HomeMy WebLinkAbout992356.tiff 1999
Weld County
PROPERTY ASSESSMENT STUDY
Prepared for Colorado Legislative Council
Thos. Y. Pickett & Company, Inc.
Denver, Colorado
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THOS. Y.
l'aluation Engineers PICKETT Oil& Gas-Minerals
Tax Consultants Industrial& Commercial
Ratio Studies Public Utilities
&COMPANY, INC.
Data Management Services Real Estate Apt aisals
September 15, 1999
Mr. Charles S. Brown
Director of Research
Colorado Legislative Council
State Capitol Building - Room 029
Denver, Colorado 80203
Dear Mr. Brown,
Thos. Y. Pickett & Co. has completed the 1999 Property Assessment Study in
Weld County. This Final Report documents the results and associated
recommendations of the analysis and procedural verifications.
The statistical analysis has been conducted in complete accordance with the
following procedures: the Request for Credentials and Proposals to Conduct a
Colorado Property Assessment Study, dated July 17, 1998; Contract
Encumbrance Number 99000000004, dated November 27, 1998; and the current
Standards on Ratio Studies approved and published by the International
Association of Assessing Officers in July 1990.
Respectfully submitted,
THOS. Y. PICKETT & CO. INC.
John Zimmerman
4155 East Jewell Avenue, Suite 809 • Denver,Colorado 80222-4512
Phone(303) 691-9986 • Fax (303) 757-4898 • Home Page: www.typco.com
1999
Property Assessment
Study
Weld County
This Final Report presents the results of Thos. Y.
Pickett & Company, Inc. 's comparison study of as-
sessed values to qualified sales, the associated pro-
cedural verifications, and the required analysis on
the other specified lasses and/or subclasses of
property in Weld County, Colorado. This study was
conducted pursuant to Colorado Revised Statutes
Sections 39-1-104, governing valuation for assess-
ment.
Table of Contents
INTRODUCTION 1
SUMMARY RESULTS OF SOLD PARCEL ANALYSIS 2
Summary Results of Sold Parcel Analysis 3
Summary Results Of Sold Parcels by Economic Area 3
AGRICULTURAL LAND STUDY 5
AGRICULTURAL OUTBUILDING AND RESIDENCE STUDY 6
PERSONAL PROPERTY STUDY 6
SALES VERIFICATION 6
ECONOMIC AREA EVALUATION 7
SUBDIVISION DISCOUNTING 7
NATURAL RESOURCE STUDY 7
Earth or Stone Procedures 8
Producing Gas Procedures 8
Producing Oil Procedures 8
Non Producing Patented Mining Claims Procedures 9
APPENDICES 11
1999
Property Assessment Study
Weld County
Introduction
Thos. Y. Pickett & Company, Inc., has concluded the Property As-
sessment Study for each of the 63 counties within the State of
Colorado. The study was conducted pursuant to provisions of the
Constitution of Colorado and the Colorado Revised Statutes [CRS]
Sections 39-1-104, governing valuation for assessment. The funda-
mental objective of the 1999 study was to ascertain that each county
assessor complied with Colorado's mandated guidelines in valuing all
applicable classes of property.
By addressing the research through a ratio study and the associ-
ated statistical analysis, Thos. Y. Pickett & Company, Inc., compared
assessed values to qualified sales transactions within Weld County.
When qualified sales did not meet sample size requirements, ap-
praisal ratios were calculated. The prevailing level of ratio (or global
level of assessment), measured by its median value, and the vari-
ability of the ratio, measured by the coefficient of dispersion (COD),
were then compared to the benchmarks established by the Colorado
State Board of Equalization.
When individual parcel ratios for a particular property class are
arrayed by numerical value, the value of the ratio that lies in the
middle of the array is defined as the median ratio, which is a meas-
ure of central tendency (half of the ratios are greater than the me-
dian ratio and half are less). A parcel appraised at its market value
will have a ratio value of 1.00. The coefficient of dispersion is the
1999 Weld County 1
measure of an individual parcel ratio deviation from the median. The
deviation indicates how uniformly the assessor values parcels.
The Colorado State Board of Equalization (SBOE) has established
the following median standards that all county assessors are re-
quired to achieve:
PROPERTY CLASS MEDIAN COD t.
Vacant Land 0.95 to 1.05 20.99
Flesidential 0.95 to 1.05 15.99
Commercial/Industrial 0.95 to 1.05 20.99
Summary Results of
Sold Parcel Analysis
This report presents the analysis and associated conclusions with
regard to property valuations within Weld County for the 1999 tax
year. By law, these valuations are based on the tax status date of
June 30, 1998.
The results of the analysis are summarized in the tables below,
"Summary Results of Sold Parcel Analysis," and "Summary Results of
Sold Parcel Analysis by Economic Area" (if applicable). The complete
analysis, including frequency distributions of ratios by class, plots of
1999 assessed value versus the sales price, ratio results, and stratifi-
cation of results in single-family class is appended to this report.
2 Thos. Y. Pickett&Company, Inc.
Summary Results of Sold Parcel
Analysis
PROPERTY QUALIFIED
OF UNWEIGHTED LOWER 95% UPPER 95% COEFFICIENT
GLASS QUALIFIED MEDIAN CONFIDENCE CONFIDENCE OF
SALES RATIO LIMIT r LIMIT DISPERSION
commercial 95 100.00 100.00 100.00 3.34
. ..and:...
Industrial
Condominium N/A N/A N/A N/A N/A
97.72 97.37 97.96 7.07
Single Family 3508
Vacant Land 782 100.00 100.00 100.00 7.90
Summary Results Of Sold Parcels
by Economic Area
Economic Qualified Median Ratio Lower 95% 2 Upper 95%; Coefficient
Area Sales Confidence Confidence : of
,`: Limit L '`''Limit 'Dispersion
1 248 96.35 95.03 98.13 7.08
15 278 98.36 97.88 98.94 5.13
16 96 98.21 92.92 99.92 7.78
17 72 97.58 93.60 101.66 10.09
19 298 100.44 99.26 101.59 7.68
2 211 95.92 94.87 96.88 6.98
21 191 99.18 97.69 100.30 7.72
22 361 97.21 96.30 98.10 5.39
23 266 95.95 94.84 97.22 7.84
28 110 99.21 97.72 101.16 8.67
1999 Weld County 3
Economic Qualified Median Ratio Lower 95% Upper95% `.Coefficient
Area - Sales Confidence Confidence of
Limit Limit ' ` Dispersion
29 103 98.03 95.62 101.54 10.83
3 291 97.91 97.28 98.60 5.79
30 39 97.98 86.73 101.82 .13.64
43 80 96.70 94.72 99.23 8.58
45 331 95.74 94.90 96.27 7.15
5 149 100.03 98.66 102.00 7.10
6 304 97.52 96.77 98.23 4.91
8 80 98.93 95.14 101.76 6.85
Conclusions
The sales ratio analysis for the property classes analyzed in Weld
County indicates that the median ratios and their associated
coefficients of dispersion are within the benchmarks established by
the SBOE. No significant differences between the change in
assessed value for sold parcels and the change in assessed value for
comparable unsold parcels in any classes were identified.
Recommendations
None.
4 Thos. Y. Pic:kett& Company, Inc.
Agricultural Land Study
Land Class Acres Total Actual Value Per Acre Ratio
Value
Irrigated Farm 379,014 180,889,388 477.26 .99
Dry Farm 573,380 38,924,418 67.89 1.00
Meadow Hay 18,882 2,387,257 126.43 1.00*
Grazing 1,045,171 14,469,877 13.84 1.00
Waste 16,982 99,345 5.85 1.00
Total 2,033,429 236,770,285 116.44 N/A
* Yield based on local producer's data
Findings
• Aerial photos from the county ASCS (now called Farm Service
Agency) office and soil maps in the SCS (now called the Natural
Resources Conservation Service) Soil Survey for the county were
the basic tools in the land classification.
• Aerial photos in the county ASCS (now called Farm Service
Agency) office are used as necessary, but are not in the Asses-
sor's office.
• The land classification includes adequate detail to accurately re-
flect the productivity and profitability of individual parcels.
• Grazing land is appropriately classified by carrying capacity with
the aid of SCS Range Site Maps and Range Site Descriptions.
• The crop rotation used should include corn for grain plus the corn
for silage acreage. Adding in the corn silage would change the
rotation from 60% corn and 40% alfalfa to 67% corn and 33%
alfalfa. Lease terms accurately reflect land use in the county.
• Production areas are established within the county.
• Crop yields as a percentage of the ten-year county average re-
ported by the Colorado Agricultural Statistics Service as: Irrigated
Corn 100%, Irrigate Alfalfa 98%, and Dry land Wheat 100%.
• Commodity prices, expense items, and capitalization rate speci-
fied by the DPT were properly used.
1999 Weld County 5
• The pumping cost formula, as specified by DPT, is used incorpo-
rating local electric costs, well and system costs, depth, and
pumping pressure.
• A ten-year average of local figures documents the crop expenses.
• One percent: of the different land uses were physically inspected.
Several of the flood-irrigated parcels that were inspected now
have pivot sprinkler systems and the assessments are based on
flood irrigated land. The assessments should be based on the
sprinkler irrigated land formula.
Suggestions
The acres of corn for grain and corn for silage should be added
together to develop the correct corn acreage in the crop rotation.
Lands that have been changed from flood irrigation to sprinkler
irrigation should be classified and assessed as sprinkler irrigated
lands. Lands converted from flood to sprinkler irrigation should be
reviewed and sprinkler irrigated land assessment formula used.
Recommendations
None
Agricultural Outbuilding and
Residence Study
Agricultural outbuildings were exempt in the 1999 study.
Personal Property Study
The Personal Property Study was omitted in the 1999 study.
Sales Verification
Weld County maintains master sales, verified sales and qualified
sales lists. Lists are maintained on a continuous basis. The verifica-
6 Thos. Y. Pickett & Company, Inc.
tion process of all sales supplemented with a letter or phone call
when TD 1000s are incomplete.
The sales list development evaluation includes a random sample
of qualified and unqualified sales pursuant to State requirements.
Vacant land, single family and commercial sales fall within accepted
requirements.
Economic Area Evaluation
Weld County has identified the variables which influence property
values of specific neighborhoods and has adequately documented
the conclusions reached. The County has also mapped the economic
areas and can readily identify the economic area for each property.
Subdivision Discounting
Weld County has developed marketing areas for vacant land
parcels and has defined these areas by divisions and filings.
Questionnaires were mailed by the County to subdividers to
gather information necessary for discounting. The County has
documented its discounting procedures on each subdivision as well
as the development of its discount rate of 10.50 percent. Subdivided
land with improvements and vacant lots in subdivisions where at
least 80% of the lots have been sold were appraised at market
value, with the exception of one subdivision, which was discounted.
In addition, the sellout period in one subdivision was calculated
incorrectly.
Recommendations
Review ARL VOL 3, Sec IV, Valuation of Vacant Land Present
Worth for correct procedures.
Natural Resource Study
Thos. Y. Pickett & Company, Inc., conducted a study in Weld
County that included various relevant natural resource elements.
1999 Weld County 7
Earth or Stone Procedures
The Colorado Revised Statutes, Article 39, Section 6, and the
ARL, Volume 3, provide the guidelines in appraising natural resource
property. While all three approaches should be considered, the
income approach is most widely used in the valuation of earth or
stone. Production and life of the leases were provided by the
operator. There are no other sources available to document
production. The economic location factor was applied to the gross
tons extracted to determine the landlord's royalty. The landlord's
royalty was multiplied by a recommended Hoskold Factor to find the
actual value. The Hoskold Factor was calculated using the life of the
reserves.
Conclusions
The guidelines set forth by the natural resource valuation
procedures were followed in determining these values.
Producing Gas Procedures
The Colorado Revised Statutes, Article 39, Section 7, and the
ARL, Volume 3, provide the guidelines in appraising gas property.
The total MCF of gas are multiplied by the current average price. All
government royalty is deducted from the gross value sold to
determine actual value.
Conclusions
The correct appraisal procedures were used in valuing gas
production.
Producing Oil Procedures
The Colorado Revised Statutes, Article 39, Section 7, and the
ARL, Volume :3, provide the guidelines in appraising oil property.
The total barrels of oil are multiplied by the current average field
price. All government royalty is deducted from the gross value sold
to determine actual value.
8 Thos. Y. Pickett&Company, Inc.
Conclusions
The correct appraisal procedures were used in valuing oil
production.
Non Producing Patented Mining Claims
Procedures
In accordance with the guidelines established in ARL, Volume 3,
the market and income approaches to value were considered. The
primary use of property established the parameters used in the
valuation process.
Conclusions
The correct appraisal procedures were used in valuing non-
producing patented mining claims.
1999 Weld County 9
Appendices
Documentation of Statistical Analysis
1999 Weld County 11
Appendix A
Sales Ratio Analysis
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Appendix C
County Response:
Valuation of Agricultural Land
a a OFFICE OF THE WELD COUNTY ASSESSOR
�j PHONE(970)353-3845, EXT 3650
y♦j�. FAX(970)351-0978
WELD COUNTY ADMINISTRATIVE OFFICES
I 1400 N. 17TH AVENUE
G c ',j GREELEY,COLORADO 80631
COLORADO
August 24, 1999
Thos. Y. Pickett & Company, Inc.
4155 E. Jewell Ave., Suite 809
Denver, CO 80222
Dear Mr. Zimmerman:
In the recently released preliminary audit for Weld County there were 2 separate issues that went
down as suggestions for the Agricultural Reappraisal. The issues were regarding 1. Sprinkler ground that is
being classified as flood i:Tigated and 2. Whether we are not doing the crop rotation correctly based upon
silage as opposed to corn for grain.
With respect to issue#1 the Weld Assessors staff has always attempted to follow the state guidelines
as closely as possible while still allowing for adequate time to correctly and successfully complete the
valuation process in the properly prescribed time frame. We are beginning the process of review regarding
this issue and will be formulating a plan which will allow for a complete assessment of the sprinkler issues
for the 2001 reappraisal. We are aware that there may be some areas where the typical irrigation methods
that were prevalent some years back have now changed and that we may need to make some changes in these
areas if the pervasive use of sprinklers is now evident and the facts clearly shows a need for review.
We appreciate the help of the auditors and State Department of Taxation personnel in working with
us on this issue in hopes that the future will not reveal problems in this area further.
Relative to issue i;'2 we again were following the state guidelines as we felt we had been directed in
the past as well as present. It was clearly our understanding that in those counties were there was a
predominant base crop, such as is the case in Weld, then we were to base our rotations upon that base crop
only. The corn for silage was accounted for in the total acreage (as can be seen in total areas planted verses
harvested). But as we interpreted the state guidelines and in further discussions with Department of Taxation
personnel we were completely sure that our methodology was entirely appropriate.
We hope that some further clarification can be brought forth in the next reappraisal period which will
help to clarify these issues and avert further complications in the future. Rest assured we are fully prepared
to make changes if the statutes and guideline change or are altered to better clarify some of these minor
issues. ,
Please feel free to contact cur office at any time you feel it necessary. We would very much like to
alleviate these issues altogether for this year as well as future years.
Sincerely,
The Weld Agricultural Staff
cc: Judy Kahl, Dept. Of Property Taxation
Hello