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Home My WebLink About951607.tiffWi�Yc fi&tt:r COLORADO August 2, 1995 DENNING L ELEEN DBA 13 AV GREELEY CO 8050 SO YARROW ST LITTLETON, CO 80123 Dear Petitioner(s): CLERK TO THE BOARD PHONE (303) 356-4000 EXT.4218 FAX: (303) 352-0242 915 10TH STREET P.O. BOX 758 GREELEY, COLORADO 80632 Parcel No.: 096106430011 PIN No.: R 3033086 Based upon information furnished to this Board, we understand that you have withdrawn the petition challenging the valuation of the above PIN number. Please be informed that a withdrawn petition precludes any further challenge to the valuation of the above PIN number for this assessment period. Therefore, the Board of Equalization took no action on your petition and the assessed value remains as that set by the Assessor. Very truly yours, BOAOF EQUALIZATION /LA Donald D. Warden Clerk to the Board By :// k„„_� Carol A. Harding, Deptlrty--.. cc: Warren Lasell, Assessor L ELEEN DENNING/WALTER B READ JOSEPH D NONZON MARVIN F POER & COMPANY Wi�Oc COLORADO July 18, 1995 DENNING L ELEEN DBA 13 AV GREELEY CO 8050 SO YARROW ST LITTLETON, CO 80123 Dear Petitioner(s): CLERK TO THE BOARD PHONE (303) 356-4000 EXT.4218 FAX: (303) 352-0242 915 10TH STREET P.O. BOX 758 GREELEY, COLORADO 80632 Parcel No.: 096106430011 PIN No.: R 3033086 The Weld County Board of Equalization has set a date of Monday, July 31, 1995, at or about the hour of 3:45 P.M., to hold a hearing on your valuation for assessment. This hearing will be held at the Weld County Centennial Center, 915 10th Street, Greeley, Colorado, in the First Floor Hearing Room. You have a right to attend this hearing and present evidence in support of your petition. The Weld County Assessor will be present before the Board. The Board will make their decision on the basis of the record made at the aforementioned hearing, as well as your petition, so it would be in your interest to have a representative present. If you plan to be represented by an agent or an attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the Board's Office, an authorization for the agent or attorney to represent you. If you do not choose to attend this hearing, a decision will still be made by the Board by the close of business on August 10, 1995, and mailed to you on or before August 16, 1995. Because of the volume of cases before the Board of Equalization, all cases shall be limited to 15 minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you provide evidence to support your position. This may include evidence that similar homes in your area are valued less than yours or you are being assessed on improvements you do not have. Please note: The fact that your valuation has increased cannot be your sole basis of appeal. Without documented evidence as indicated above, the Board will have no choice but to deny your appeal. At least two (2) working days prior to your hearing the Assessor will have available, at your request, the data supporting his valuation of your property. DENNING L ELEEN - R 3033086 Page 2 Please advise me if you decide not to keep your appointment as scheduled. If you need any additional information, please call me at your convenience. Very truly yours, BOARD OF EQUALIZATION Donald D. Warden, Clerk to the Board BY: Carol A. Harding, "Deputy cc: Warren Lasell, Assessor L ELEEN DENNINGIWALTER B READ JOSEPH D NONZON NOTICE OF ADJUSTMENT 14)0 NORTH 17th AVE. GREELEY, COLORADO 80631 PHONE (970) 353-3845. EXT. 3656 IIIlk. COLORADO GR 5116 L1BLK72%10O1 13TH AVE% 1001 5 F _13 OWNER DENNING L ELEEN ETAL L ELEEN DENNING/WALTER B READ JOSEPH D NONZON TERRITORY MGR MARVIN F POER S COMPANY 1200 17TH 5T 4960 DENVER CO 80202 AV GGREIL`'Y PARCEL 096160-1430'd 1 1 PIN R 313373,086 YE AR LOG 199t 04610 06/01/1995 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): RESIDENTIAL PROPERTY IS VALUED BY CONSIDERING THE MARKET APPROACH. AGRICULTURAL LAN) VALUE IS DETERMINED SOLELY BY THE EARNING OR PPODUCT IVE CAPAC ITY OF THE LAND♦ CAPITALIZED AT A RATE SET BY LAW. 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 deter- mined the valuation(s) assigned to your property. The reasons for this determination of value are: A RE --EVALUATION OF THIS PROPERTY HAS INDICATED THE ADJUSTMENT B iLOW• PROPERTY CLASSIFICATION LAND I MPS PETITIONER'S ESTIMATE OF VALUE TOTALS $ JUN 2 21995 ASSESSOR'S VALUATION ACTUAL VALUE PRIOR TO REVIEW 76,000 1.302.695 ACTUAL VALUE AFTER REVIEW 76,000 944, 77+:s $ 1,378,695$ 1,020,778 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. By: 15-DPT-AR Form PR -207-87/94 WARREN L. LASELL 06/16/95 WELD COUNTY ASSESSOR ADDITIONAL INFORMATION ON REVERSE SIDE DATE 2 TAXPAYER RIGHTS FOR FUR"THEE: APPEALS. YOU HAVE THEP sit 4811LIT t,ouN 1' tit „t,?I d „b 10th At ON O1 HEARING; Y BOARD OF EOUAi_ISAIi N 1', 3n rdof!t:Tization Auti< < ratty 3.,,, lizatiooA . r t. r de,,A n..,:j h you do not receive a determination iron Assessment Appeals by Septornber 18 TO PRESERVE YOUR APPEAL RHUT t THEREFORE, WE RECOMMEND N ALL ClAix PETITION CO '.. tHstrici Cowl: 1°IcrAi ✓* J OO V La.. yvLitil arty\ MARVIN F. POER & COMPANY 1200 ? 7 ;7 ;t. Suite 960 Denver, Colorado 80202 WELD COUNTY COLORADO OFFICE OF WELD COUNTY ASSESSOR 1400 17TH AVENUE GREELEY, COLORADO 80631 DENNING, PIN NO: ADDRESS: ELEEN L. R 3033086 1001 13TH AVENUE #3 GREELEY, COLORADO MARKET REPORT: JUNE 30, 1994 1995 PROPERTY VALUATION $ 1,020,778 0 80631 OFFICE OF WELD COUNTY ASSESSOR TABLE OF CONTENTS Table of Contents Property Identification Assessed Valuation Sales Comparison Approach Sales Comparison Approach Time Trend Adjustment Summary and Final Estimate Location Map Subject Photographs Comparable Sale No. 1 Comparable Sale No. 2 Comparable Sale No. 3 1 2 3 (Square Foot) 4 (Per Unit) 5 6 of Value 7 8 9 10 11 12 -1- PROPERTY IDENTIFICATION Type of Property: The subject property is classified as residential. Subject property is a 34 unit medium rise apartment building. Structure was constructed in 1967. Total gross area of subject building is 32,160 square feet. The improvement is situated on a 38,000 square foot site zoned primarily R-3 , under a City of Greeley zoning ordinance. Street Address: The subject property is located at 1001 13th Avenue, in Greeley, Colorado Legal Description: The subject is legally identified as: Parcel: 096106430011 GR 51661 Lot 1 Block 72 Greeley %1001 13th Ave% Ownership: According to records kept in the office of the Weld County Assessor, the owner of the subject property is: ELEEN L. DENNING %NEW COLONY APARTMENTS 13528 DETROIT STREET THORTON, COLORADO 80241 Amenities: Apartment is a secure building, with enclosed swimming pool, off- street covered parking, large covered and draped balconies and laundry facilities. -2- ASSESSED VALUATION For property tax purposes the subject property is assessed by the Weld county Assessor's Office under parcel number 130932404015 The valuation for tax year 1995 by the assessor is detailed as follows: Assessed Land Value Assessed Improvements Value Total Actual Value Land Value: 1995 $ ,2Q-4-77-96 76 oeL) $ Q54 r±18 ?“ ) >) $ 1 , 14 // 0,9 0)17/74 The subject is located in zoned residential area. Subject land consists of 204,296 square feet. Market indicates value of land in this neighborhood to $1.00 per square foot. 204,296 * $1.00 = $204,296 Improvements Value: Subject improvements consists of 48,539 square feet. Based on sales and time trending by the assessor's office indicates an overall value of $17.80255 per square foot for improvements of this type. 48,539 * $17.80252 = $864,118 Total Actual Value: Total actual value according to the assessor's office is calculated at $204,296 for land and $864,118 for improvements, for a total actual value of $1,068,414. $204,296 + $1,068,414 = $1,068,414 Support of Values: Presented on the succeeding pages is the sales comparison (market) approach to value, which is used to support the value assigned by the county assessor's office. The market approach to value is the only method allowed under State of Colorado law for residential property. Two types of units of comparison are used in the sales comparison approach, the per unit method and the square foot method. -3- WELD COUNTY ASSESSOR'S OFFICE COMPARABLE MATRIX GRID (SQUARE FOOT METHOD) PIN NO. ADDRESS CITY SCHEDULE NO. SALE DATE SALE PRICE TIME ADJUST. TIME ADJ. S/PRICE LAND VALUE IMPS VALUE CHARACTERISTICS: YEAR BUILT IMPS SF CONSTRUCTION 'QUALITY STYLE AMENITIES (Parking, garage, pools, etc.) ADJUSTMENTS: AGE SIZE QUALITY CONSTRUCTION AMENITIES TOTAL ADJUSTMENTS: IMPS VALUE ADJUSTED SALE PRICE: SUBJECT IMPS SF SUBJECT VALUE PER SF SUBJECT ' 3033086 1001 13 Av Greeley 096106430011 $76,000 $944,778 1967' 32160 Frm/Msn Av 9 & Above uni Apartmen $57,759 $48,757 $49,599 COMP. 1 2120886 1116 26 Avg. Greeley 095912101005; 4/14/94 $900,000 $30,462 $930,462 $69,945 j $860,5171 19701 316101 Frm/Msnry Ava_ 9 & Above unit Apartmen $9,002 ($12,9081 $13,7.50 $0 COMP.2 COMP.3 2131286 3866386, 1126 26 Av 3000 Lakeside Dr Greeley Evans 095912104030 096120207023 4/30/93 $620,5004 $116,190' $736,690 $59,140 r $677,55Q 1/20/94 $640,000 $45,292 $685,292 $40,800 $644,492) 1970 1971 20820'- 19344 Frm/Msnry Frm/Msnry Avq Avg 9 & Above uni 9 & Above unit Apartments Apartment $18,392'; $14,986 ($10,163)i ($12,890) $283,500 $320,400 $0', $0 $0' $0, $0 $39,3671 $42,773 $860,517 $958,873 $312,704 $350,283 $677,550 $644,442 CALCULATED SALES PRICE 32160 $29.82 $1,029,621 $1,037,498 32160 32160 $32.02 $32.2Q $31.36 X 32160 = IMPS $1,008,664 LAND $76,000 OTHER TOTAL $1,084,664 - 4 - WELD COUNTY ASSESSOR'S OFFICE COMPARABLE MATRIX GRID (PER UNIT METHOD) PIN NO. ADDRESS CITY SCHEDULE NO. SUBJECT 3033086 1001 13 Ay Greeley 096106430011 SALE DATE SALE PRICE TIME ADJUNST. TIME ADJ. S/PRICE LAND VALUE IMPS VALUE NO. OF UNITS SALE PER UNIT - IMPS CHARACTERISTICS: YEAR BUILT IMPS SF CONSTRUCTION QUALITY STYLE AMENITIES (Parkin -9, garage, pools, etc.) ADJUSTMENTS: AGE SIZE QUALITY AMENITIES TOTAL ADJUSTMENTS: IMPS VALUE ADJUSTED SALE PRICE: COMP. 1 212088 1116 26 A , Greeley 095912101005 4/14/94, '$900,000 $30,462 $930,462 $76,000 $69,945 $944,778 i $860,517 34 36 COMP. 2 COMP. 3 1 2131286 3866386 1126 26 Av 30.00 Lakeside D Greeley Evan 09591210403O 096120207023 4/30/93 $620,500 $116,190 $736,690 $59,140 $677,550 24 1/20/94 $640,000 $45,292 $685,292 $40,800 $644,492 I 24', 1967'. 9461 Frm/Msnry Avg 9 & Above unit Apartment; CALCULATED SALES PRICE $23,903 $28,231 $26,854 1970' 1970T 19711 878! 868 8061 Frm/Msn Frm/Msni Frm/Msnry Avg Av Avg 9 & Above unit 9 & Above unili 9 & Above unit Apartment Apartment Apartment $1,699'' $250' $766-L -_ $624 ($359- $1,700 $0i $1,449 $2,790 i $2,460 ($423 $1,950 $0 $933 ($5372 $3,500 $0I $1,075 $4,038, $23,9031 $28,231 $28,142 $31,624 $26,8541 $31,967 $30,578 X 34 = IMPS $1,039,640 LAND $76,000 OTHER TOTAL $1,115,640 -5- TIME TREND - APARTMENTS COMP COMP COMP 0 135.0 • 131.0 121.0 • 99.0 • 95.0 • 3.6 12.6 16.2 10.0 14.4 18 3.6 1.2 10.6 11.1 IS 5.4 9 12.6 16.2 Salt 90416 I factor 1 69 1 • 135.0 131.0 121.0 123.0 119.0 115.0 101.0 101.0 99.0 95.0 MEDIAN RATIO AT BEGINNING OF MARKET PERIOD = 103.0% MEDIAN RATIO AT END OF MARKET PERIOD = 127.0% 18 MONTH TIME TREND = 127.0 - 103.0 = 24.0% DAYS IN MARKET PERIOD = 546, (JAN 01, 1993 THRU JUNE 30,1994) TIME ADJUSTMENT PER DAY = 24.0% / 546 = 0.044% or 0.00044 SALE DATE *1 4/14/94 2 4/30/93 3 1/20/94 DAYS FROM TIME ADJ. TOTAL 6/30/94 PER DAY TIME ADJ. 77 0.00044 0.03385 426 0.00044 0.18725 161 0.00044 0.07077 SALE TIME PRICE ADJ. $900,000 $30,462 $620,500 $116,190 $640,000 $45,292 CORRELATION AND FINAL ESTIMATE OF VALUE The sales comparison (market) approach to value has been extensively detailed in this market report using both the square foot and per unit methods. This is the only value approach allowable in the State of Colorado for residential property. Square Foot Method Per Unit Method SUMMARY 1995 $1,084,664 $1,115,640 Based on the strength of supportable data that was presented in this market report, it is the conclusion of the Weld County Assessor's Office that the market value of the subject property as January 1, 1995 is: ONE MILLION ONE HUNDRED THOUSAND ONE HUNDRED AND FIFTY DOLLARS $1,100,150 -7- 2.,_,...• V V 4 wean Tawny. Cr - • .T •: !i ,•n , fadd , _ [n. <T W. • I ::;...< _ 3 T ',:; :: 'T , fir" ... : an Lind • ,.; •f• -C • ,•^. '•S [.' - w ynr• ;,l domed ", . \?„ .f[ ••1. fr[. r Tr<. yp4 - in ti t4 ` t.` 3]a J. < ,q f ..�»a ...e .1f' ,.`& 4 .T a.•... . _ _ T.. •,f ..•• an • 4447 ' ».I_^ y '�.• n o .' _ .... ��, n `gipit '. , n nyry Tan. a : r?... —Z 1 a •s ,..(5Oa 1f �:: ems.:': o .», _ ,...::r ......" f... :, n•• ye I X1:3` II ' < " !te T . °s S. ass• s�.n,� Ta N� �aCin. ..:_ c) Y to .,. :ati • .T �: . ... - a _... ey ._ m SUBJECT PHOTOGRAPHS -9- COMPARABLE SALE NO. 1 ADDRESS: 1116 SALE DATE: 4/1 SALE PRICE: $9 ADJUSTED SALE 26th AVE, GREELEY 4/94 00,000 PRICE $930,462 -10- IMPS SF: 31,610 YEAR BUILT: 1970 LAND: $69,945 COMPARABLE SALE NO. 2 ADDRESS: 1126 26 AVE. SALE DATE: 4/30/93 SALE PRICE: $620,500 ADJUSTED SALE PRICE $736,690 -11- IMPS SF: 20,020 YEAR BUILT: 1970 LAND: $59,140 COMPARABLE SALE NO. 3 ADDRESS: 3000 LAKESIDE DR. EVANS SALE DATE: 1/20/94 SALE PRICE: $640,000 ADJUSTED SALE PRICE $644,492 -12- IMPS SF: 19,344 YEAR BUILT: 1971 LAND: $40,800 Hello