HomeMy WebLinkAbout991964.tiff RESOLUTION
RE: THE BOARD OF EQUALIZATION, 1999, WELD COUNTY, COLORADO - DENY
PETITIONER'S APPEAL AND AFFIRM ASSESSOR'S VALUE
PETITION OF:
ADAMS PARK APTS PARTNERSHIP
C/O MIKE SOLLENBERGER
P 0 BOX 272469
FT COLLINS, CO 80527
DESCRIPTION OF PROPERTY: ACCOUNT #: R6119886 PARCEL #: 147105232001 -
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 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 $ 140,121
Improvements OR
Personal Property 1,043,239
TOTAL ACTUAL VALUE $ 1,183,360
991964
AS0043
P n -
RE: BOE - ADAMS PARK APTS PARTNERSHIP
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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.
991964
AS0043
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 $150.00 per case. The arbitrator's fees and
expenses, not including counsel fees, are to be paid as provided in the
decision.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 4th day of August, A.D., 1999.
A , / i / BOARD OF COUNTY COMMISSIONERS
D COUNTY, CO RADO
ATTE
v ' Dale K. Hall, Chair
Weld o tC to. =and
Ito EXCUSED
Barbara J. Kirkmeyer, Pro-Tem
joa ' C
BY: � a�. i �L .
t
Geor xter
APPROVED A O FORM:
0 M. Geile
A starC4Inty Attorney t 64
Glenn Vaad --
991964
AS0043
AXE
NOTICE OF DENIAL D OFFICE OF 1400 CNOUNTY
YH ASSESSOR1 tE
titioi�y6 FTL LOT 1 ADAMS PARK SUB
VE.
ROLL X450 ROLLIE AV°; GREELEY,CO80631
PHONE(970)353-3845,EXT.3650
WIOc. OWNER: ADAMS PARK APTS PARTNERSHIP
COLORADO
ADAMS PARK APTS PARTNERSHIP LOG 2977
P O BOX 272469 PARCEL 147105232001
ACCOUNT R6119886
FT COLLINS, CO 80527 YEAR 1999
06/10/1999
The appraised value of property is based
�on,the appropriate consideration of the approaches to value required by law. The Assessor has determined that
AT440gII n4S L16461"HYt�OFISTgggTNG):THE MARKET APPROACH.
If your concern is the amount of your property tax,local taxing authorities(county,city,fire protection,and other special districts)hold budget
hearings in the fall. Please refer to your tax bill or ask your Assessor for a listing of these districts,and plan to attend these budget hearings.
The Assessor has carefully studied all available information,giving particular attention to the specifics included on your protest,and has determined the
Ot7xti$�tSP 'i1eHd t our N property The reasons for this determination of value are:
BEEUNIFORMLY VALUED 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
CORRECT
98 8OTTIME
MEA PERIOD. THIS COMPARISON SHOWS YOUR ACTUAL PROPERTY VALUE TO BE RECEIVED
PETITIONER'S ASSESSOR'S VALUATION
PROPERTY CLASSIFICATION ESTIMATE
OF VALUE ACTUAL VALUE ACTUAL VALUE
PRIOR TO REVIEW AFTER REVIEW
LAND 140121 140121
IMPS 1043239 1043239
1183360 $ 1183360
TOTALS
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.
06/10/1999
By: Stanley F. Sessions DATE
WELD COUNTY ASSESSOR
15-OPT-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 EOUALIZATION'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.
•
SIUNA I UKr OF FL l I I IUNER DA IL L
COTTONWOOD 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.
12 units are 650 square feet, one bedroom, one bath. 24 units are 800 square feet, two
bedrooms, one bath. Dishwashers and air conditioning are 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 $540,000.00 for this 36-unit project.
Thank you for your consideration.
Very truly yours,
Mike Sollenberg
General Partner
ADAMS PARK APARTMENTS
WINDSOR TOWNHOMES
P.O. BOX 272469
FORT COLLINS, COLORADO 80527
970-226-8775
July 14, 1999
Weld County Board of Equalization
915 10th Street
P.O. Box 758
Greeley, Colorado 80632
RE: Logs 2977 and 2979
Ladies and Gentlemen:
We are appealing the Assessor's Notice of Denial and Adjustment for our properties in Fort
Lupton and Windsor. Due to an unfortunate conflict, we were not able to schedule a time to
present these cases personally to you. We apologize and mean no disrespect. As the enclosed
letters to the Assessor described, these are apartment projects built using United States
Department of Agriculture funds in their Section 515 Program for Rural Rental Housing. The
mortgage is for a term of 50 years. Tenants are low-income elderly persons at Adams Park, and
low-income families at Windsor Townhomes who have to meet eligibility requirements. Basic
rents are $300 at Adams Park and $400-455 at Windsor. Severe prohibitions and restrictions
apply to the sale, transfer, or refinancing of this property.
We understand the requirement to value such properties by the market approach only. However,
we believe that there is ample flexibility for adjustment available to and required of the Assessor
for such properties. The adjustments relate to the economic obsolescence of the property caused
by the government-imposed encumbrances on the site. These restrictions on sale drastically
affect the real property rights, and, we believe, the market value. There have been no sales of
Section 515 properties in Colorado during the valuation period. Rural Development, the sub-
agency of USDA, has a prohibition in place against any pre-payment of their loans in order to
protect the supply of low-income housing. Therefore, there are no market comparables in the
State. The use of conventional, market-rate rental projects, while being the only data an assessor
can compare with, must be adjusted to reflect the extreme differences.
The State Department of Property Taxation has published valuation guidelines to County
Assessors for subsidized housing. Its conclusion states " Appraisers valuing subsidized housing
property should fully analyze the market to determine whether or not there is a market-
recognized value difference between subsidized and non-subsidized properties. If a value
difference can be demonstrated, appropriate adjustments must be made. If no difference can be
demonstrated by the market data collected or there are insufficient sales to make an accurate
determination, similar non-subsidized property sales can be used as market comparables, with
a
appropriate adjustments for any differences in property characteristics. After establishing
appropriate units of comparison, the most common adjustments made are for financing, time,
location, and physical characteristics when valuing these types of property. Appraisal judgement
and experience should be used to determine the amount of these adjustments."
Ina recent decision by the Board of Assessment Appeals, Docket Number 32527, the Board held
that"the comparables selected by Respondent (Jefferson County ) are not truly comparable and
would not be likely to attract the same type of purchaser. The adjustments made seem to be
insufficient when considering the severely narrowed field of potential purchasers and the atypical
financing that will be in place until the end of the economic life of the improvements." This
decision was made March 18, 1999.
We believe that a reasonable valuation for these apartments is $15,000 per unit. Therefore, we
request a value of$600,000 for Adams Park Apartments, and $555,000 for Windsor. The 40
low-income elderly tenants at Adams Park, 37 low-income families at Windsor, and we thank
you for your consideration.
Respectful) submitted
Mike Sollenber r
Managing Partner
Adams Park Apartments
Windsor Townhomes
STANLEY F. SESSIONS
WELD COUNTY ASSESSOR
APPRAISAL REPORT
OF
MULTI-FAMILY PROPERTY
FOR
County Board of Equilization
ADAMS PARK APARTMENTS PARTNERSHIP
PETITIONER
vs.
WELD COUNTY ASSESSOR'S OFFICE
RESPONDENT
Parcel Number: 1471-05-2-32-001
Schedule Number: R6119886
Log Number: 2977
Date: August 4,1999
Time: 3:30 p.m.
PREPARED BY
APPRAISERS NAME
40/3/ (0783 87.1/4 S
�arry Rod ez License No. Date
ASSESSOR'S OFFICE STAFF APPRAISER
APPRAISAL DATE
JUNE 30, 1998
ASSESSOR VALUE
$1,183,360
CB0E_Res_Multi_071599
Page 1
GENERAL DESCRIPTION OF SUBJECT SITE
This property is located at 405 ROLLIE AVENUE in the city of FORT LUPTON. The
legal description of the property is FTL AS-1 LOT 1 ADAMS PARK SUB %405 ROLLIE
AV%
• Utilities available to the site are typical for the area.
IMPROVEMENTS
The subject property improvements are identified as a 40 unit apartment complex,
made up of 5 - 2 story, 8 unit buildings and a small one story clubhouse. These
buildings being of frame/hardboard construction built in 1982. Each apartment
measures 6,468 square feet a total of 32,340 square feet. The clubhouse building
measures 625 square feet. The improvements sit on 109,256 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
sysreo
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ter..
CDOE Res Mulli_071599
Page 2
Comparable Number 1
■
WWI
.s
A*; • Comparable Number 2
i
,
1
•
. y
•
110.
Comparable Number 3• I '
i11
1 k
irld III IIhe
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CBOE Res_Multi071699_
WELD COUNTY ASSESSOR'S
Comparables Report with Adjustment Grid
Subject Comp #1 Comp #2 Comp #3
I I
SDate/Price 06/29/98 $1,561,000 05/09/97 $700,000 1/17/97 $690,000
Parcel# 147105232001 096119200048 096106414017 096108226002
Account# R6119886 R0108892 R3001786 R3267586
Address 450 ROLLIE AVENUE 1745 30 STREET 1201 8 STREET 1508 9 AVENUE
FORT LUPTON GREELEY GREELEY GREELEY
Neighborhood 139 132 5% 126 5% 126 5%
Land-SF 109,256 119,354 $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 1982 1972 2.5% 1960 5.5% 1973 2.4%
Quality Average Average $0.00 Fair 5% Fair 5%
Exterior Frame Hardboard Frame Hardboar $0.00 Frame Masonry 5% Frame Masonry 5%
Building SF 32,340 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 40 40 $0.00 31 $0.00 24 $0.00
Time $0.00 4.3% 5.7%
Amenities $45,612 $10,032 $0.00 $4,500 $0.00 $4,400 $0.00
Adjustments
Location ($78,050) ($35,000) ($34,500)
Land ($12,523) $119,070 $118,758
Occupancy $0 $0 $0
Built As $0 $0 $0
Age $39,025 $38,500 $16,560
Quality $0 $35,000 $34,500
Exterior $0 ($35,000) ($34,500)
Building Size ($209,400) $402,525 $520,500
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 $35,580 $41,112 $41,212
Total Adjustments ($362,778) $508,403 $635,620
Adusted Sale Price $1,198,222 $1,208,403 $1,325,620
Adjusted Sale$/SF $37.05 $37.37 $40.99
$/SF Market for Subject $37.76
Final Market Value $1,221,158
CBOE Res Mutli_D71599
Page 4
IMPARTIALLY VALUATION
Constitution of Colorado, 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
$1,183,360
CBOE_Res Multi_071599
Page 5
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