HomeMy WebLinkAbout951523.tiffRESOLUTION
RE: THE BOARD OF EQUALIZATION, 1995, WELD COUNTY, COLORADO
PETITION OF:
ZEFF PROPERTIES
950 SO CHERRY ST SUITE 1100
DENVER, CO 80222
DESCRIPTION OF PROPERTY: PIN: R 2130486 PARCEL: 095912104018 - GR 17534-I PT
TRACT B GREELEY PLAZA (PT NE4 12 5 66 WGA) BEG NW COR NE4 N89D54'E 857.43'
SOD06'E 80' TO S RNV OF 10TH ST & US #34 SOD03'E ALONG W R/W LN 26TH AVE 886.68'
TO TRUE POB SOD03'E 55.45' ALONG ARC OF CIR CURVE TO R RAD
WHEREAS, the Board of County Commissioners of Weld County, Colorado, organized 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 1995, 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 1995, claiming that the property described in such petition was assessed too
high, as more specifically stated in said petition, and
WHEREAS, said petitioner being represented by Virginia Remberhelm, 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 Board of Equalization, that the evidence presented at the hearing clearly
supported the value placed upon the Petitioner's property 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:
951523
AS0032
)916I Po-ut Cans
RE: BOE - ZEFF PROPERTIES
Page 2
ORIGINAL
Land $ 433,858
Improvements OR
Personal Property 2.463.187
TOTAL ACTUAL VALUE $ 2,897.045
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:
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)
951523
AS0032
RE: BOE - ZEFF PROPERTIES
Page 3
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.
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 31st day of July, A.D., 1995.
BOARD OF COUNTY COMMISSIONERS
ATTEST:
Weld County Clerk to the Board
BY.
Deputy CIeAY Irjord
APPROVED ASTOOrD6:
ty Attt4nr ey
Barba rkmeyeAfo-Tea
George E. Baxter
�j7r57.�u ebicitteZere
Constance L. Harbert
W. H. Webs
er
951523
AS0032
(j
BOE DECISION SHEET
PIN #: R 2130486 PARCEL #: 095912104018
ZEFF PROPERTIES
950 SO CHERRY ST SUITE 1100
DENVER, CO 80222
HEARING DATE: July 31, 1995 TIME: 3:45 P.M.
HEARING ATTENDED? YIN) NAME LZC L
AGENT NAME: ZEFF PROPERTIES JEFFREY P OLSON
APPRAISER NAME
DECISION:
DECREASE IN VALUATION
INCREASE IN VALUATION
NO CHANGE IN VALUATION
ASSESSMENT RATIO
.y Ltd-,
10.--4-4.4 .4K-) Cro_e - . C1.
ACTUAL VALUATION
ORIGINAL SET BY BOARD
Land 433,RSR $
Improvements OR
Personal Property 2,483,187
Total Actual Value $ 2,897,045
COMMENTS:
MOTION BY F id TO
SECONDED BY SL3
,P) 4% "3, /27
$ 718 97i y.7yi—
z≥FtFailed to prove appropriate value
No comparables given
Other: 7?&e4e c rcticrJ�
Baxter -- N)
Hall - N)
Harbert - N)
Kirkmeyer - t /N)
Webster ( /N)
RESOLUTION NO. cISt6Z3
IIDc
COLORADO
July 18, 1995
ZEFF PROPERTIES
950 SO CHERRY ST SUITE 1100
DENVER, CO 80222
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.: 095912104018 PIN No.: R 2130486
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.
ZEFF PROPERTIES - R 2130486
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:
Kimberlee A. Schuett, Deputy
cc: Warren Lasell, Assessor
ZEFF PROPERTIES JEFFREY P OLSON
COLORADO
'O 10
NOT[Gt. OF AUJUS1fM1tNI
1400 NORTH 17th AVE.
GREELEY. COLORADO 80631
PHONE (970) 333-3845, EXT. 3656
GR 17534-I PT TRACT 8 GREELEY PLAZA
(PT NE4 12 5 66 WGA) BEG NW COR NE4 N899D54'E
857.43' SOD06'E 80' TO S R/W OF 10TH ST f. 1.15 434
50003°E ALONG W R/W LN 26TH AVE 886.68' TO TRUE
P08 50003'E 55.45• ALONG ARC OF CIR CURVE TO R PAD
1213 1 V 026 AV GREELEY
OWNER ZEFF PROPERTIES
I;ES
P r1L01d DIVISION MGR
'1:a=dVIN r .O'ER 1E COMPANY
1:'_ on 1 7TH iT 11960
CO 80202
06/01/1995
PARCEL 095912104018
PIN R 2130486
YE AR
LOG
1195
04611
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):
ii'`3Et7IAL PROPERTY IS VALUED BY CONSIDERING THE MARKET APPROACH.
;.?ICULT!Ii2AL LAND VALUE IS DETERMINED SOLELY BY THE EARNING OR PRODUCTIVE
ITY Cr THE LAND, CAPITALIZED AT A RATE SET BY LAW•
_L =.1)PERTY, INCLUDING VACANT LAND, IS VALUED BY CONSIDERING THE COST,
' Tr AN1 INCOME= APPROACHES.
f 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 r'' —:VALUATION OF THIS PROPERTY HAS INDICATED THE
AD.Jt.1",T„1':NT BELOW
PROPERTY CLASSIFICATION
PETITIONER'S
ESTIMATE
OF VALUE
ASSESSOR' ; 1ALUATION
ACTUAL VALUE
PRIOR TO REVIEW
ACTUAL VALUE
AFTER REVIEW
L qr-;; t
433,35)3
t3
-4 3 3, 35t3
iAP;
4,171I5.
2,463,1117
TOTALS $ $ 41,605,4518
2,897,045
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: WARREN L. LASELL
WELD COUNTY ASSESSOR
15 -OPT -AR
Form PR -207-67/94
06/13/95
ADDITIONAL INFORMATION ON REVERSE SIDE
DATE
1.76
YOU HAVE THE
AND JULY v.
WELD COll N? '; ;Al;iJ. .,4 t tit iAd..i."
9V, 10tV Vit
NO iF";CATiON OF HEARING:
COUNTY BOARD OF EQUCI ZALi Ora'
he County Board of Eq udh ,. tion mus y
FURYHEt PP.C tills.
Ot rcy '3_tr .r f
'�Y•tt,n oel,tuc t,tiDry ta''.L,.r,
TO PRESERVE YOUR APPEAL AlL/H i 4
THEREFORE, WE RECOMMEND ALt.
PEnrioN
4JLc,
if you do not receive a determination Corn the County Soar(' ur Lyual
Assessment Appeals by September 18.
IIIWA
\9,bOtctAti ‘1.4.1A /wit afrawteAN
rj -14,45
WELD COUNTY
COLORADO
OFFICE OF WELD COUNTY ASSESSOR
1400 17TH AVENUE
GREELEY, COLORADO 80631
ZEFF PROPERTIES
PIN NO: R 2130486
ADDRESS: 1213 26 AVENUE
GREELEY, COLORADO 80631
MARKET REPORT: JUNE 30, 1994
1995 PROPERTY VALUATION
$ 2,897,045
OFFICE OF WELD COUNTY ASSESSOR
TABLE OF CONTENTS
Table of Contents 1
Property Identification 2
Assessed Valuation 3
Sales Comparison Approach (Square Foot) 4
Sales Comparison Approach (Per Unit) 5
Summary and Final Estimate of Value 6
Location Map 7
Subject Photographs 8
Comparable Sale No. 1 9
Comparable Sale No. 2 10
Comparable Sale No. 3 11
-1-
PROPERTY IDENTIFICATION
Type of Property:
The subject property is classified as residential. Subject
property consists of a 120 unit apartment complex. Complex
contains 5 - 24 unit 2 story with garden level apartment
buildings. Structures were constructed in 1972. Total gross
area of subject buildings is 109,068 square feet. The
improvements are situated on 216,929 square foot site zoned
primarily R-3 , under a City of Greeley zoning ordinance.
Street Address:
The subject property is located at 1213 26th Avenue, in Greeley,
Colorado.
Legal Description:
The subject is legally identified as:
Parcel: 095912104018
GR 17534-I PT TRACT B GREELEY PLAZA (PT NE4 12 5 66 WGA) BEG
NW COR NE4 N89D54'E 857.43' SOD06'E 80' TO S R/W OF 10TH ST
& US #34 SOD03'E ALONG W R/W LN 26TH AVE 886.68' TO TRUE POB
SOD03'E 55.45' ALONG ARC OF CIR CURVE TO R RAD OF 970THE
CHORD OF ARC BEARS S02240'W 92.03' ALONG ARC OF CIR CURVE TO
LEFT RAD OF 1030' CHORD OF ARC BEARS S02D40'W 97.72' SOD03'E
280.03' S89D55'W 410' N0D04'W 525' N89D55'E 419.23' TO TRUE
POB (4.984A)%1213 26 AVE%
Ownership:
According to records kept in the office of the Weld County
Assessor, the owner of the subject property is:
ZEFF PROPERTIES
950 SO. CHEERY STREET SUITE 1100
DENVER, COLORADO 80222
Amenities:
Complex amenities include clubhouse with indoor swimming pool,
off-street parking 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 095912104018
The valuation for tax year 1995 by the assessor is detailed as
follows:
Assessed Land Value
Assessed Improvements Value
Total Actual Value
1995
$ 433,858
$ 2,463,187
$ 2,897,045
Land Value:
The subject is located in zoned residential area. Subject land
consists of 216,929 square feet. Market indicates value of land
in this neighborhood to $2.00 per square foot.
38,000 * $2.00 = $433,858.
Improvements Value:
Subject improvements consists o
sales and time trending by the
overall value of $22.58396 per
this type.
109,068 * $2258396 = $2,463,187
Total Actual Value:
Total actual value according to
calculated at $433,858 for land
for a total actual value of $2,
$433,858 + $2,463,187 = $2,897,
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.
f 109,068 square feet. Based on
assessor's office indicates an
square foot for improvements of
the assessor's office is
and $2,463,187 for improvements,
897,045.
045
-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 I
213048e
1213 26 Av
Greeley
095912104018
$433,858
$2,463,187
COMP. 1
2459786
2601 23 Avg
Greer
095913412012
919'
$3,225,000'
$623,376
$3,848,376
$522,842
$3,325,534
1972 1973
109 06EL._ 125,238
Frm/Stucco Frm/Hdbr j
Avg Avg
9 & Above unit 9 & Above unit
Apartment Apartment
$37,440 $136,444
CALCULATED SALES PRICE
($16,628
($404,250)
$0
$0t
($99,004)
($519,8821
$3,325,534
$2,706,648
109068
$24.82
$24.95 X
-4-
COMP. 2
0085287
3750 W 24 St
Greeleyt
095914400004
COMP.3
1779886
706 27 Av
Greeley
095901415034
10/91, 12/92
$6,000,000 $1,697,500
$1,108,408, $327,617]
$7,108,408', $2,025,117',
$259,170 $152,550
$6,849,238' $1,872,567,
1987
186,652`
Frm/Hdbrdf
Good
9 & Above unit
Apartment'
$302,366
($1,027,386)
($1,939,600)
($684,924
$0
($264,926)
($3,916,836)1
$6,849,238
$2,667,477
109068
$24.46
32160 = IMPS
LAND
OTHER
TOTAL
19711
61,875
Frm/Msnry,
Avg
9 & Above unit
Apartment
$126,425'
$9,363.
$1,179,8251
$0'
($93,628)
($88,985
$1,006,574
$1,872,567
$2,790,156 i
109068
$25.58
$2,721,427
$433,858
$3,155,285
WELD COUNTY ASSESSOR'S OFFICE
COMPARABLE MATRIX GRID
(PER UNIT METHOD)
PIN NO.
ADDRESS
CITY
SCHEDULE NO.
SALE DATE
SALE PRICE
TIME ADJUST.
TIME ADJ. S/PRICE
LAND VALUE $433,8581
IMPS VALUE $2,463,187
NO. OF UNITS 120
SALE PER UNIT - IMPS
SUBJECT
21304861
1213 26 Ay
Greeley,
095912104018
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:
1972!
91011
Frm/Stuccd
Avg
9 & Above unit
Apartment
$31211
CALCULATED SALES PRICE
COMP. 1 I
245.9786'1
2601 23 Ay
Greeley
9/92
$3,225,000
$623,376
$3,848,376
$522,842
$3,325,534
1561
$21,318,
19731
803
Frm/Hdbrd
Avg
9 & Above unit
Apartment
$875
X071
$2,675_,
$0
$0
($563)]
$2,005
$21,318
$22,760
COMP. 2
0085287
3750 W 24 St
Greeley!
095914400004]
10/91
$6,000,000:
$1,108,408
$7,108,4081.
$259,170
$6,849,2381
210,
$32,615
1987
8891
Frm/Hdbrd
Good
9 & Above unit
Apartment
$1,440'
1$2,4461
$525
($3,264
$0
($1,128
($6,311
$32,615
$25,176
$23,720.45 X 120 = IMPS
LAND
OTHER
TOTAL
-5-
COMP. 3 I
1779886/
7.0.6 27 Av
Greeley
0959014150341
12/92,
$1,697,500
$327,617
$2,025.1171,
$152,550'.
$1,872,567
72
$26;008
1971''
859
Frm/Msnry
Avg
9 & Above unit
Apartment
$1,756
$130.
$1,275
$01
(1,300)
($1,444)
($1,3391
$26,008
$23,225
$2,846,454
$433,858
$3,280,312
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
1995
$3,155,285
Per Unit Method $3,280,312
SUMMARY
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:
THREE MILLION TWO HUNDRED SEVENTEEN THOUSAND
EIGHT HUNDRED DOLLARS
$3,217,800
-6-
COMPARABLE SALE NO. 1
ADDRESS: 2601 23RD AVE, GREELEY
SALE DATE: 9/92
SALE PRICE: $3,225,000
ADJUSTED SALE PRICE $3,848,376
-9-
IMPS SF: 125,238
YEAR BUILT: 1973
LAND: $522,842
COMPARABLE SALE NO. 2
ADDRESS: 3750 W 24TH ST., GREELEY
SALE DATE: 10/91
SALE PRICE: $6,000,000
ADJUSTED SALE PRICE $7,108,408
-10-
IMPS SF: 186,652
YEAR BUILT: 1987
LAND: $259,170
COMPARABLE SALE NO. 3
ADDRESS: 706 27TH AVE., GREELEY
SALE DATE: 12/92
SALE PRICE: $1,697,500
ADJUSTED SALE PRICE $2,025,117
-11-
IMPS SF: 61,875
YEAR BUILT: 1971
LAND: $152,567
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