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Home My WebLink About971462.tiffRESOLUTION RE: THE BOARD OF EQUALIZATION, 1997, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE PETITION OF: ADAMS PARK APTS PARTNERSHIP P O BOX 272469 FT COLLINS, CO 80527 DESCRIPTION OF PROPERTY: PIN: R6119886 PARCEL: 47105232001 - FTL AS -1 LOT 1 ADAMS PARK SUB %450 ROLLIE AV% 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 not being present or represented, 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 Weld County Board of Equalization, that the evidence presented at the hearing clearly supported the value placed upon the Petitioner's property, after review 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: ACTUAL VALUE AS DETERMINED BY ASSESSOR Land $ 140,121 Improvements OR Personal Property 974.990 TOTAL ACTUAL VALUE $ 1.115,111 971462 AS0038 RE: BOE - ADAMS PARK APTS PARTNERSHIP 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 30 days of the denial: 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. 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. 971462 AS0038 RE: BOE - ADAMS PARK APTS PARTNERSHIP Page 3 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 22nd day of July, A.D., 1997. APPROVED AS TO FORM: Ass i nt Cou y Attorney ICE BOARD OF COUNTY COMMISSIONERS WELDBOUNTY, COLORADO George E Baxter, Chair arbara J. Kirkmeyer 971462 AS0038 WIIDe. Atz; COLORADO NOTICE OF DENIAL FTL AS -1 LOT 1 ADAMS PARK SUB %450 ROLLIE AV% OWNER: ADAMS PARK APTS PARTNERSHIP I E2' 7-0 ADAMS PARK APTS PARTNERSHIP P 0 BOX 272469 FT COLLINS, CO 80527 06/30/1997 LOG 665 PARCEL 147105232001 ACCOUNT R6119886 YEAR 1997 OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. GREELEY, CO 80631 PHONE (970) 353-3845, EXT. 3650 The appraisal 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. 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 determined the valuation(s) assigned to your property. The reasons for this defemination of value are: NO CHANGE HAS BEEN MADE TO THE ACTUAL VALUATION OF THIS PROPERTY. COLORADO LAW REQUIRES US TO SEND THIS NOTICE OF DENIAL FOR ALL PROPERTIES ON WHICH WE DO NOT ADJUST THE VALUE. RECEIVED JUN 301997 PROPERTY CLASSIFICATION PETITIONER'S ESTIMATE OF VALUE ASSESSOR'S VALUATION ACTUAL VALUE PRIOR TO REVIEW ACTUAL VALUE AFTER REVIEW LAND IMPS 140121 974990 140121 974990 TOTALS $ $ 1116111 $ 1115111 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- I06(1)(a), C.R.S. Please see the back of this form for detailed information on filing your appeal. By: I5-DPT-AR Form PR -207-87/94 WARREN L._LASELL WELD COUNTY ASSESSOR 06/30/1997 DATE ADDITIONAL INFORMATION ON REVERSE SIDE Cam'C r f¢5 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- 1.07(2), C.R.S. APPEALPRO FD R 4 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 Colorado 80632 Telephone Greeley,(0)356-4000 Ext. 4225 NOTIFICATION OF You will be notified of the time and place set for the hearing of your appeal. MUM'IleARD OF EO JALIZA'TInN'S ,DETER IN..4TT The county Board of Pqualizatlon most make a derision on your appeal and mail you determination within five business days. The County Board must conclude their hearings by August 5. a IsuguardilsioRnawitierEasi 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 Shemran, 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 WELD COUNTY BOAArbitration: BOARD 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 TINIELY 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. 3m ADAMS PARK APARTMENTS PARTNERSHIP P.O. BOX 272469 FORT COLLINS, COLORADO 80527 970-226-8775 July 9, 1997 Weld County Board of Equalization CERTIFIED MAIL 915 10th Street P.O. Box 758 Greeley, Colorado 80632 RE: Parcel No.147105232001 Dear County Board of Equalization, The subject property, Adams Park Apartments, is a 40 unit facility for very low income persons. It is restricted to senior citizens and handicapped individuals who meet income criteria set by USDA, Rural Development. This agency is the lender for the property, providing low cost housing in small communities such as Ft. Lupton, with many restrictions placed on owners. Market valuation is difficult due to the restrictions and covenants placed on the property by USDA. Rents are strictly controlled, and can only be increased with USDA approval, for increases in actual expenses. Annual return to owners is capped for the life of the 50 year mortgage at $7200.00 per year. The property may not be sold, refinanced, or transferred without deed restrictions continuing the above requirements for the life of the mortgage. Liquidity for this property is severely limited due to the above restrictions. Because of the clauses prohibiting sale or transfer, none of these properties have changed ownership in Colorado in recent history, except for foreclosures. Therefore, the use of a Gross Rent Multiplier has been found to be the most effective method to derive a market value. Your assessor's office valued this property at $1,016,515.00 for the prior year, tax year 1995. Rents in 1995 were $300.00 per unit per month. Rents at the present have not increased, and are still $300.00 per unit per month. Therefore the value for the current year should stay the same, $1,016,515.00. We respectfully request that you assign a value of $1,016,515.00 to this property. Very truly yours, Mike Sollenbeger Managing General Partner Z-21- may/ Y=dOPM FROM P_ 1 ADAMS PARK APARTMENTS PARTNERSHIP P.O. BOX 272469 FORT COLLINS, COLORADO 80527 970-226-8775 fax 970-223-3923 July 21, 1997 Weld County Board of Equalization 915 10th Street Greeley, Colorado 80632 RE: Parcel No. 47105232001 PIN No. R6119886 Dear Board, VIA FAX 970-352-0242 Due to a scheduling conflict, I am unable personally to attend the hearing for this property. However, I wanted to transmit some new data for your consideration. We own a nearly identical property in Estes Park, Colorado. Estes Park is a resort town in Larimer County with extremely high real estate values. Pine Knoll Apartments in Estes is a 48- unit complex fir senior citizens and disabled persons. Adams Park is a 40 -unit complex fix seniors and disabled persons in Ft. Lupton. Square footage per unit is identical, as are all other architectural aspects. Both are funded and controlled by USDA, Rural Development. Pine Knoll was built in 1983, Adams Park in 1981. The Larimer County Assessor reduced the market value of Pine Knoll Apartments to $960,000.00, or $20,000.00 per unit, for this low income, subsidized property. All value limiting restrictions exist for both Pine Knoll and Adams Park. Pine Knoll is directly comparable, per unit, in use and value to Adams Park. Based upon the new comparable values received, we respectfully request that the value for Adams Park Apartments be reduced to $800,000.00, which is $20,000.00 per unit. Thank you for your consideration. Very truly ypurs Mike Soilen ifrger Managing ueneral Partner enc. 9:dIPM FROM P. 2 1ARIMEK COUNTY COMMIT cD LO EXCELLENCE ESTES PARK APARTMENTS LTD PARTNERSHIP PO BOX 272469 FORT COLLINS CO Legal Description: Stephen A. Miller Latimer County Assessor Post Office Box 1190 Fort Collins, Colorado 80522 NOTICE OF DETERMINATION Tax Year. 1997 S CH ED: 1220250 Parcel/Schedule Number. 25311-30-002 Review Number: 3253 Property Address/Location: 115 5 80527 Date Received by County: Board of Equalization: LOT 2,, PINE KNOLLS SUB• EP S ST VRAIN AV 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): ALL OTHER PROPERTY. INCLUDING VACANT LAND. IS VALUED BY CONSIDERING THE COST. MARKET. AND INCOME APPROACHES. EST 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 the 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 determined the valuation(s) assigned to your property. The reasons for this determination of value are: YOUR PROPERTY HAS BEEN REVIEWED AND PROPER ADJUSTMENTS MADE.. THE VALUE IS ESTABLISHED ON A JUNE 1996 LEVEL OF VALUE IN ACCORDANCE WITH COLORADO STATUTES. Property classification LAND IMPROVEMENTS TOTALS ras RECEIVED Lari County Assessor Date JUL 2 1997 appeal If you disagree with the Assessor's decision, you have the ri ht to Equalization consideration,39-8-106(1)(a), C.R.S. Please see the back of this form o mfor detailed information on filin your pp eal rther gapp Petitioner's Estimate of Value 933120 933120 Assessor's Valuation Actual Value Prior To Review Actual Value After Review 361200 361200 2198700 598800 2539900 960000 June 30, 1997 Y:AIPM FROM 7-21-1997 8:30AM FROM SoC sJ8 9702263788 P. 1 P. 3 oft. "I'D;CO.RADO July 15, 1997 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.: 47105232001 PIN No.: R6119886 ADAMS PARK APTS PARTNERSHIP P O BOX 272469 FT COLLINS. CO 80527 Dear Petitioner(s); • The Weld County Board of Equalization has set a date of Tuesday, July 22, 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 lath 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 yor.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 authorizatien for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision win still be made by the Board by the dose 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. off which h you will ud. It be allowed 10 minutes for your presentation. Also due to volume, cases cannot beimperative that you provide evidence support may include evidence that similar homes in your area are valued less yours your position. being assessed on improvements: than yousr you are betas increased cannot be your sole dos of not have. amain: The fact that your valuation has the Board will have no choice but to deny appeal. It documented evidence as indicated above, your ap appea al.. RECEIVED WELD COUNTY COLORADO OFFICE OF WELD COUNTY ASSESSOR 1400 N. 17TH AVENUE GREELEY, COLORADO 80631 ADAMS PARK APTSS PARTNERSHIPK. PIN NO: R6119886 ADDRESS: 450 ROLLIE AVENUE FORT LUPTON COLORADO 80621 MARKET REPORT: JUNE 30, 1996 1997 PROPERTY VALUATION $ 1,219,415.00 W 0 LL0 u. O Q: N O X NQ co O W }Q J mq Z O a O� U O U 3 Io1Ul�lol I�IZIoIoI IvIISIZIOrl Iwl lol of I N IOI I I � rdI I I OH -1a' IM1 MI3IC2 v- O R I� O a ~I INI OI�Ir IS1�I OI x13101 UI UI lam I I Nj l l I l l H �>1> Inl cnlot0l0 0 roQlw- rnOoolol aowol to hlnlmrnl 10 MI�IC7oi iOhl�j�l�l ��Irn�CI01 IOI O Z IC1AIMI rI Ir ° Mlnl I(`7�Iwly ,col Io IcTOR o`ol lO o ololO)co co NZ NISI f»II•- w W Q W - W.W.z J }J z - 0) 2 Q Z N¢(nUOC0QQIW-H C D D 0 a °4< $33.37 x 32,340 SF = LL CO w a w U 52 d co w J ct CO QCC J OWQ OzHF- N V N S RECOMMEND: DENY 'Cot? a'i-3 b/s<a BOE SUMMARY SHEET PIN #: R6119886 PARCEL #: 47105232001 ADAMS PARK APTS PARTNERSHIP P O BOX 272469 FT COLLINS, CO 80527 HEARING DATE: my 22, 1997 TIME: 8:30 a.m. HEARING ATTENDED? (YJ] NAME AGENT NAME: APPRAISER NAME DECISION: Land Improvements OR Personal Property Total Actual Value COMMENTS: MOTION BY TO SECONDED BY cg Failed to prove appropriate value No comparables given Increase/Decrease in Valuation Assessment Ratio Other: ACTUAL VALUATION ORIGINAL SET BY BOARD $ 140,121 974,990 $1,115,111 tx Hall -- 'N) Kirkmeyer -- ON) Webster -- 8N) Harbert -- N) J2.11 - Baxter -- (Y/N) RESOLUTION NO. 971462 WI�YG COLORADO July 15, 1997 ADAMS PARK APTS PARTNERSHIP P O BOX 272469 FT COLLINS, CO 80527 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.: 47105232001 PIN No.: R6119886 The Weld County Board of Equalization has set a date of Tuesday, July 22, 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. ADAMS PARK APTS PARTNERSHIP - R6119886 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 e Mat Donald D. Warden, Clerk to the Board Carol A. Harding N Deputy Clerk to the Board BY: cc: Warren Lasell, Assessor Hello