HomeMy WebLinkAbout991965.tiff RESOLUTION
RE: THE BOARD OF EQUALIZATION, 1999, WELD COUNTY, COLORADO - ADJUST
VALUE IN PART
PETITION OF: WINDSOR TOWNHOMES LTD PARTNERSHIP
C/O MIKE SOLLENBERGER
PO BOX 272469
FT COLLINS, CO 80527
DESCRIPTION OF PROPERTY: ACCOUNT#: R1559786 PARCEL#: 080721400027 -WIN
WTH-1 BLK1 WINDSOR TOWNHOMES PUD
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 1999, 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 1999, 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 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:
ACTUAL VALUE
AS DETERMINED ADJUSTED
BY ASSESSOR ACTUAL VALUE
Land $ 341,119 $ 341,119
Improvements OR
Personal Property 1,079,432 1,004,881
TOTAL ACTUAL VALUE $ 1,420,551 $ 1,346,000
991965
AS0043
r_..
RE: BOE - WINDSOR TOWNHOMES LTD 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 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.
991965
AS0043
RE: BOE - WINDSOR TOWNHOMES LTD PARTNERSHIP
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 4th day of August, A.D., 1999.
BOARD OF COUNTY COMMISSIONERS
/ I / COUNTY, C LORADO
i
ATTES �4 �/ "
Dale K. Hall, Chair
Weld reek e Board
a< EXCUSED
Barbara J. Kirkmeyer, Pro-Tem
BY: lam / .2
e to and
eorg E. ter
APP M.
M. J. eie
1
Asej/ stant C my Attorney i6-0 4-c'')
Glenn Vaad`
991965
AS0043
D
NOTICE OF ADJUSTMENT - FICE OF COUNTY ASSESSOR
E C 80631
/ TIN WTH-1 BLxl WINDSOR ]400 00G NORTH TH,17th thAV .
TOWNHOMES POD PHONE(970)353-3845,EXT.3650
wm€.
COLORADO OWNER: WINDSOR TOWNHOMES LTD PARTNERSHIP
WINDSOR TOWNHOMES LTD PARTNERSHIP LOG 2979
PO BOX 272469 PARCEL 080721400027
ACCOUNT R1559786
FT COLLINS, CO 80527 YEAR 1999
06/10/1999
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 bllowing 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 determination of value are:
BASED ON A STUDY OF COMPARABLE PROPERTIES THAT SOLD FROM 1/1/97 TO 6/30/98 WE
HAVE ADJUSTED YOUR PROPERTY TO THE 1999 LEVEL OF VALUE AS SHOWN BELOW.
RECEIVED
PETITIONER'S ASSESSOR'S VALUATION
PROPERTY CLASSIFICATION ESTIMATE
OF VALUE ACTUAL VALUE ACTUAL VALUE
PRIOR TO REVIEW AFTER REVIEW
LAND 341119 341119
IMPS 1251270 1079432
TOTALS $ $ 1592389 $ 1420551
If you disagree with the Assessor's derision,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.
06/10/1999
By: Stanley F. Sessions
WELD COUNTY ASSESSOR DAT E
IS-DPT-AR
Form PR-207-87/99 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 20 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 EQUALIZATION'S DETERMINATION;
The County Board of Equalization must make a decision on your appeal and mail you a determination within five
business days of that decision. 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 10.
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, C.R.S., YOU MUST STATE YOUR OPINION OF VALUE IN TERMS OF A SPECIFIC DOLLAR
AMOUNT. Attach additional documents as necessary.
SIONA 1 UKE OF PE I I I'LINER DA I E
ADAMS PARK APARTMENTS
P.O. BOX 272469
FORT COLLINS,COLORADO 80527
970-226-8775
May 18, 1999
Dear County Assessor,
This apartment complex is funded by the U.S. Department of Agriculture, Rural
Development, Section 515 program. It offers clean, affordable housing to low and very
low income tenants in small towns such as this. Rent levels are established and approved
by Rural Development based upon actual expenses. There are no "market level"
payments to the project by the government as with HUD projects. The property receives
no tax credits. All expenses, including property taxes, are a direct pass-through to the
rents paid by the tenants.
Each apartment unit is 650 square feet, one bedroom, one bath. Dishwashers and air
conditioning is not provided, as they are considered luxury items by Rural Development.
There are no on-site amenities.
Rural Development has placed severe restrictions on the allowable profit to the owners,
and on the sale or transfer of the project. Currently, Rural Development does not allow
prepayment of the mortgage, effectively blocking any market opportunity for the owners.
There are no comparable sales in the State of Colorado for Section 515 projects.. because
no sales are allowed without transferring all of the government restrictions.
These restrictions on sale or transfer are contained in the Deed of Trust, the loan
agreement, and in a deed addendum. A market adjustment should be given to this
property that reflects these economic and market restrictions. We believe a fair market
value for this property is $15,000.00 per unit, or $600,000.00 for this 40-unit project.
Thank you for your consideration.
Very truly yours,
Mike Sollenberger
General Partner
STANLEY F. SESSIONS
WELD COUNTY ASSESSOR
APPRAISAL REPORT
OF
MULTI-FAMILY PROPERTY
FOR
County Board of Equilization
WINSOR TOWNHOMES LTD PARTNERSHIP
PETITIONER
VS.
WELD COUNTY ASSESSOR'S OFFICE
RESPONDENT
Parcel Number: 0807-21-4-00-027
Schedule Number: R1559786
Log Number: 2979
Date: August 4,1999
Time: 3:30 p.m.
PREPARED BY
APPRAISERS NAME
n(24/3 i (a-78 3 8/215',
Lgrry Rodrigue License No. D to
V ASSESS 'S O FILE STAFF APPRAISER
APPRAISAL DATE
JUNE 30, 1998
ASSESSOR VALUE
$1,420,551
CBOE Res Multi_071599
Page 1
GENERAL DESCRIPTION OF SUBJECT SITE
This property is located at 10 E GARDEN DRIVE in the city of WINDSOR. The legal
description of the property is WIN WTH-1 BLK1 WINDSOR TOWNHOMES %10 E
GARDEN DR%
• Utilities available to the site are typical for the area.
IMPROVEMENTS
The subject property improvements are identified as a 36 unit apartment complex,
made up of 6 - 2 story, 6 unit buildings and an office/manager's residence. These
buildings being of frame/hardboard construction built in 1982. The total square footage
of the apartments is 27, 534 square feet. The office building measures 920 square feet.
The improvements sit on 272,895 square feet of land. The Assessor has classified the
property as multi/family residential of average quality.
The subject is in a multi-family zoned area.
SUBJECT PHOTOGRAPH
•
4
u. ; t.
...wnvSjs'.
•
•
}
CBOE_Res Multi071599
Page 2
Mt •
• h1, } G�
Comparable Number 1
•
by
4^
Comparable Number 2
•
w ' Comparable Number 3
w JI
y
�;.+._.R CBOE Res Mulli 0J1699
Page 3
WELD COUNTY ASSESSOR'S
Comparables Report with Adjustment Grid
Subject Comp #1 Comp #2 Comp #3
SDate/Price 06/29/98 $1,561,000 ! 05/09/97 $700,000 1/17/97 $690,000
Parcel# 080721400027 096119200048 096106414017 096108226002
Account# R1559786 R0108892 R3001786 R3267586
Address 10 E GARDEN DRIVE 1745 30 STREET 1201 8 STREET 1508 9 AVENUE
WINDSOR GREELEY GREELEY GREELEY
Neighborhood 139 132 5% 126 5% 126 5%
Land-SF 272,896 119,354 $1.25 14,000 $1.25 14,250 $1.25
Occupancy Apts> 9 Units Apts>9 Units $0.00 Apts>9 Units $0.00 Apts>9 Units $0.00
Builtt As <3 Stories <3 Stories $0.00 <3 Stories $0.00 <3 Stories $0.00
Year Built 1984 1972 3% 1960 6% 1973 2.8%
Quality Average Average $0.00 Fair 5% Fair 5%
Exterior Frame Hardboard Frame Hardboar $0.00 Frame Masonry 5% Frame Masonry 5%
Building SF 27,534 40,716 $25.00 16,239 $25.00 11,520 $25.00
Basement 0 19,630 $7.00 5,494 $7.00 5,760 $7.00
Bsmt Finished 0 0 $9.00 5,494 $9.00 2,880 $9.00
Garage 0 0 $0.00 0 $0.00 0 $0.00
Units 36 40 $0.00 31 $0.00 24 $0.00
Time $0.00 4.3% 5.7%
Amenities $80,057 $10,032 $0.00 $4,500 $0.00 $4,400 $0.00
Adjustments
Location ($78,050) ($35,000) ($34,500)
Land $191,927 $323,620 $323,308
Occupancy $0 $0 $0
Built As $0 $0 $0
Age $46,830 $42,000 $19,320
Quality $0 j $35,000 $34,500
Exterior $0 ($35,000) ($34,500)
Build ng Size ($329,550) $282,375 $400,350
Basement ($137,410) ($87,904) ($66,240)
Garage $0 $0 $0
Rooms $0 $0 $0
Bathrooms $0 $0 $0
Bedrooms $0 $0 $0
Time $0 $30,100 $39,330
Amenities $70,025 $75,557 ! $75,657
Total Adjustments ($236,228) $630,748 $757,225
Adusted Sale Price $1,324,772 $1,320,748 $1,457,225
Adjusted Sale$/SF $48.11 I $47.97 $52.92
$/SF Market for Subject L $48.89 ]
Final Market Value $1,346,137
CeOE_Res_Multi_071599
Page 4
IMPARTIALLY VALUATION
Constitution of Co:orado, Article X - Revenue, section 20.1 General Consideration. This section
and ss 3 of this article reconciled. In order to reconcile the requirement of subsection (8)(c) of
this section that residential property be valued"solely by the market approach to appraisal" with
the equalization requirement of article X ss 3, the actual value of residential property must be
determined using means and methods applied impartially to all the members of each class .
Podoll v. Arapahoe County Board of Equalization, 920 P.2d 525 (Colo 1995)
MARKET APPROACH SUMMARY
Real property for the tax year 1999 must be valued utilizing the level of value for the
period of one and one-half years immediately prior to July 1, 1998. A period of five
years immediately propr to July 1, 1998 shall be utilized to determine the level of value
if adequate data is not available from such one and one-half year period to adequately
determine the level of value for a class of property. Said level of value shall be
adjusted to the final day of the data-gathering period. Changes occurring between
base years are not to be accounted for until the following level of value is implemented,
other than additions, change in use, detrimental acts of nature, damage due to fire, etc.,
creation of a condominium, new regulations restricting the use of the land, or a
combination thereof (39-1-104(11)(b)(1),CRS).
The Weld County Assessor has an established ongoing Confirmation and Validation
Program for property transactions used in developing values.
The subject property has been classified as Residential for assessment purposes,
Residential property value shall be determined by appropriate consideration of the of
the Marker Approach to Value (39-1-103(5)(a),CRS)
INDICATED MARKET VALUE
$1,346,000
CBOE_Res_Mutti 071599
Page 5
Poudrs" Z n I+ e7 ( ''
Park Picnic Rode 14 85\. 1
S.R 25
l Purcell
Pierce (1,3)._..
Belivue0m0___ 1 j
FT.COLLINS I \at
f \~
•
` I 14 n
. Lary c: 269 AU{t I \'1K
$.R 1414-- I
jorerineth Ita. ' '-4 1:7-7—' • •
• \� /
' 1 i
1 • zes Tlmnatl Severance
--+ bs 0---r- __ —----- ri• bGaleton f� •
LARIMER COUNTY,' N. �_ 1 !/�
/ I
Masonvllle0 i s Su •Ct Lucerne 'f! ��
�► -- '0 Barnsvgle
5 �i 1 zh� ....t, AIRPORT°
' B°-6 GREELEY :::Ti,,' h� •GUI
LOVEI AND N kc
Drake • ,� �' any
�--34 Hig rhormason\..., \ .,
r ,.„- - !3a �:� .: Sale � `!%Campton N Salle,� •A \�
'' 0— Johnstown •--, .•/.` ,. tf.
Carter ..)j B0 e 7 Looser Latham f '�
(.lt 1 `U,_ Wilke 85 m. i•
d �"�_ Berthoud) I !
O zo`o g // eekham } r
Link 14O„,,,_
B 87 4, of Bp G?
�newood —,•,k e,i c /
Springs rye �� zs J Gllerest
36 AT 1 4
�.^i t I Mead ;I, �' ,
1 Lyons \ a Fs! t
` / Ptetteai{1e. 1
:s ,.
7 • b �rj21 �1 IS''4 WELD CO `
Milian Res,
'1 rM\HYBlene €x UNTY36 LONGM '; 1;', 2ao 1 .r i 76 Rogg•nCOUNTY fi` � �• I 5
1I ) � - / `
OULDE' Firestone I
11 .
�` / Frederick
. Ntwot• T'd
i zds Dacono n iKeeneaburq ;
52 r Fort Lupton Hudson
52 1 f U • • 52 i •
,i m a �' Prospect Valley
• r Creeks ._ Erie a 11'iz. 1 2
w f
"�`"" Lafayette zz9 7 4 '
i a' • 7 / ::-h'orac Creek
<,k 87
• 38 Louisville • i :I,.
.y. Brighton 0 Lochhule Res.--- ( 4
Eldorado 25 4 f 85 I ® Barr Lake 4
. Canyon S.P. 89 t I ;r 51 &p M-
a 8ro• lead . endereon' •
s J,r, 2z ..,.,7.4.:j..7.1 Barr Luke ADAMS COUNTY.
Eldorado \\_12 :, pr'1 Vet �'1'' ]2erH AVi 1
I; iy Springs r 12e . c ort nr>/ 8 �� r �� �/
�I JEFFERSON COUNTY r r ; ,�,Io4 �4 " 'DENVER �l ,..
1 ,,.,, r 8i,.1:,.,•;,, t, ,. ��' 44 r,'. .tNrIRNATirON L j wl -.
1 "k. 1 ELI `^' ton .. I ..:......a,nrw,: 1 _ _ -
Ills rr ammo,—oco.'.4 .
Hello