HomeMy WebLinkAbout980795.tiff 7050 Loma Linda Ct.
Longmont CO 80504
[Casagrande Estates Sub.] ' ' I '' °' r
303 833 2992
April 30, 1998
Weld Board of County Commissioners
PO Box 738
Greeley CO 80632
Subject: Valuation of lands zoned, creating vested property rights
Ladies and Gentlemen:
There is a need for implementation of just taxation on the substantial amount of lands held for
speculation of future development.
Premises:
[1] In times of growth and expanding economy, as we are experiencing now in Weld County,
lands not being employed for their highest potential use are typically either annexed to
municipalities with concurrent approvals of higher zonings [i.e.; agricultural to residential,
commercial or industrial], or, in the case of unannexed lands, similarly rezoned by the County.
Securing these higher, more valuable zonings concomitantly secures for the land owner [or
speculator or developer agent with whom the owner has a commitment] vested rights in that
zoning which cannot be taken away without compensation for damages, and exponentially
increases the actual value of the land. The land owner has received instruments [zoning and
vesting] of great potential profit by going through the relatively inexpensive zoning process
provided by compliant governments.
[2] At the same time, the assessed value of these lands remains based on its present use
classification, typically, agricultural. They are valued as pursuant to CRS39-1-103[5][a] "by
consideration of the earning or productive capacity of such lands...capitalized at a rate of
thirteen percent".
The result of this dichotomy is that land through zoning has acquired a considerable increase
in market value because of the vesting and the zoning, which value is not reflected in the
determination of actual value of the land for tax assessment purposes. The inequity of this
situation imposes an additional tax burden on other property tax payers of all classifications in
the County, as a necessary result of the zero sum taxing restraints of the Tabor Amendment.
To remove this inequity in valuation, subject lands should valued as determined by their
market value, which is the the only appropriate method of valuation, taking into consideration
the value of the zoning and the vesting, This is permitted under CRS39-1-103[5][a]: "The
actual value of such property...shall be that value determined by appropriate consideration of
the cost approach, the market approach, and the income approach of appraisal." [emphasis,
mine], and CRS39-1-105[b] which permits the assessor discretion in selecting the valuation
method.
A R\ 980795
7 CC. 45
This letter is to request the Board to have the Weld County Assessor and the Weld County
Attorney investigate the justification for, the legality of; and the implementation of a process
of valuing these properties with vestings resulting from zonings at their real actual values.
As best as I can determine this can be affected without the necessity of legislation by the
State.
Very truly yours,
/ Joholsom
PC: Weld County Attorney, Weld County Council
valuatio.doc
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