HomeMy WebLinkAbout981775.tiff 1998
Weld County
PROPERTY ASSESSMENT STUDY
Prepared for Colorado Legislative Council
Thos. Y. Pickett & Company, Inc.
Denver, Colorado
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THOS.Y.
Valuation Engineers PICKETT Oil& Gas-Minerals
Tax Consultants Industrial& Commercial
Ratio Studies Public Utilities& COMPANY, INC. •
Data Management Services Real Estate Apraisals
September 15, 1998
Mr. Charles S. Brown
Director of Research
Colorado Legislative Council
State Capitol Building — Room 029
Denver, Colorado 80203
Dear Mr. Brown:
Thos. Y. Pickett & Co., Inc., has completed the 1998 Property Assessment Study
in Weld County. This Final Report documents the results and associated
recommendations of the analysis and procedural verifications.
The statistical analysis has been conducted in complete accordance with the
following procedures: the Request for Credentials and Proposals to Conduct a
Colorado Property Assessment Study, dated July 19, 1996; Contract Routing
Number 01004, dated December 4, 1997; and the current Standards on Ratio
Studies approved and published by the International Association of Assessing
Officers in July 1990.
Respectfully submitted,
THOS. Y. PICKET1 & CO., INC.
John ZI erman
4155 East Jewell Avenue,Suite 809 • Denver,Colorado 80222-4512
Phone (303) 691.9986 • Fax (303) 757-4898 • Home Page: www.typco.com
%/'71.6
1998
Property Assessment
Study
Weld County
This Final Report presents the results of Thos. K
Pickett & Company, Inc. s comparison study of as-
sessed values to qualified sales, the associated pro-
cedural verifications, and the required analysis on
the other specified lasses and/or subclasses of
property in Weld County, Colorado. This study was
conducted pursuant to Colorado Revised Statutes
Sections 39-1-104, governing valuation for assess-
ment.
9'f> '71
Table of Contents
INTRODUCTION 1
SUMMARY RESULTS OF SOLD PARCEL ANALYSIS 2
Summary Results of Sold Parcel Analysis 3
Summary Results Of Sold Parcels by Economic Area 3
AGRICULTURAL LAND STUDY 5
AGRICULTURAL OUTBUILDING AND RESIDENCE STUDY 6
PERSONAL PROPERTY STUDY 7
Procedural Verification 7
Statistical and Procedural Analysis Results 8
SALES VERIFICATION 8
ECONOMIC AREA EVALUATION 8
SUBDIVISION DISCOUNTING 9
NATURAL RESOURCE STUDY 9
Earth or Stone Procedures 9
Producing Gas Procedures 10
Producing Oil Procedures 10
Non Producing Patented Mining Claims Procedures 10
APPENDICES 13
1998
Property Assessment Study
Weld County
Introduction
Thos. Y. Pickett & Company, Inc., has concluded the Property As-
sessment Study for each of the 63 counties within the State of
Colorado. The study was conducted pursuant to provisions of the
Constitution of Colorado and the Colorado Revised Statutes [CRS]
Sections 39-1-104, governing valuation for assessment. The funda-
mental objective of the 1998 study was to ascertain that each county
assessor complied with Colorado's mandated guidelines in valuing all
applicable classes of property.
By addressing the research through a ratio study and the associ-
ated statistical analysis, Thos. Y. Pickett & Company, Inc., compared
assessed values to qualified sales transactions within Weld County.
When qualified sales did not meet sample size requirements, ap-
praisal ratios were calculated. The prevailing level of ratio (or global
level of assessment), measured by its median value, and the vari-
ability of the ratio, measured by the coefficient of dispersion (COD),
were then compared to the benchmarks established by the Colorado
State Board of Equalization.
When individual parcel ratios for a particular property class are
arrayed by numerical value, the value of the ratio that lies in the
middle of the array is defined as the median ratio, which is a meas-
ure of central tendency (half of the ratios are greater than the me-
dian ratio and half are less). A parcel appraised at its market value
will have a ratio value of 1.00. The coefficient of dispersion is the
1998 Weld County 1
98/77
measure of an individual parcel ratio deviation from the median. The
deviation indicates how uniformly the assessor values parcels.
The Colorado State Board of Equalization (SBOE) has established
the following median standards that all county assessors are re-
quired to achieve:
PROPERTY CLASS MEDIAN COD
Vacant Land 0.95 to 1.05 20.99
Residential 0.95 to 1.05 15.99
Commercial/Industrial 0.95 to 1.05 20.99
Summary Results of
Sold Parcel Analysis
This report presents the analysis and associated conclusions with
regard to property valuations within Weld County for the 1998 tax
year. By law, these valuations are based on the tax status date of
June 30, 1996.
The results of the analysis are summarized in the tables below,
"Summary Results of Sold Parcel Analysis," and "Summary Results of
Sold Parcel Analysis by Economic Area" (if applicable). The complete
analysis, including frequency distributions of ratios by class, plots of
1998 assessed value versus the sales price, ratio results, and stratifi-
cation of results in single-family class is appended to this report.
2 Thos. Y. Pickett& Company, Inc.
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Summary Results of Sold Parcel
Analysis
PROPERTY NUMBER OF UNWEIGHTED^ LOWER 95% UPPER 95% COEFFICIENT
CLASS QUALIFIED MEDIAN CONFIDENCE CONFIDENCE OF
SALES RATIO LIMIT LIMIT DISPERSION
Commercial and 108 100.00 100.00 100.00 8.12
Industrial
Condominium N/A N/A N/A N/A N/A
Single Family 3028 99.07 98.84 99.27 7.54
Vacant Land 940 98.49 97.40 99.08 14.12
Summary Results Of Sold Parcels
by Economic Area
Economic Qualified Median Ratio Lower 95% Upper 95% Coefficient•
Area Sales Confidence . Confidence 1 -.of
Limit Limit. Dispersion
1 194 97.97 96.35 99.17 7.30
15 339 99.88 99.10 100.54 7,28
16 99 98.58 95.52 102.00 11.52
17 109 96.25 93.32 98.73 12.83
19 236 99.92 98.51 100.93 6.11
2 136 100.04 98.06 101.49 7.12
21 180 99.24 98.77 99.83 6.08
22 292 100.36 99.80 101.02 5.24
23 240 98.52 97.61 99.20 7.73
1998 Weld County 3
981 775--
Economic Qualified Median Ratio Lower 95% Upper 95% Coefficient
Area Sales Confidence Confidence of
Limit Limit Dispersion
28 100 99.15 96.33 100.78 9.52
29 73 95.15 90.91 97.04 10.38
3 262 99.55 98.74 100.33 5.66
30 33 100.67 96.74 105.35 8.70
43 119 98.80 97.76 100.19 7.83
45 251 98.35 96.91 99.20 10.14
5 83 96.51 94.81 98.38 6.20
6. 180 99.31 98.26 100.64 6.38
• 8 60 97.00 95.49 99.12 4.86
Conclusions
The sales ratio analysis for the property classes analyzed in Weld
County indicates that the median ratios and their associated
coefficients of dispersion are within the benchmarks established by
the SBOE. No significant differences between the change in
assessed value for sold parcels and the change in assessed value for
comparable unsold parcels in any classes were identified.
Recommendations
None.
4 Thos. Y. Pickett&Company, Inc.
��� '7"7S
Agricultural Land Study
LAND CLASS ACRES TOTAL VALUE VALUE PER RATIO
ACRE..
Irrigated Farm 382,458 $147,426,792 $385.47 .984
Dry Farm 574,666 36,725,248 63.91 1.00
Meadow Hay
18,338 2,306,873 125.80 1.00
Grazing 1,037,610 14,360,536 13.84 1.00
Waste 16,849 103,492 6.14 N/A
Total
2,029,921 $200,922,941 N/A N/A
• Aerial photos in the County ASCS (now called Farm Service
Agency) office and soil maps in the SCS (now called the Natural
Resources Conservation Service) Soil Survey for the County were
the basic tools used in the land classification.
• Aerial photos in the County FSA (Farm Service Agency) office are
used as necessary, but are not in the assessor's office.
• The land classification includes adequate detail to accurately re-
flect the productivity and profitability of individual parcels.
• Grazing land is appropriately classified by carrying capacity with
the aid of SCS Range Site Maps and Range Site Descriptions.
• The crop rotations and lease terms used accurately reflect land
use in the County.
• Production areas are established within the County.
• Crop yields as a percentage of the ten-year County average re-
ported by the Colorado Agricultural Statistics Service as: Irrigated
Corn 100%, Irrigated All Hay 96%, and Dryland Wheat 100%.
• Commodity prices, expense items, and capitalization rate speci-
fied by the DPT were used.
1998 Weld County 5
98'7'l-
• The pumping cost formula, as specified by DPT, was used incor-
porating local electric costs, well and system costs, depth, and
pumping pressure.
• A ten-year average of local figures documents the crop expenses.
• One percent of the different land uses were physically inspected.
Several of the flood irrigated parcels have been improved with
pivot sprinkler systems and the assessments are based on flood
irrigated land as compared to sprinkler irrigated land.
RECOMMENDATIONS
None.
Agricultural Outbuilding and
Residence Study
Thos. Y. Pickett & Company, Inc., conducted an agricultural out-
building procedural verification as part of the 1998 study. Each
county was expected to complete physical inspections, utilize
appropriate cost measures, apply correct local multipliers, and verify
that the assessors have correlated values along county lines.
Weld County has established a routine rotation for inspection of
agricultural properties. There are facsimiles or photographs
available that represent the more common agricultural outbuildings
which assist an appraiser in identifying the building types when in
the field.
The following local multipliers are used:
Class C 1.020
Class D 1.020
Class S 0.980
Using the Marshall & Swift Cost Estimator Program, Weld
County's sample buildings were compared to the Marshall & Swift
6 Thos. Y. Pickett&Company, Inc.
r
qv 926
standard cost of each building. The analysis indicated a median ratio
of 99.865%, which is within the compliance standards.
Recommendations
None.
Personal Property Study
Thos. Y. Pickett & Company, Inc., conducted a procedural study
on the overall approach to personal property in Weld County. The
study was executed in compliance with the provisions of Article X,
Section 3(2)(a) of the Colorado Constitution and CRS Section 39-1-
104(16).
Procedural Verification
In accordance with ARL Volume 5, Weld County has an estab-
lished discovery process for personal property.
The time frame established for the 1998 audit was June 1997
through May 1998. Schedules were selected for audit based on the
following criteria:
Non-filing or "Best Information Available" assessments.
Incomplete or inconsistent declarations.
Accounts with discrepancies from prior audits.
Accounts near to the $2500 threshold.
A random selection of schedules was identified for statistical
analysis. Present worth established by Weld County was compared
to present worth developed by Thos. Y. Pickett & Company, Inc.
Specific items valued by techniques other than cost trending and
depreciation were excluded from ratio analysis.
Weld County used the indices, depreciation schedules, economic
life, and level of value adjustment factors recommended in ARL Vol-
ume 5.
1998 Weld County 7
9g/ x7'73
Statistical and Procedural Analysis Results
The ratio study on the randomly selected parcels indicated a
median appraisal ratio of 100.0%. Therefore, the overall level of
appraisal was in compliance with the current standard adopted by
the State Board of Equalization.
The procedures employed by Weld County are in compliance with
current guidelines and policies defined by the Division of Property
Taxation, including the required plan to audit an appropriate number
of personal property schedules each year.
Recommendations
None.
Sales Verification
Weld County maintains master sales, verified sales and qualified
sales lists. Lists are maintained on a continuous basis. The verifica-
tion process of all sales supplemented with a letter or phone call
when TD 1000s are incomplete.
The sales list development evaluation includes a random sample
of qualified and unqualified sales pursuant to State requirements.
Vacant land, single family and commercial sales fall within accepted
requirements.
Economic Area Evaluation
Weld County has identified the variables which influence property
values of specific neighborhoods and has adequately documented
the conclusions reached. The County has also mapped the economic
areas and can readily identify the economic area for each property.
8 Thos. Y. Pickett&Company, Inc.
9cg072b
Subdivision Discounting
Weld County has developed marketing areas for vacant land
parcels and has defined these areas by divisions and filings.
Questionnaires were mailed by the County to subdividers to
gather information necessary for discounting. The County has
documented its discounting procedures on each subdivision as well
as the development of its discount rate of 11.50 percent. Subdivided
land with improvements and vacant lots in subdivisions where at
least 80% of the lots have been sold were appraised at market
value.
Recommendations
None.
Natural Resource Study
Thos. Y. Pickett & Company, Inc., conducted a study in Weld
County that included various relevant natural resource elements.
Earth or Stone Procedures
The Colorado Revised Statutes, Article 39, Section 6, and the
ARL, Volume 3, provide the guidelines in appraising natural resource
property. While all three approaches should be considered, the
income approach is most widely used in the valuation of earth or
stone. Production and life of the leases were provided by the
operator. There are no other sources available to document
production. The economic location factor was applied to the gross
tons extracted to determine the landlord's royalty. The landlord's
royalty was multiplied by a recommended Hoskold Factor to find the
actual value. The Hoskold Factor was calculated using the life of the
reserves.
1998 Weld County 9
Conclusions
The guidelines set forth by the natural resource valuation
procedures were followed in determining these values.
Producing Gas Procedures
The Colorado Revised Statutes, Article 39, Section 7, and the
ARL, Volume 3, provide the guidelines in appraising gas property.
The total MCF of gas are multiplied by the current average price. All
government royalty is deducted from the gross value sold to
determine actual value.
Conclusions
The correct appraisal procedures were used in valuing gas
production.
Producing Oil Procedures
The Colorado Revised Statutes, Article 39, Section 7, and the
ARL, Volume 3, provide the guidelines in appraising oil property.
The total barrels of oil are multiplied by the current average field
price. All government royalty is deducted from the gross value sold
to determine actual value.
Conclusions
The correct appraisal procedures were used in valuing oil
production.
Non Producing Patented Mining Claims
Procedures
In accordance with the guidelines established in ARL, Volume 3,
the market and income approaches to value were considered. The
primary use of property established the parameters used in the
valuation process.
10 Thos. Y. Pickett & Company, Inc.
.YO7'76-
Conclusions
The correct appraisal procedures were used in valuing non-
producing patented mining claims.
1998 Weld County 11
98/'775
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Appendix B
Sold / Unsold Analysis
98/ 77r
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