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Home My WebLink About991910.tiff RESOLUTION RE: THE BOARD OF EQUALIZATION, 1999, WELD COUNTY, COLORADO - DENY PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE PETITION OF: LA CASA ROSA LTD 2448 1 AVE GREELEY, CO 80631 DESCRIPTION OF PROPERTY: ACCOUNT #: R7638099 PARCEL #: 080332305025 - GR CP L13 CLAYTON PARK 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 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 $ 5,973 Improvements OR Personal Property 85,500 TOTAL ACTUAL VALUE $ 91,473 991910 AS0043 x • 4 'D RE: BOE - LA CASA ROSA LTD Page 2 BE IT FURTHER RESOLVED that a denial of a petition, in whole or in part, by the Board of Equalization ma', 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. 991910 AS0043 RE: BOE - LA CASA ROSA LTD 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 wind 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 vole on the 2nd day of August, A.D., 1999. f1 1 BOARD OF COUNTY COMMISSIONERS COUNTY, COL RAD ATTEST, / . �;� `�/'�•� C — f D K. Hall, Chair Weld C•i fy IerlZ fib E_ .anu Barbara J. Kirkmeyer, ro-Tem BY: ,r Deputy' �� t!•rd S1/ Georg Eixter APPROVED AS TO FORM: 7e11e 44i c >liAlkiCL.As ' tant Co ty Attorney t1/�� Glenn Vaad 991910 AS0043 High Plains Housing Development Corp 315 N. 11th Avenue, Bldg... B P.O. Box 8 Greeley, CO 80632-0008 _ July 15, 1999 Weld County Board of Equalization P.O. Box 758 Greeley, CO 806'32 RE: LaCasa Rosa Apartments Ltd. • La Casa Rosa Ltd. request a reduction in the valuation of the three pieces of property that comprise the La Casa Rosa Apartments at 1005, 1011, and 1013 C Street These apartments were constructed by High Plains Housing Development Corp (a non-profit) and The Greeley Urban Renewal Authority for low income seniors. They were finance in part under section 42 of the IRS code of 1986 as such they have a Low-Income Housing Tax Credit Land Use Restriction Agreement for 30 years with Colorado Housing and Finance Authority(inclosed). This restricts both the income of eligible tenants and also the rents that may be charged for a period of 30 years. This was the second low income new construction apartment project built using tax credits in Weld County. No similar properties have ever been sold in Weld County. They were opened in March of 1998 so they do not have a full year of operating experience. I have a inclosed the 1999 operating budget and using an income approach these properties have an net operating income of$17,257 if this is capitalized at 9% this would equal a value $191,745 for the property. We know the income approach of valuation is not used in the valuation of apartment properties We use it her because the restriction on income potential by the Federal Government and the State Government result in a property which will have a lower market value than a property without the restrictions. Sincerely:, Thomas Teixeira Executive Director Enclosures NOTICE OF DENIAL OFFICE OF COUNTY ASSESSOR 1400 NORTH 17th AVE. GR CP L13 CLAYTON PARK GREELEY,CO 80631 PHONE(970)353-3845,EXT.3650 WiiDc. COLORADO OWNER: LA CASA ROSA LTD LA CASA ROSA LTD LOG 2560 2448 1 AVE PARCEL 080332305025 ACCOUNT R7638099 GREELEY, CO 80631 YEAR 1999 06/14/1999 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 following category(ies): ALL OTHER PROPERTY, INCLUDING VACANT LAND, IS VALUED BY CONSIDERING THE COST, MARKET, AND INCOME APPROACHES. 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: YOUR PROPERTY HAS BEEN UNIFORMLY VALUE]) FOLLOWING COLORADO LAW AND INSTRUCTIONS PUBLISHED BY THE STATE DIVISION OF PROPERTY TAXATION. YOUR PROTEST OF VALUE HAS BEEN DENIED DUE TO COMPARISON OF OTHER SIMILAR PROPERTIES WHICH SOLD DURING THE 1997/1998 TIME PERIOD. THIS COMPARISON SHOWS YOUR ACTUAL PROPERTY VALUE TO BE CORRECT FOR THAT PERIOD. PETITIONER'S ASSESSOR'S VALUATION PROPERTY CLASSIFICATION ESTIMATE OF VALUE ACTUAL VALUE ACTUAL VALUE PRIOR TO REVIEW AFTER REVIEW LAND 5973 5973 IMPS 85500 85500 TOTALS $ $ 91473 $ 91473 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- 106(1)(a),C.R.S. Please see the back of this form for detailed information on filing your appeal. 06/14/1999 By: Stanley F. Sessions WELD COUNTY ASSESSOR DATE: 15-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 I 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 EOI FALIZATION'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. PETI PION TO 1'HE 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. a7SHJI(,NA I UKE Ut Ph I I tK� N�� -< / LaCasa Rosa Apartments 1999 budget # 2 Gross Rental $49,500 Other Income $1,545 Less Vacancy ($2,475) $48,570 Property Management tee $3,063 Manager Salary ; $3,576 Legal & Accounting $2,250 Advertising $1,500 Telephone $0 Office Supplies $624 Repairs & Supplies $3,000 Lawn & Landscape $900 Trash Removal $800 Snow Removal $200 Gas/Heat $3,000 Electricity $1,500 Sewer& Water $4,000 Property Insurance $4,500 Replacement Reserve $2,400 Total expense $31,313 Net Operating Income $17,257 First Mortgage Principal Interest Total Net Rosebug Page 1 26284 NOTICE OF VALUATION REAL PROPERTY This Is Not a Tax Bill LEGAL DESCRIPTION: Stanley F. Sessions •Weld County Assessor GR CP L13 CLAYTON PARK 1400 N. 17 80vejue 11 Date: may 1, 1999 ('Cllr r/ rI HEARING DATES: 5/3/99-6/1/99 • LOCATION: 1400N 17th Avenue IA CASA ROSA LTD 14 14 t c OFFICE HOURS: • 0-4:00 1 TELEPHONE NO: 9110) 353-3845 x-3650 24481 AVE FAX NO: 970)) 351-0978 GREELEY CO 80631 f:CJ�;n; 41., TAX YEAR: 1999 TAX AREA: 0600 PARCEL NO: 080332305025 ACCOUNT NO: R7638099 PROPERTY PRIOR YEAR CURRENT YEAR INCREASE/ CLASSIFICATION ACTUAL VALUE ACTUAL VALUE DECREASE RESIDENTIAL 0 91473 91473 TOTAL 0 91473 91473 Parcel# 080332305025 Account# R7638099 To appeal by mail, list your name, address, and phone # below, detach the lower portion of this notice and mail in accordance with instructions on the reverse side to: Name: 7/o.,,.r 7Ie -c.r,: • Weld County Assessor Address: P. a go.G 1400N, 17th Avenue 6rre/ry to ,Po,r12 Greeley, CO 80631 Phone: j 5-2 - iss re,. L 6 s Yo An assessment percentage will be applied to the actual value of your property before taxes are calculated. The assessment percentage for residences is projected to be 9.74 %. Generally, all other property, including vacant land, is assessed at 29% of actual value (39-1-104(1) and (1.5), C.I,S.). A change in the projected residential assessment percentage is not grounds for an appeal of value o a atement of taxes. (39-5-121(1), C.R.S.) For oil and gas leaseholds, the value shown above is the taxable value of your properly. Appraisal data used to establish value were gathered from the 18 month period ending June 30 1998. If data from that period were insufficient, data from the five year period ending June 30 1998 were used. Your property was valued as of January I of the current year. The "current year actual value" represents the actual or market value of your property. The tax notice you receive next January from the treasurer will hr based on that value. 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