver, Colorado 80203, (303)866-5880.
District Court:
9th Avenue and 9th Street, P.O. Box C
Greeley, Colorado 80632
Telephone (970) 356-4000, Ext. 4520
Arbitration:
WELD COUNTY BOARD OF EQUALIZATION
915 10th Street, P.O. Box 758
Greeley, Colorado 80632
Telephone (970) 356-4000, Ext. 4225
If you do not receive a determination from the County Board of Equalization, you must file an appeal with the
Board of Assessment Appeals by September 11.
TO PRESERVE YOUR APPEAL RIGHTS, YOU MUST PROVE YOU HAVE FILED A TIMELY
APPEAL; THEREFORE, WE RECOMMEND ALL CORRESPONDENCE BE MAILED WITH PROOF
OF MAILING.
PETITION TO THE COUNTY BOARD OF EQUALIZATION
In the space below, please explain why you disagree with the Assessor's valuation. IN ACCORDANCE WITH 39-
8-106(1.5), C.R.S., YOU MUST STATE YOUR OPINION OF VALUE IN TERMS OF A SPECIFIC DOLLAR
AMOUNT. Attach additional documents as necessary.
eon() re4 & /Et Y ,f1 top ar/y • R /-u ; s ce r P.-. i s UQL. edf
(7eitwP ert 3
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SIGNA 1 UKEOflE I I I IONE
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73 j17 _
C.B.O.E. HEARING
DATE: JULY 31, 1997
TIME: 8:30 AM
OWNER OF RECORED: DALE L. AND EVELYN E. MAJORS
ADDRESS: 2123 2ND AVE
GREELEY, CO,80620
PARCEL#: 0961-17-1-02-005
APPRAISAL DATE AS OF:
JUNE 30, 1996
SUMMARY OF SALIENT FACTS AND CONCLUSIONS
Purpose of the Appraisal: Estimate market value on June 30,1996
Property Rights Appraised: Unencumbered fee simple interest
Property Address: 2123 2ND AVE, GREELEY, CO, 80631
Improvement: STORAGE WAREHOUSE
Land Size: 56,000 SQ. FT.
Zoning: I-2 MEDIUM INDUSTRAIL
Assessor's Value: 1997
Land Value:
Imps Value:
Total Value:
$ 42,000
$555,000
$597,000
Highest and Best Use: Present use as a STORAGE WAREHOUSE, LIGHT
INDUSTRIAL, AND DISTTRIBUTION PURPOSES.
Size of Improvements: STORAGE WAREHOUSE
1ST FLOOR
2ND FLOOR
TOTAL
26,865 square feet
1,920 square feet
28,785 square feet
Year of Construction: 1968 (9,760 S.F.) AND 1979 (19,025 S. F.)
Effective Age: 16 years
Remaining Economic Life: 24 years
Estimated Land Value: $42,000
Estimate of Values:
Cost Approach:
Land Value:
Improvement Value:
Total Value Rounded:
Sales Comparison Approach:
Income Approach: $597,000
Final Estimate of Value: $597,000
Date of Value: June 30, 1996 O
$ 42,000
$626,591
$627,000
$604,500
PHOTOGRAPHS OF SUBJECT PROPERTY
NORTHEAST ELEVATIONS
SOUTHEAST ELEVATIONS
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454 .
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COMPARABLE LAND SALES
Comparables
Sale Date
Sales Price
Size
Price/
SF
Grantor/
Grantee
Location
Subject
Assessor's
$42,000
56,000 sf
.75
2123 2 Av
Greeley
Comp #1
11/94
$142,000
154,350 sf
.92
Tiedgen/
HM Ptners
13 St and
Hwy 85
Comp #2
04/93
$95,000
103,534 sf
.92
Warren/
Branch
22 ST and
Hwy 85
Comp #3
07/95
$52,407
43,639 sf
$1.20
Ruff/
Trujillo
1st Ave
and 30th St
Comp #4
05/94
$74,400
103,672 sf
.72
Phelps/
Wernsman
Carson St
Evans
Comp #5
09/94
$75,000
28,725 sf
$2.61
Copy World/
Peif
220 22 St
Greeley
Subject Site
The subject site is a 56,000 square foot rectangular, level, industrial zoned, interior lot with
good accessibility and visibility from hwy 85.
As a result of the land sales study, a value of .75 per square foot is adopted as being applicable to
the subject land area or $42,000.
Parcel Number : 096117102005
Property Owner : DALE L AND EVELYN E MAJORS
Address : 2123 2 AVE
City, State, ZIP: GREELEY, CO, 80631
Surveyed by : CCJ
Date of Survey : 07/31/97
Occupancy: Warehouse, Storage
Floor Area: 28,785 square feet
Class: Steel
Cost rank: Average/Above Average
Cost as of: 4/96
Number of stories: 1.0
Average story height: 16.0 feet
Effective age: 16 years
Heating and Cooling:
Space Heater 100%
Other features:
Mezzanine (1,920 square feet)
Units
Cost Total
Basic structure cost 28,785 25.40 731,151
Extras:
ASPHALT .97 X 8030 7,789
CONCRETE 1.95 X 1662 3,240
CONC. LOADING DOCK 960 X 7.607,296
Subtotal 18,325
Replacement Cost New 749,476
Less Depreciation:
Physical and Functional
Depreciated Cost
<22.0%>
<164,884>
584,591
Miscellaneous:
Land
Total
42,000
626,591
Rounded to nearest $1,000 627,000
Cost data by MARSHALL and SWIFT
3462386
DALE L. MAJORS
COMPARATIVE SALES APPROACH
COMP SALE NUMBER SUBJECT 1 2 3 4 5
ADDRESS 2123 2 AVE 2123 2 AVE 2111 2 AVE 3455 F ST 620 O ST 3714 CARSON
GREELEY GREELEY GREELEY GREELEY GREELEY EVANS
USE WHSE _WHSE WHSE WHSE WHSE WHSE
SALE DATE 02/28/95 12/19/94 12/16/94 11/04/93 05/03/95
SALE PRICE
920,000 400,000 400,000 530,000 199,500
ADJ. SALE PRICE 920,000 400,000 400,000 530,000 199,500
LAND VALUE 42,000 _ 88,378 55,106 37,401 85,700 28,438
BLDG. VALUE 555,000 831,622 344,894 362,599 444,300 171,062_
SIZE SF 28,785 _ 38,102 20,000 17,278 23,040 11,738
BLDG PRICE/SQ. FT. 19.28 _ _ 21.83 _ 17.24 20.99 19.28 14.57
YEAR BUILT 1968 1968 1967 1982 1981 1981
EFFECTIVE YEAR 1980 1980 1972 1982 1985 1981
ADJUSTMENTS:
BLDG SIZE
BUILDING AGE
QUALITY I INTERIOR
-186340 175700 230140 114900 340940
0 _ 34490
_
0 0
0 -22215 0
0 0 0
NET ADJ TO ADJ SALE PRICE -186340 210190 230140 92685 340940
ADD BLDG VALUE 831622 344894 362599 444300 171062
NET ADJ TO SALE PRICE 645282 555084 592739 536985 512002
ADD SUBJECT LAND 42000 42000 42000 42000 42000
INDICATED VALUE 687282 597084 634739 578985 554002
INDICATED VALUE PSF 20.74 23.88 20.74 22.05 20.11 19.25
INDICATED MARKET VALUE 28,785 X $21.00 = $604,500
unadjusted sales price of sale #1 is $24.14 psf
3462386
DALE L. MAJORS
COMP SALE NUMBER SUBJECT
COMPARATIVE SALES APPROACH
ADDRESS 2123 2 AVE 527 6 AVE
6
GREELEY GREELEY
USE
WHSE WHSE
SALE DATE 12/31/94
SALE PRICE 375,000
ADJ. SALE PRICE 375,000
LAND VALUE 42,000 18,525
BLDG. VALUE 555,000 356,475
SIZE SF 28,785 21,550
BLDG PRICE/SQ. FT.
YEAR BUILT
EFFECTIVE YEAR
19.28 16.54
1968 1967
1980 1975
ADJUSTMENTS:
BLDG SIZE
BUILDING AGE
QUALITY / INTERIOR
NET ADJ TO ADJ SALE PRICE
ADD BLDG VALUE
NET ADJ TO SALE PRICE
144700
22280
35650
202630
356475
559105
ADD SUBJECT LAND
INDICATED VALUE
INDICATED VALUE PSF 20.74
42000
601105
20.88
INDICATED MARKET VALUE 28,785 X $21.00 = $604,500
a
Comparable Building Sales
GREELEY
(P d Al Seeds May Be swn Or tasted
COMPARABLE SALE O
PIN: 3462386
PARCEL #: 96117102005
ADDRESS:
PROJECT:
SALE DATE:
SALE PRICE:
ADJ SALE PRICE:
GRANTOR:
GRANTEE:
YEAR BLT:
BLDG SIZE:
CLASS:
CONSTRUCTION-QUAL:
WALL HEIGHT:
STORIES:
BSMT SIZE:
LAND SIZE:
LAND VALUE:
REMARKS:
OCCUPANCY: WHSE/STOR
2123 2 AV
0
02/28/95
$920,000
GREELEY
BOOK #: 1482
RECEPTION #: 2428458
COUSINS LEASING CO
DALE & EVELYN MAJORS
1965/1972 LAND/BLDG RATIO: 3.09
38,102 IMPS PRICE/PSF: $21.84
S SALE PRICE/PSF: $24.16
AVG CASH DOWN: $675
16' & 18' LOAN: ASSUMED
1 INTEREST RATE: 10.0
0 LOAN TERM (YRS): 30
117,837 POINTS PAID: 0
88,378
SALE WOL PIN #3462286. SALE INCLUDED A TRADE
OF 6.45 ACRES OF VACANT LAND ON WEST 10TH &
59 AVE (1031 TAX EXCHANGE). 2 BLDGS: BLDG 1
28,785 SF WHSE (WITH 38,40 CU PT P C LIAI )
CLASS S, 16' WH. BLDG 2 9,317 SF WHSE, 18' WH,
CLASS S.
COMPARABLE SALE
PIN: 3464486 PARCEL #:
96117102028
ADDRESS:
PROJECT:
SALE DATE:
SALE PRICE:
ADJ SALE PRICE:
GRANTOR:
GRANTEE:
YEAR BLT:
BLDG SIZE:
CLASS:
CONSTRUCTION-QUAL:
WALL HEIGHT:
STORIES:
BSMT SIZE:
LAND SIZE:
LAND VALUE:
OCCUPANCY:
2111 2 AV
0
12/19/94
$250,000
$400,000
GLEN R SHUPE
JOHN L SHUPE
1967
20,000
C
AVG
16
1
0
73,475
55,106
SER GAR
GREELEY
BOOK #: 1473
RECEPTION #: 2420432
LAND/BLDG RATIO:
IMPS PRICE/PSF:
SALE PRICE/PSF:
CASH DOWN:
LOAN:
INTEREST RATE:
LOAN TERM (YRS):
POINTS PAID:
3.67
$17.24
$20.00
0
0.0%
0
0
REMARKS: FAMILY SALE BETWEEN BROTHERS. JOHN (GRANTEE)
PURCHASED GLENN'S (GRANTOR) PARTIAL INTEREST
IN SUBJECT PROPERTY (APPROX 62.50). GRANTEE
ALREADY OWNS THE OTHER PARTIAL INTEREST (APPROX
37.5%). APPRAISAL WAS DONE TO DETERMINE SUBJECTS
VALUE. GRANTEE'S OPINION OF VALUE WAS $400,000.
COMPARABLE SALE
PIN: 0205988 PARCEL #:
80536000053
ADDRESS:
PROJECT:
SALE DATE:
SALE PRICE:
ADJ SALE PRICE:
GRANTOR:
GRANTEE:
YEAR BLT:
BLDG SIZE:
CLASS: D
CONSTRUCTION-QUAL:
WALL HEIGHT:
STORIES:
BSMT SIZE:
LAND SIZE:
LAND VALUE:
OCCUPANCY:
3455 F ST
0
12/16/94
$400,000
COWAN, THOMAS J
CECIL FARMS
1982
17,278
14
1
0
59,475
37) 'to
WHSE/STOR
GREELEY
BOOK #:
RECEPTION #:
LAND/BLDG RATIO:
IMPS PRICE/PSF:
SALE PRICE/PSF:
CASH DOWN:
LOAN:
INTEREST RATE:
LOAN TERM (YRS):
POINTS PAID:
NEW
1472
2419695
3.44
$21.43
$23.15
$50,000
9.5%
5
1
REMARKS: FIRST LEVEL 16,190 SF, SECOND LEVEL 1,088 SF.
WHSE/STOR 80%, OFFICE 20%.
COMPARABLE SALE
PIN: 0004088 PARCEL #:
80332000056
ADDRESS:
PROJECT:
SALE DATE:
SALE PRICE:
ADJ SALE PRICE:
GRANTOR:
GRANTEE:
YEAR BLT:
BLDG SIZE:
CLASS:
CONSTRUCTION-QUAL:
WALL HEIGHT:
STORIES:
BSMT SIZE:
LAND SIZE:
LAND VALUE:
REMARKS:
OCCUPANCY:
620-630 0 STREET
0
11/04/93
$265,000
$530,000
DOS GRINGOS
HUMMEL ROBERT
1981
23,040
S
AVG
22
2
0
373,309
85,700
620 0 ST YOC 1989
630 0 ST YOC 1981
SALE IS A PARTNER
WHSE STOR
GREELEY
BOOK #:
RECEPTION #:
LAND/BLDG RATIO:
IMPS PRICE/PSF:
SALE PRICE/PSF:
CASH DOWN:
LOAN:
INTEREST RATE:
LOAN TERM (YRS):
POINTS PAID:
1419
2366390
16.20
$19.28
$23.00
$0
0
0.0%
0
0
BUYOUT BASED ON APPRASIAL.
COMPARABLE SALE
PIN: 3989686
PARCEL #:
OCCUPANCY:
ADDRESS: 3714 CARSON ST
PROJECT: 0
SALE DATE: 05/03/95
SALE PRICE: $199,500
ADJ SALE PRICE:
GRANTOR:
GRANTEE:
YEAR BLT:
BLDG SIZE:
CLASS:
CONSTRUCTION-QUAL:
WALL HEIGHT: 12
STORIES: 1
BSMT SIZE: 0
LAND SIZE: 39,640
LAND VALUE: 28,438
REID GERALD &
FRASCO JOHN R
• 1981
11,738
D
AVG
LUCILLE
96130107011
SERV GAR
EVANS
BOOK #:
RECEPTION #:
LAND/BLDG RATIO:
IMPS PRICE/PSF:
SALE PRICE/PSF:
CASH DOWN:
LOAN:
INTEREST RATE:
LOAN TERM (YRS):
POINTS PAID:
NEW
REMARKS: SALES PRICE WAS DETERMINED AUG/93. ACTUAL
CLOSING DID NOT TAKE PLACE UNTIL MAY/95.
GRANTEE (FORMER TENANT) FELT HE GOT A GOOD
DEAL. SERVICE GARAGE HAS 20% (2,458 SF) OF
OFFICE AREA. OAR 10.8%
15
1490
2436730
3.38
$14.57
$17.00
$40,000
10.O'
15
0
COMPARABLE SALE
PIN: 2802986
PARCEL IS: 96105301013
OCCUPANCY:
ADDRESS: 527 6 AVE
PROJECT:
SALE DATE:
SALE PRICE:
ADJ SALE PRICE:
GRANTOR:
GRANTEE:
YEAR BLT:
BLDG SIZE:
0
12/31/94
$375,000
BREWER STEEL CO
BMA ACQUISITION
1967
21,550
CLASS: S
CONSTRUCTION-QUAL: AVG
WALL HEIGHT: 14'/28'/33'
STORIES: 1
BSMT SIZE:
LAND SIZE: 28,500
.LAND VALUE: 18,525
REMARKS:
0
MANUFACTURE
GREELEY
BOOK #:
RECEPTION #:
LAND/BLDG RATIO:
IMPS PRICE/PSF:
SALE PRICE/PSF:
CASH DOWN:
LOAN:
INTEREST RATE:
LOAN TERM (YRS):
POINTS PAID:
1465
2413676
1.32
$16.54
$17.40
$375,000
0
0.0%
0
0
07/21/97
PROFORMA INCOME WORKSHEET
Parcel :
Name:
Prop Address:
Bldg sq ft
28,785
Tax rate
Fractional rent
Avg rent psf
DALE L. MAJORS
2123 2ND AVE, GREELEY, CO
SUBJECT RENT
Area
1 fir rate psf 28,785
Less vacancy & expenses
vacancy 5%
expenses 10%
Use
WHSE
mill rate
0.095786
No of Units
2
Effective
assm't rate tax rate
0.29 0.027778
units annual income
1 $61,292
2 $28,608
$89,900
Net income
Annual
rent psf
$3.12
2.65
Net Income/overall cap rate=Property value
Cap rate + eff tax rate
size/bay
19,249
9,536
28,785
0.10 0.0278
OWNER EXPENSES: T, I, M, MGMT
Comparable
rentals Use
KNIGHT MANF WHSE
STATE FARM WHSE
BREWER WHSE
PLATTE RIVE WHSE
AVE
Bldg
Address size
701 CHERRY 28,020
600 31 ST 44,000
527 6 AVE 21,550
1226 11 AVE 24,100
Annual
rent psf
$3.18 RAMSTAR
$3.00 COLO ARMY NATIOAL G
$3.12
Annual gross
Income
$89,900
4,495
8990
76,415
0.128
Year
const'd
1995
1960
1967
1974
Property Value
value per sq ft
597,000 20.74
Gross
income
per sq ft
PURE NET
PURE NET
$2.75
$2.99
Net
income
per sq ft
$3.17
$3.24
$2.28
$2.25
$2.74
CORRELATION AND FINAL ESTIMATE OF VALUE
COST APPROACH $627,000
SALES COMPARISON $604,500
INCOME APPROACH $597,000
ESTIMATED MARKET VALUE OF THE SUBJECT PROPERTY
$597.000
REASONS FOR REQUESTING REVIEW
FOR 2123 2ND AVE.
JULY 31, 1997
The following comparable improvements are within five blocks of our property at 2123
2nd avenue.
Starpak
Balcom Chem.
Tim Warde
Tim Warde
237 22nd St. Improvements are 94,669 sq. ft. valued at $410,877 which
equates to $4.34 sf.
240 22nd St. Improvements are 23,380 sqft. valued at $325,165 which
equates to $13.90 sf.
2428 4th Ave. Improvements are 5,800 sq. ft. valued at $85,292 which
equates to $14.70 sf.
Additional improvements at this address are 12,584 sq. ft. valued at
$175,125 which equates to $13.91 sf.
2414 4th Ave. Improvements are 36,160 sq. ft valued at $542,347 which
equates to $15.00 sf.
Our property at 2123 2nd Ave. has improvements which are 28,785 sq. ft. valued at
$555,000. This equates to $19.28 sf.
This property including land was valued at $386,306 in 1995. It is now appraised at
$597,000 including land. This equates to a 54.5 % increase in 2 years.
BASED ON THE ABOVE INFORMATION I BELIEVE THIS PROPERTY
SHOULD BE VALUED AT $13.00 SQ. FT.
WF�PG
COLORADO
July 16, 1997
MAJORS DALE L & EVELYN E
2911 GRANDVIEW DR
GREELEY, CO 80631
Dear Petitioner(s):
CLERK TO THE BOARD
PHONE (970) 356-4000 EXT.4225
FAX: (970) 352-0242
915 10TH STREET
P.O. BOX 758
GREELEY, COLORADO 80632
Parcel No.: 096117102005 PIN No.: R3462386
The Weld County Board of Equalization has set a date of Thursday, July 31, 1997, 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. A number of hearings have been scheduled at this time; peitioners will be asked to sign in
with the Clerk upon arrival, and cases will be heard on a first come / first heard basis.
You have a right to attend this hearing and present evidence to the Board in support of your
petition. The Weld County Assessor or his representative will be present. The Board will make its
decision on the basis of the record made at said 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 5, 1997,
and mailed to you on or before August 10, 1997.
Because of the volume of cases before the Board of Equalization, all cases shall be limited to 15
minutes, of which you will be allowed 10 minutes for your presentation. 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.
MAJORS DALE L & EVELYN E - R3462386
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,
BORD OF EQUALIZATION
Donald D. Warden,
Clerk to the. Board
BY:
Carol A. Nardi
Deputy Clerk to the Board
cc: Warren Lasell, Assessor
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