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East West
ECONOMETRICS
. i CC- .. AsRCO ) 2023 - 3215
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ECONOMETRICS
September 15 , 2023
Ms . Natalie Castle
Director of Research
Colorado Legislative Council
Room 029 , State Capitol Building
Denver, Colorado 80203
RE: Final Report for the 2023 Colorado Property Assessment Study
Dear Ms. Castle :
East West Econometrics - Audit Division is pleased to submit the Final Reports for the 2023 Colorado
Property Assessment Study.
These reports arc the result of two analyses: A procedural audit and a statistical audit .
The procedural audit examines all classes of locally assessed property . It specifically looks at how the
assessor develops economic areas, confirms and qualifies sales, develops time adjustments and performs
periodic physical property inspections . The audit reviews the procedures for determining subdivision
absorption and subdivision discounting. Valuation methodology is examined for residential properties
and commercial properties . Procedures are reviewed for producing mines, oil and gas leaseholds and
lands producing, producing coal mines, producing earth and stone products , severed mineral interests,
and non-producing patented mining claims .
Statistical audits are performed on vacant land, residential properties, commercial / industrial properties
and agricultural land . A statistical analysis is performed for personal property compliance on the eleven
largest counties: Adams, Arapahoe , Boulder, Denver, Douglas, El Paso , Jefferson, Larimer, Mesa ,
Pueblo and Weld . The remaining counties receive a personal property procedural study.
East West Econometrics — Audit Division appreciates the opportunity to be of service to the State of
Colorado . Please contact us with any questions or concerns .
4141 -
Harry J . Fuller
Project Manager
East West Econometrics — Audit Division
East West
ECONOMETRICS
TABLE OF CONTENTS
Introduction 3
Regional / Historical Sketch of Weld Count`' 4
Ratio Analysis 6
Time Trending Verification 8
Sold / Unsold Analysis 9
J
Agricultural Land Study 11
Agricultural Land 11
Agricultural Outbuildings 12
Agricultural Land Under Improvements 13
Sales Verification 14
Economic Area Review and Evaluation 16
Natural Resources 17
Earth and Stone Products 17
Producing Oil and Gas 17
Vacant Land 18
Possessory Interest Properties 19
Personal Property Audit 20
East West EconometricsAuditor Staff 2 2
STATISTICAL APPENDIX 2 3
2023 Weld County Property Assessment Study — Page 2
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ECONOMETRICS
INTRODUCTION
ItMEI The procedural analysis includes all classes of
C uls) ra property and specifically looks at how the
assessor develops economic areas, confirms and
(SBOE)
qualifies sales, and develops time adjustments .
The State Board of Equalization ) The audit also examines the procedures for
reviews assessments for conformance to the
adequately discovering, classifying and valuing
Constitution. The SBOE will order
agricultural outbuildings, discovering
revaluations for counties whose valuations do
not reflect the proper valuationperiod level of subdivision build -out and subdivision
P P discounting procedures . Valuation
value .
methodology for vacant land , improved
The statutory basis for the audit is found in residential properties and commercial
properties is examined . Procedures for
C . R. S . 39 - 1 - 104 ( 16)(a)(b) and (c) .
producing mines, oil and gas leaseholds and
lands producing, producing coal mines,
The legislative council sets forth two criteria
producing earth and stone products, severed
that are the focus of the audit group : mineral interests and non -producing patented
P g
mining claims are also reviewed .
To determine whether each county assessor is
applying correctly the constitutional and
Statistical analysis is performed on vacant land ,
statutory provisions, compliance requirements residential commercial industrial
of the State Board of Equalization, and the properties,
1 the State Property Tax properties, agricultural land, and personal
manuals published by p y
Administrator to arrive at the actual value of property . The statistical study results are
tra
compared with State Board of Equalization
each class of property . compliance requirements and the manuals
To determine if each assessor is applying
published by the State Property Tax
Administrator .
correctly the provisions of law to the actual
values when arriving at valuations for
of all locally valued properties
East West Econometrics Audit has completed
assessment p p
the Property Assessment Study for 2023 and is
subject to the property tax .ert pleased to report its findings for Weld County
in the following report.
The property assessment audit conducts a two-
part analysis: A procedural analysis and a
statistical analysis .
202 3 Weld County Property Assessment Study - - Page 3
C.- _ ` East West
- ECONOMETRICS
REGIONAL / HISTORICAL SKETCH OF
WELD COUNTY
Re � ionalInorrnatit� n Adams , Arapahoe , Boulder, Broomfield ,
Denver , Douglas , El Paso , Jefferson , Larimer ,
Weld County is located in the Front Range Pueblo , and Weld counties .
region of Colorado . The Colorado Front
Range is a colloquial geographic term for the
populated areas of the State that are just east
of the foothills of the Front Range . It includes
. a
Julnvurg
Walden SE OGW I CK
LOG AN
38 8 tyoke 0
MOFFAT Craig • qQ UTT •
JACKSON LARIMEIt
35 • WELD •
Sterling •
PHIL UPS
41 29 62
•
Ft. Collins
Steamboat Spgs •
Greeley MORGAN Akron
•
Meeker 7 44 Wray.
• GRAND BOULDER Fort Morgan •
RIO BLANCO 25 a y, YUMA
Hot Sulphur Boulder + QM FIEL D
52 80 ADAMS 63
I Eagle �pnngs 4 Golder. 1 WASHINGTON
•
1-- cur yetow 61
CLEAR CREEK DENVER 3
GARFIELD • EAGLE SWAMI 1O JEFFERSON • 16 •�RAPAHOE
23 Glenwood Spgs 19 53 *Br kenriago 30
---, Castle Racy hiewa 20 •
Le •villa •
Burlington I
Grand Junction PITKIN • • DDOUGLAS ELBERT Hugo
49 Aspen LAKE �arrp/ay 18 KIT CARSON
' 1 33 PARK 32
47 TELLER LINCOLN Cheyenne M39 A DE3 TA 60 Colorado Spgs 37 ells
• Delta L. • EL PASO Ck19YENNE :
GUNNISON N N I SO N Cripele
CHAFFEE ` 'Creek 21
Montrose 26 8
• • Gunnison Salida • __ Bads 1
•
M0NTROSE FREMONT. KIOWA
43 22 Canon City Pueblo 31
CROWLEY -1
Du RAY Westciife 13 0rd►vay Las Animas
ts SAG PUEBLO Lamar
55 Saguache CUSTER 51 • ' 0
SAN IatiIGUEI aura,Y HINSDALE •
14 La Junta •
•57 Telluride Lithe City
BENT
Dove Creek Creede OTERO 6 PROW ERS
58
• DOLORES illrerton 45
17 SAN JUAN MINER►AL1
/ 40 r Del Norte H U ERFANO
Cortez RIO GRANDE ALAMOSA28
Walsenburg Springfield
• 53 2lamosa
• Durango
1 I •
MONTEZUMA LA PLATA Pagosa Spgs
34
• COSTILLA Tonic/2d LAS ANIMAS BACA
42 ARCHULETA CONEjOS 12 • 36 5
L 4 11
•C• onejos San Luis
70 2 - \ \ e C0IIIlty Prt:)pertV A ;;cssinenI Study - - Page 4
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ECONOMETRICS
Historical Information
Weld County has approximately 3 , 987 . 19 The county seat is Greeley which began as the
square miles and an estimated population of Union Colony, which was founded in 1869 as
approximately 324,492 people with 63 . 4 an experimental utopian community of " high
people per square mile , according to the U . S . moral standards " by Nathan C . Meeker, a
Census Bureau' s 2020 estimated census data . newspaper reporter from New York City.
This represents a 28 . 3 percent change from Meeker purchased a site at the confluence of
April 1 , 2010 to July 1 , 2019 . the Cache la Poudre and South Platte Rivers
(that included the area of Latham , an Overland
Weld County covers an area of 4,004 square Trail station) , halfway between Cheyenne and
miles in north central Colorado . It is bordered Denver along the tracks of the Denver Pacific
on the north by Wyoming and Nebraska and on Railroad formerly known as the " Island Grove
the south by the Denver metropolitan area. Ranch. " The name Union Colony was later
The third largest county in Colorado, Weld changed to Greeley in honor of Horace
County has an area greater than that of Rhode Greeley, who was Meeker's editor at the New
Island , Delaware and the District of Columbia York Tribune , and popularized the phrase " Go
combined . West, young man . "
Major Stephen H . Long made an expedition to Weld County's cultural assets include
the area now known as Weld County in 1821 . Centennial Village , an authentic recreation of
In 1835 a government expedition came through pioneer life on the Colorado plains . The
the general area; the next year a member of Meeker Museum in Greeley is a national
that party, Lt. Lancaster Lupton, returned to historic site . Fort Vasquez in southern Weld
establish a trading post located just north of the County has an exciting history as an early
present town of Fort Lupton. In 1837 Colonel Colorado trading post. The Greeley
Ceran St. Vrain established Fort St. Vrain; Fort Philharmonic Orchestra is one of the oldest
Vasquez was built south of Platteville about symphony orchestra west of the Mississippi.
1840. The latter was rebuilt in the 1930's by The University of Northern Colorado's Little
the State Historical Society. Theatre of the Rockies is one of America's
premier college dramatic organizations .
(www. co. weld. co. us, WWW. wikipedia. org)
2023 Weld County Property Assessment Study -- Page 5
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ECONOMETRICS
RATIO ANALYSIS
Methodology every case , we examined the loss in data from
All significant classes of ro ert were trimming to ensure that only true outliers were
P P y excluded . Any county with a significant
analyzed . Sales were collected for each gn
class over the eighteen month period
portion of sales excluded by this trimming
property g P method was examined further . No county was
from January 1 , 2021 through June 30th, 2022 .
Property classes with less than thirty sales had allowed to pass the audit if more than 5 % of
P y the sales were "lost" because of trimming.
the sales period extended in six month g
increments up to an additional forty-two
months. If this extended salesperiod did not All sixty-four counties were examined for
compliance on the economic area level. Where
produce the minimum thirty qualified sales , the P
Audit performed supplemental appraisals to there were sufficient sales data, the
PP PP neighborhood and subdivision levels were
reach the minimum . g
tested for compliance . Although counties are
Althou h it was re uired that we examine the determined to be in or out of compliance at the
g q class level , non-compliant economic areas,
median and coefficient of dispersion for all P
counties, we also calculated the weighted mean neighborhoods and subdivisions (where
g applicable ) were discussed with the Assessor.
and price-related differential for each class of PP
property. Counties were not passed or failed
by these latter measures, but were counseled if Data on the individual economic areas,
there were anomalies noted Burin our neighborhoods and subdivisions are
g found in the STATISTICAL APPENDIX .
analysis. Qualified sales were based on the
qualification code used by each county, which Conclusions
were typically coded as either "Q" or "C . " The For this final analysis report, the minimum
ratio analysis included all sales . The data was acceptable statistical standards allowed by the
trimmed for counties with obvious outliers State Board of Equalization are :
using IAA () standards for data analysis. In
ALLOWABLE STANDARDS RATIO GRID
unweighted Coefficient of
Property Class Median Ratio Dispersion
Commercial / Industrial Between . 95 - 1 .05 Less than 20.99
Residential Condominium Between . 9 ; 1 . 05 Less than 15 .99
Residential Between .9S - 1 .05 Less than 15 . 99
Vacant Land Between .95 - 1 .05 Less than 20 . 99
2023 Weld County Property Assessment Study Page 6
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^`r ECONOMETRICS
The results for Weld County are :
Weld County Ratio Grid
Number of Unweighted Price Coefficient
Qualified Median Related of Time Trend
Property Class Sales Ratio Differential Dispersion Analysis
Commercial / Industrial 358 0 . 991 1 .019 7. 2 Compliant
Residential 14, 101 0. 965 1 .006 5 .4 Compliant
Vacant Land 297 1 .000 1 .012 9. 3 Compliant
After applying the above described SBOE , DPT, and Colorado State Statute
methodologies, it is concluded from the sales valuation guidelines .
ratios that Weld County is in compliance with Recommendations
None
2023 Weld County Property Assessment Study Page 7
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ECONOMETRICS
TIME TRENDING VERIFICATION
M e t h o d o l o v trending adequately , and a further examination
�� is warranted . This validation method also
While we recommend that counties use the considers the number of sales and the length of
inverted ratio regression analysis method to g
the sale period . Counties with few sales across
account for market (time) trending, some the sale period were carefully examined to
counties have used other IAAO -approved
pp determine if the statistical results were valid .
methods, such as the weighted monthly median
approach . We are not auditing the methods Conclusions
used, but rather the results of the methods After verification and analysis, it has been
used . Given this range of methodologies used determined that Weld County has complied
to account for market trending, we concluded with the statutory requirements to analyze the
that the best validation method was to examine effects of time on value in their county . Weld
the sale ratios for each class across the County has also satisfactorily applied the results
appropriate sale period . To be specific, if a of their time trending analysis to arrive at the
county has considered and adjusted correctly time adjusted sales price (TASP) .
for market trending, then the sale ratios should Recommendations
remain stable (i. e . flat) across the sale period .
If a residual market trend is detected, then the None
county may or may not have addressed market
2023 Weld County Prc )pert `' Assessment Study Page 8
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ECONOMETRICS
SOLD / UNSOLD ANALYSIS
M e t h o d o l o a or if there are other explanations for the
by observed difference .
Weld County was tested for the equal
treatment of sold and unsold properties to If the unsold higher properties have a her median
ensure that "sales chasing" has not occurred . p p g
value per square foot than the sold properties ,
The auditors employed a multi-step process to or if the median change in value is greater for
determine if sold and unsold properties were g
p p the unsold properties than the sold properties,
valued in a consistent manner. the analysis is stopped and the county is
y pp
concluded to be in compliance with sold and
We test the hypothesis that the assessor has unsold guidelines . All sold and unsold
valued unsold properties consistent with what
properties in a given class are first tested ,
is observed with the sold properties based on although properties with extreme unit values
several units of comparison and tests . The g
p or percent changes can be trimmed to stabilize
units of comparison include the actual value per the analysis. The median is the primary
square foot and the change in value from the y p y
g comparison metric, although the mean can also
previous base year period to the current base be used as a compares the comparison metric if the
year . The first test actual value
distribution supports that type of measure of
per square foot between sold and unsold central tendency .
properties by class . The median and mean y
value per square foot is compared and tested The first test (unit value method) is applied to
for any significant difference . This is tested pp
both residential and commercial / industrial sold
using non-parametric methods, such as the and unsold The second test is
Mann- Whitne test for differences in the properties .
y applied to sold and unsold vacant land
distributions or medians between sold and ro erties. The second test (change in value
unsold groups. It is also examinedgraphicallyp p ( g
p method) is also applied to residential or
and from an appraisal perspective . Data can be commercial sold and unsold if the
stratified based on location and subclass . The properties
first test results in a significant difference
second test compares the difference in the observed and /or tested between sold and
median change in value from the previous base unsold The third test (valuation
year to the current base year between sold and properties .
modeling) is used in instances where the results
unsold properties by class . The same from the first two tests indicate a significant
combination of non-parametric and appraisal
pdifference between sold and unsold properties .
testing is used as with the first test. A third test It can also be used when the number of sold
employing a valuation model testing a and unsold is so large that the non-
sold / unsold binary variable while controlling
properties g
g parametric testing is indicating a false rejection
for property attributes such as location, size , of the hypothesis that there is no difference
age and other attributes. The model
g between the sold and unsold property values.
determines if the sold /unsold variable is
statistically and empirically significant. If all These tests were supported by both tabular and
three tests indicate a significant difference pp
g graphics presentations, along with written
between sold and unsold properties for a given documentation g ex lainin the methodology
class, the Auditor may with
meet the county to p used .
determine if sale chasing is actually occurring,
202 3 Weld County Property Assessment Study - Page 9
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ECONOMETRICS
Sold / Unsold Results
Property Class Results
Commercial / Industrial Compliant
Residential Compliant
Vacant Land Compliant
Conclusions Recommendations
After applying the above described None
methodologies , it is concluded that Weld
County is reasonably treating its sold and
unsold properties in the same manner .
202 .3 Weld County Property Asse - rnent Study Page 10
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ECONOMETRICS
AGRICULTURAL LAND STUDY
Acres BS- Subclass Value I3v Subclass
Waste Sprinkier
3. 1 : . 7.53'
Flood 45.000,000
• . 15% 40.000.000
i , f
35.000.000
30,000,000
,.... ifit 25.000.000
7 - 20.000.000
> ; i 15,000,000
.#~ a 10.000.000
;41fr, p ter -,..
+ 5.000.000
Grazin • . • . '': \
0
F0 53113 ,�. `c 6' O .® Q �e
'Mr` ' ;� ' Dry Farm
��,, •• O' '�i
_: • 29 0296 4It-
• . rI yea,
it, r
. ._ I
Meador Hay
0 21 %
Agricultural Land
County records were reviewed to determine Administrator (PTA) , were applied properly .
major land categories such as irrigated farm , (See Assessor Reference Library Volume 3
dry farm , meadow hay, grazing and other Chapter 5 . )
lands. In addition, county records were Conclusions
reviewed in order to determine if: Aerial
are available and are bein used ; An analysis of the agricultural land data
photographs g indicates an acceptable appraisal of this
soil conservation guidelines have been used to p pp
classif lands bd ductivit property type . Directives, commodity prices
y ase on Pro y; cro P and expenses provided by the PTA were
rotations have been documented; typical
commodities andyields have been determined ; properly applied . County yields compared
favorably those published by Colorado
orchard lands have been properly classified and to
valued ; expenses reflect a ten year average and Agricultural Statistics. Expenses used by the
P g county were allowable expenses and were in an
are typical landlord expenses; grazing lands P
have been properly classified and valued ; the acceptable range . Grazing lands carrying
P P y g capacities were in an acceptable ran e . The
number of acres in each class and subclass have P P
been determined ; the capitalization rate was data analyzed resulted in the following ratios :
P
properly applied . Also, documentation was
required for the valuation methods used and
any locally developed yields, carrying
capacities, and expenses. Records were also
checked to ensure that the commodity prices
and expenses, furnished by the Property Tax
202 3 Weld County Property Assessment Study — Page 11
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ECONOMETRICS
Weld County Agricultural Land Ratio Grid
Number County County WRA
Abstract Of Value Assessed Total
Code Land Class Acres Per Acre Total Value Value Ratio
4107 Sprinkler 143 , 311 183 . 12 26, 243 ,059 27,083 ,075 0 . 97
4117 Flood 174,274 231 . 88 40 ,410 ,903 41 ,685 , 379 0 . 97
4127 Dry Farm 552 ,655 33 .06 18 , 269 , 338 18,486 , 208 0.99
4137 Meadow Hay 11 , 595 42 . 13 488 ,462 488 ,462 1 . 00
4147 Grazing 962 , 248 6 . 71 6 ,457,048 6,457,048 1 . 00
4167 Waste 60, 152 2 . 19 131 ,622 131 ,622 1 . 00
Total/Avg 1 ,904,235 48.31 92,000,432 94,331 ,793 0.98
Recommendations
None
Agricultural Outbuildings
e t h o d o l o�jti' Property "Taxation for the valuation of
�� agricultural outbuildings .
Data was collected and reviewed to determine
if the guidelines found in the Assessor' s Recommendations
Reference Library (ARL) Volume 3 , pages 5 . 74 None
through 5 . 77 were being followed .
Conclusions
Weld County has substantially complied with
the procedures provided by the Division of
2023 Weld County Property y Assesnient Study Page 12
-4:7 East West
- ECONOMETRICS
Agricultural Land Under Improvements
Metliociolog '
b� Weld County has used the following methods
to discover the land area under a residential
Data was collected and reviewed to determine improvement that is determined to be not
if theguidelines found iii the Assessor' s P
integral under 39- 1 - 102 , C . R . S . :
Reference Library (ARL) Volume 3 , pages 5 . 19
and 5 . 20 were being followed . • Property Record Card Analysis
P Y Y
• Field Inspections
Conclusions • Interviews Phone ntery ews
Weld County has used the following methods • In- Person Interviews with
to discover land under a residential
Owners / 'Tenants
improvement on a farm or ranch that is
determined to be not integral under 39 - 1 - 102 , • Written Correspondence other than
Questionnaire
C . R . S . :
• Personal Knowledge of Occupants at
Assessment Date
• Questionnaires
• Aerial Photography/ Pictometry
• Field Inspections
• Phone Interviews Weld County has substantially complied with
P
• In-Person Interviews with the procedures provided by the Division of
Owners/Tenants Property Taxation for the valuation of land
• Written Correspondence other than under residential improvements that may or
Questionnaire may not be integral to an agricultural
• Personal Knowledge of Occupants at operation .
Assessment Date Recommendations
None
•
2023 Weld County Property Assessment Study - Page 13
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ECONOMETRICS
SALES VERIFICATION
According to Colorado Revised Statutes : Part of the Property Assessment Study is the
sales verification analysis. WRA has used the
A representative body of sales is required when above-cited statutes as a guide in our study of
considering the market approach to appraisal. the county' s procedures and practices for
verifying sales.
(8) In any case in which sales prices of comparable
properties within any class or subclass are utilized EWE reviewed the sales verification
when considering the market approach to appraisal in procedures in 2023 for Weld County . This
the determination of actual value of any taxable study was conducted by checking selected sales
property, the following limitations and conditions from the master sales list for the current
shall apply: valuation period . Specifically EWE selected 45
sales listed as unqualified .
(a)(1) Use of the market approach shall require a
representative body of sales, including sales by a All of the sales in the unqualified sales sample
lender or government, sufficient to set a pattern, and had reasons that were clear and supportable .
appraisals shall r flect due consideration of the
degree of comparability of sales, including the extent For residential , commercial , and vacant land
of similarities and dissimilarities among properties sales with considerations over $ 100 , 000 , the
that are compared for assessment purposes. In order contractor has examined and reported the ratio
to obtain a reasonable sample and to reduce sudden of qualified sales to total sales by class and
price changes or fluctuations, all sales shall be performed the following analyses of unqualified
included in the sample that reasonably reflect a true sales:
or typical sales price during the period specified in
section 39- 1 - 104 (10. 2). Sales of personal property The contractor has examined the
exempt pursuant to the provisions of sections 39-3- manner in which sales have been
102, 39-3- 103, and 39-3- 119 to 39-3- 122 shall classified as qualified or unqualified,
not be included in any such sample. including a listing of each step in the
sales verification process, any
(b) Each such sale included in the sample shall be adjustment procedures, and the county
coded to indicate a typical, negotiated sale, as official responsible for making the final
screened and verified by the assessor. (39- 1 - 103, decision on qualification.
C. R. S.)
When less than 50 percent of sales are
The assessor is required to use sales of real property qualified in any of the three property
only in the valuation process. classes (residential, commercial , and
vacant land) , the contractor analyzed
(8)(f) Such true and typical sales shall include only the reasons for disqualifying sales in
those sales which have been determined on an any subclass that constitutes at least 20
individual basis to reflect the selling price of the real percent of the class, either by number
property only or which have been adjusted on an of properties or by value , from the
individual basis to reflect the selling price of the real prior year . The contractor has
property only. (39- 1 - 103, C. R. S.) reviewed with the assessor any analysis
indicating that sales data are
2023 Weld County Property Asse *snlent Study Page 14
East West
ECONOMETRICS
inadequate , fail to reflect typical unqualified sales , excluding sales that
properties, or have been disqualified were disqualified for obvious reasons.
for insufficient cause . In addition , the
contractor has reviewed the Weld County did not qualify for in -
disqualified sales by assigned code . If depth subclass analysis.
there appears to be any inconsistency
in the coding, the contractor has Conclusions
conducted further analysis to
determine if the sales included in that Weld County appears to be doing an adequate
code have been assigned a ro riatel job of verifying their sales . EWE agreed with
PP P y the county' s reason for disqualifyingeach of the
y
If 50 Percent or more of the sales are sales selected in the sample . There are no
qualified , the contractor has reviewed a recommendations or suggestions.
statistically significant sample of Recommendations
None
2023 Weld County Property Assessment Study - Page 15
• East West
ECONOMETRICS
ECONOMIC AREA REVIEW AND
EVALUATION
Methodology identified homogeneous economic areas
Weld County has submitted a written narrative comprised of smaller neighborhoods . Each
economic area defined is ll ua a subject to a set
describing the economic areas that make up the equally
county' s market areas . Weld County has also of economic forces that impact the value of the
y properties within thatgeographic area and this
submitted a map illustrating these areas . Each p p
of these narratives have been read and analyzed has been adequately addressed . Each economic
area defined adequately delineates an area that
for logic and appraisal sensibility. The maps q y
were also compared to the narrative for will give "similar values for similar properties
P
in similar areas . "
consistency between the written description
and the map . Recommendations
Conclusions None
After review and analysis, it has been
determined that Weld County has adequately
2023 Weld County Property Assessment Study Page 16
• East West
ECONOMETRICS
NATURAL RESOURCES
(2) The valuation for assessment of leaseholds
Earth and Stone Products and lands g P roducin oil or gas shall be
determined as provided in article 7 of this title .
Methodolo�sj� § 39 - 1 - 103 , C . R . S .
b./ Article 7 covers the listing, valuation, and
Under the guidelines of the Assessor' s assessment of producing oil and gas leaseholds
Reference Library (ARL) , Volume 3 , Natural and lands .
Resource Valuation Procedures , the income
approach was applied to determine value for Valuation :
production of earth and stone products . The Valuation for assessment.
number of tons was multiplied by an economic ( 1 ) Except as provided in subsection (2) of this
royalty rate determined by the Division of section, on the basis of the information
Property Taxation to determine income . The contained in such statement, the assessor shall
income was multiplied by a recommended value such oil and gas leaseholds and lands for
Hoskold factor to determine the actual value . assessment, as real property, at an amount
The Hoskold factor is determined by the life of equal to eighty-seven and one -half percent of:
the reserves or the lease . Value is based on two (a) The selling price of the oil or gas sold there
variables : life and tonnage . The operator from during the preceding calendar year, after
determines these since there is no other means excluding the selling price of all oil or gas
to obtain production data through any state or delivered to the United States government or
private agency . any agency thereof, the state of Colorado or
Conclusions any agency thereof, or any political subdivision
The Count has a lied the correct formulas of the state as royalty during the preceding
Y PP calendar year;
and state guidelines to earth and stone
(b) The selling price of oil or gas sold in the
production.
same field area for oil or gas transported from
Recommendations the premises which is not sold during the
None preceding calendar year , after excluding the
selling price of all oil or gas delivered to the
United States government or any agency
Producing Oil and Gas thereof, the state of Colorado or any agency
thereof, or any political subdivision of the state
as royalty during the preceding calendar year .
M ethodologv § 39-7- 102 , C . R . S .
Assessors Reference Library (ARL) Volume 3 ,
Conclusions
Chapter 6 : Valuation of Natural Resources The county applied approved appraisal
PP PP PP
procedures in the valuation of oil and gas .
STATUTORY REFERENCES
Section § 39- 1 - 103 , C . R . S . , specifies that Recommendations
producing oil or gas leaseholds and lands are None
valued according to article 7 of title 39 , C . R. S .
Actual value determined - when.
202 3 Weld County Property Assessment Study Page 17
• East West
ECONOMETRICS
VACANT LAND
Subdivision Discounting
Subdivisions were reviewed in 2023 in Weld f flowing Division of Property Taxation
County . The review showed that subdivisions guidelines.
were discounted pursuant to 39 - 1 - 103 ( 14)
Conclusions
C . R . S . Discounting procedures were applied
to all subdivisions where less than 80 percent of Weld County has implemented proper
procedures to adequately estimate absorption
vacant land parcels were sold . An absorption q y P
rate was estimated for each discounted periods , discount rates, and lot values for
subdivision . An appropriate discount rate was qualifying subdivisions .
developed using the Summation Method , Recommendations
None
202 3 Weld County Property Assessment Stuck Page 18
• East West
ECONOMETRICS
POSSESSORY INTEREST PROPERTIES
Possessory Interest
Possessory interest property discovery and commercial possessory interest properties .
valuation is described in the Assessor ' s The county has also been queried as to their
Reference Library (ARL) Volume 3 section 7 confidence that the possessory interest
in accordance with the requirements of properties have been discovered and placed on
Chapter 39 - 1 - 103 ( 17)(a) (II) C . R . S . the tax rolls .
Possessory Interest is defined by the Property Conclusions
Tax Administrator' s Publication ARL Volume
3 , Chapter 7: Aprivate property interest in Weld County has implemented a discovery
P P P yprocess toplace possessory interest properties
government-owned property or the right to the P P
occu anc and use of an benefit in on the roll . They have also correctly and
P y y consistently applied the correct procedures and
government-owned property that has been
under lease , permit, license , valuation methods in the valuation of
granted interest properties .
concession , contract, or other agreement. possessory P P
Recommendations
Weld County has been reviewed for their None
procedures and adherence to guidelines when
assessing and valuing agricultural and
2023 Weld County Property Assessment Study - Page 19
• East West
ECONOMETRICS
PERSONAL PROPERTY AUDIT
Weld County was studied for its procedural
compliance with the personal property Weld County is compliant with the guidelines
assessment outlined in the Assessor' s Reference set forth in ARL Volume 5 regarding discovery
Library (ARL) Volume 5 , and in the State procedures, using the following methods to
Board of Equalization (SBOE) requirements for discover personal property accounts in the
the assessment of personal property . The county:
SBOE requires that counties use ARL Volume
5 , including current discovery, classification, • Public Record Documents
documentation procedures, current economic • MLS Listing and / or Sold Books
lives table , cost factor tables, depreciation • Chamber of Commerce / Economic
table , and level of value adjustment factor
Development Contacts
table .
• Local Telephone Directories ,
The personal property ropert audit standards narrative Newspapers or Other Local
must be in place and current . A listing of Publications
ry Physical
that have been audited by the • Personal Observation, P ysi cal
assessor within the twelve -month period Canvassing or Word of Mouth
reflected in the plan is given to the auditor . • Questionnaires , Letters and / or Phone
The audited businesses must be in conformity Calls to Buyer, Seller and / or Realtor
with those described in the plan .
The county uses the Division of Property
Aggregate ratio will be determined solely from Taxation (DPT) recommended classification
the personal property accounts that have been and documentation procedures . The DPT' s
physically inspected . The minimum assessment recommended cost factor tables, depreciation
sample is one percent or ten schedules, tables and level of value adjustment factor
whichever is greater, and the maximum tables are also used .
assessment audit sample is 100 schedules.
Weld County submitted their personal
For the counties having over 100 ,000 property written audit plan and was current for
population, WRA selected a sample of all the 2023 valuation period . The number and
personal property schedules to determine listing of businesses audited was also submitted
whether the assessor is correctly applying the and was in conformance with the written audit
provisions of law and manuals of the Property plan . The following audit triggers were used
Tax Administrator in arriving at the assessment by the county to select accounts to be audited :
levels of such property . This sample was
selected from the personal property schedules • Businesses in a selected area
audited by the assessor. In no event was the • Accounts with obvious discrepancies
sample selected by the contractor less than 30 • New businesses filing for the first time
schedules. The counties to be included in this • Accounts with greater than 10%
study are Adams, Arapahoe , Boulder, Denver, change
Douglas, El Paso, Jefferson , Larimer, Mesa, • Incomplete or inconsistent declarations
Pueblo , and Weld . All other counties received • Accounts with omitted ro ert
P P y
a procedural study. • Same business type or use
2023 Weld Counts' Property Assessment Study - Page 2 ( )
0 East West
ECONOMETRICS
• Businesses with no deletions or which range from . 90 to 1 . 10 with no COD
additions for 2 or more years requirements.
• Non- filing Accounts - Best Information
Available Conclusions
• Accounts close to the $ 52 ,000 actual Weld County has employed adequate
value exemption status emPo y q
P discovery, classification, documentation,
• Accounts protested with substantial valuation, and auditing procedures for their
disagreement personal property assessment and is in
statistical compliance with SBOE requirements .
Weld County' s median ratio is 1 . 00. This is in compliance with the State Board of P
Equalization (SBOE) compliance requirements None
2023 Weld County Property Assessment Study - Page 21
East West
ECONOMETRICS
EAST WEST ECONOMETRICSAUDITOR
STAFF
Harry J . Fuller, Audit Project Manager
Suzanne Howard , Audit Administrative Manager
Steve Kane, Audit Statistician
Carl W . Ross , Agricultural / Natural Resource Analyst
J. Andrew Rodriguez, Field Analyst
2023 Weld County Property Assessment Study Page 22
` East West
ECONOMETRICS
STATISTICAL APPENDIX
202 3 Weld County Property Assessment Study — Page 2 3
;' East West
II • ��, ems) t
H ONOMFFRI( s
STATISTICAL COMPLIANCE REPORT
FOR WELD COUNTY
2023
I . OVERVIEW
Weld County is an urban county located along Colorado ' s Front Range . The county has a total of
153 , 875 real property parcels, according to data submitted by the county assessor' s office in 2023 . The
following provides a breakdown of property classes for this county :
120,000
Real Property Class Distribution
100,000
80,000
C
j 60.000
100168
40,000
20,0001
31553
16389
OI _ 5765
Vacant Land Res Imp Commlind Imp Other
type
The vacant land class of properties was dominated by residential land . Residential lots (coded 100 and
1112) accounted for 86 . 3% of all vacant land parcels.
For residential improved properties, single family properties accounted for 93 . 7% of all residential
properties.
Commercial and industrial properties represented a much smaller proportion of property classes in
comparison . Commercial/industrial properties accounted for 3 . 7% of all such properties in this
county .
II . DATA FILES
The following sales analyses were based on the requirements of the 2023 Colorado Property
Assessment Study . Information was provided by the Weld Assessor' s Office in April 2023 . The data
included all 5 property record files as specified by the Auditor.
2023 Statistical Report: WELD COUNTY Page 24
d `Et test
�'ECONOMETRICS
III . RESIDENTIAL SALES RESULTS
There were 14 , 101 qualified residential sales that occurred in the 18 -month sale period ending June 30 ,
2022 . The sales ratio analysis results were as follows :
Median 0.965
Price Related Differential 1 .006
Coefficient of Dispersion 5 .4
Based on the Audit questionnaire filled out by the assessor (see below) , the following geographic levels
were used by the assessor to value residential , commercial and vacant land properties :
Economic Area
Case Processing Summary
Count Percent
ECONAREA . 00 1081 7 . 7%
2 .00 5082 36. 2%
3. 00 3668 26. 1 %
4. 00 882 6. 3%
5.00 383 2 . 7 %
6. 00 1782 12 . 7%
7. 00 49 0. 3%
8.00 70 0. 5%
9. 00 531 3. 8%
99. 00 522 3. 7%
Overall 14050 100 . 0%
Excluded 51
Total 14101
Ratio Statistics for CURRTOT / TASP
Price Related Coefficient of
Group Median Differential Dispersion
. 00 . 963 1 . 004 . 049
2.00 . 964 1 . 004 . 051
3. 00 . 966 1 . 007 . 054
4. 00 . 964 1 . 004 . 047
5. 00 . 958 1 . 004 . 040
6. 00 . 965 1 . 010 . 074
7 . 00 . 950 1 . 028 . 122
8. 00 . 972 1 . 019 . 106
9. 00 . 970 1 . 006 . 051
99. 00 . 964 1 . 004 . 040
Overall . 964 1 . 006 . 054
NOTE: Econ Area 99 = Condominiums
Neighborhoods with at least 30 sales
Ratio Statistics for CURRTOT / TASP
Price Related Coefficient of
Group Median Differential Dispersion
71 . 965 1 . 010 .060
72 . 969 1 . 002 . 055
2023 Statistical Report: WELD COUNTY Page 25
lsi East West
_r/ Ft ONOMF TRI( ti
75 . 981 1 . 002 . 094
77 . 979 1 .006 . 062
78 . 959 1 . 001 . 045
79 . 965 1 . 002 . 040
81 . 964 1 . 001 . 047
83 . 952 1 . 004 . 056
85 . 957 1 . 000 . 020
171 . 962 1 . 002 . 045
174 . 964 1 . 002 .038
177 . 961 1 . 004 . 072
674 . 959 1 . 001 : 027
2002 . 953 1 . 003 _ .052
2003 . 953 1 . 005 . 069
2005 . 963 1 . 003 _ _ _062 _ _
2006 . 969 1 . 003 . 049
2007 . 968 1 . 013 . 105 _
2011 . 958 1 . 029 . 077
2013 . 961 1 . 004 . 050
2016 . 960 1 . 001 . 041
2018 . 946 1 . 004 . 044
2019 . 960 1 . 003 . 053
2020 . 978 1 . 004 . 043
2021 973 1 . 004 . 047
2060 . 968 1 . 009 . 057
2061 . 955 1 . 003 __ . 043
2100 . 958 1 . 005 __ _ .046
2101 . 949 1 . 002 . 046
2102 . 947 1 . 002 . 050
2103 . 965 1 . 001 . 061
2105 . 973 1 . 008 . 065
2106 . 969 1 . 001 . 033
2107 . 955 1 . 002 . 052
2108 . 960 1 . 000 . 036
2110 . 965 1 . 003 . 043
2111 . 960 1 . 003 . 056
2112 . 960 1 . 002 . 065
2115 . 961 1 . 003 . 056
2117 . 958 1 . 001 . 032
2118 . 967 1 . 002 046 i _ _ _
2120 . 968 1 . 002 . 047
2121 . 972 1 . 002 . 058
2122 . 959 1 . 000 . 034
2129 . 955 1 . 002 . 041
2130 . 967 1 . 003 . 045
2151 . 961 1 . 003 . 040
2152 . 962 1 . 001 . 043
2155 . 972 1 . 001 . 030
2252 . 945 1 . 016 . 084
2634 . 959 1 . 001 . 030
2657 . 966 1 . 003 . 039
2690 . 963 1 . 001 . 027
2691 . 962 1 . 002 . 026
3000 . 948 1 . 003 . 047
3003 . 957 1 . 002 . 054
3008 . 968 1 . 014 . 071
3009 . 949 1 . 011 . 088
3012 _ __ . 946 1 . 007 . 054
2023 3t.air ' tiCar Report : kgs L. t.D CUU .\ i 1 rage 26
East West
ECONOMETRICS
3013 w..2963 1 . 010 . 064
3017 _ . 997 _ 1 . 020 . 113
3018 . 958 1 . 005 . 049
3024 . 971 1 . 001 . 033
3025 . 981 1 . 001 . 031
3026 . 963 1 . 001 .048
3027 . 968 1 . 003 . 051
3030 . 974 1 . 004 . 049
3031 . 973 1 . 004 . 064
3032 . 971 1 . 003 . 043
3033 965 1 . 005 . 049
3034 . 960 1 . 006 . 061
3037 . 967 1 . 002 . 044
3038 . 970 1 . 002 . 054
3046 . 968 1 . 002 . 037
3059 . 967 1 . 001 . 043
3061 . 965 1 . 003 . 044
3122 . 954 1 . 002 . 036
3630 . 966 1 . 001 . 025
3665 . 971 1 . 000 . 022
4000 . 958 1 . 002 . 040
4002 . 963 1 . 002 . 036
4004 . 961 1 . 002 . 045
4102 . 972 1 . 004 . 043
4103 . 963 1 . 002 . 044
4105 . 946 1 . 008 . 087
4107 . 979 1 . 003 . 039
4108 . 961 1 . 000 . 024
4123 . 967 1 . 009 . 061
5001 . 962 1 . 008 . 045
5005 . 958 1 . 001 . 025
6003 . 972 1 . 005 . 062
6021 . 962 1 . 003 . 047
6023 . 953 1 . 008 . 066
6025 . 963 1 . 015 . 092
6027 . 966 . 996 . 067
6029 . 949 1 . 012 . 059
6030 . 967 1 . 005 . 084
6031 . 958 1 . 002 . 081
6032 . 969 1 . 003 . 074
6033 . 978 1 . 072 . 109
6034 . 957 1 . 003 . 075
6035 . 965 1 . 005 . 050
6037 . 958 1 . 015 . 091
6038 . 962 1 . 008 . 068
6045 . 971 1 . 009 . 095
6050 . 965 . 999 . 067
6062 . 969 1 . 001 . 041
6207 . 968 1 . 036 . 115
7004 . 950 1 . 026 . 115
9007 . 967 1 . 010 . 054
9009 . 967 1 . 012 . 093
9010 . 964 1 . 003 . 043
9040 . 979 1 . 004 . 045
9610 . 977 1 . 001 . 022
9680 . 978 1 . 003 . 035
Overall . 965 1 . 006 . 052
2023 Statistical itcijnirt: Ltd.) ( Uti .\ 1 .t 1 `abe 27
`rte I East West
'` FC.ONOMETRICS
The above ratio statistics were in compliance with the standards set forth by the Colorado State Board
of Equalization (SBOE) for the overall residential sales. The following graphs describe further the sales
ratio distribution for these properties:
Sales Ratio Distribution
3.000 Mean = 8;
Std. Dev =
077
N = 14. 101
2.000
U
C
4)
� I
Cr
1L.
1 ,000
F I 1
Ij c
0 - -
60 SC 1 CY' 1 :0 ' 1 60 1 SC 2 00
salesratio
PRD Analysis
2.00
•
1 .80 . •
•
• •
1 .60 •
• • •
• • • "
o 1 .40 ` _bee • •
• •
wa 1.20 ♦ a •~ ' . , • • % •
a • •
`r •
1.00
a S . vs , � � •• 1 • •
�• � • •• •
• _ f • • • i ••,; • • •ti •
.®0 •• S .•
• • % • • % , •
. Co • •
.so •
•
•
SO 3500.000 $1 ,000,000 11 .500 ,000 $2,000,000 $2,500,000 $3,000,000
TIMEADJPRICE
NOTE: Sales over S3 ,000,000 excluded for graphic clarity
The above graphs indicate that the distribution of the sale ratios was within state mandated limits .
2023 Statistical Report: WELD COUNTY Page 28
East West
\ _ _ ECONOMETRICS
Subclass 1212 PRD Analysis
We next analyzed residential properties identified as 1212 using the state abstract code system . These
include single family residences, town homes and purged manufactured homes . The following indicates
the distribution of sales ratios across the sale price spectrum :
1212 SALES
PRD Analysis
2.00
•
1.80 • _ - - - -
•
• •
1.60 '
3.1Z _
p 1.40 1 •
•
rie
• •
•
4 • • •
1.20 _ •
• •
•
1.00 - .t • •
• •
• • .
l - t4 es ' •
.80 •
• •
t � •
•1
• 4.t 1• • • • • • • •
.60 ' • •
•
•
SO $1,000,000 $2000.000 H .000.000 $4000,000 $5,000,000
TIMEADJPRICE
The Price - Related Differential (PRD) for 1212 sales is 1 . 006 , which is within IAA() standards for the
PRD . We also performed a regression analysis between the sales ratio and the assessor' s current value
to further test for regressivity or progressivity in the residential sales valuation, as follows :
Coefficients
Standardized
Unstandardized Coefficients Coefficients
Model B Std . Error Beta t Su
1 (C ►► nstant) . 967 002 450.406 . 000
CURRTDT . 00000000219 000 .005 . 554 . 579
a . Dependent Variable * salesratio
The slope of the line at 0 . 00000000219 indicates that there is virtually no slope in the regression line ,
which indicates that sales ratios are similar across the entire sale price array . This indicates no
regressivity or progressivity in the residential values assigned by the assessor .
We also stratified the sales ratio analysis by the sale price range , as follows :
2023 Statistical Report : WELD COUNTY Page 29
cy) East West
k NVC3minics
Case Processing Summary
Count Percent
SPRec LT $300K _ 374 _ 2 . 8%
$300K to $400K 1860 13.9% _
$400K to $500K 4188 31 . 2%
$500K to $600K 3539 26.4%
$600K to $750K 2383 17 . 8%
$750K to $ 1000K 791 5.9°/o
$ 1000K to $2000K 275 2.0%
Over $2000K _ 15 0 . 1 %
Overall 13425 _ 100 . 0%
Excluded 0
Total 13425
Ratio Statistics for CURRTOT / TASP
Coefficient of
Price Related Coefficient of Variation
Group Median Differential Dispersion Median Centered
LT $300K 1 . 020 1 . 005 . 110 16 . 7 %
$300K to $400K . 969 1 . 001 . 057 8 . 5%
$400K to $500K . 967 1 . 000 . 046 6 . 5%
$500K to $600K . 965 1 . 000 . 046 6 . 4%
$600K to $750K . 958 1 . 000 . 053 _ _7. 1 %
$750K to $ 1000K . 936 1 . 000 . 070 9. 3%
$ 1000K to $2000K . 903 1 . 002 . 105 13. 1 %
Over $2000K . 874 1 . 008 . 130 ` 17 . 5 %
Overall . 964 1 . 006 . 054 8. 0%
The above table indicates no regressivity in the sales ratios across sale price categories .
Residential Market Trend Analysis
We next analyzed the residential dataset using the 1 8 - month sale period for any residual market
trending and broken down by economic area , as follows :
Coefficients'
Standardized
Unstandardized Coefficients Coefficients
ECONAREA Model B Std Error Beta t S ! g
1 . 00 1 (Constant) . 957 . 004 229 . 213 . 000
SalePeriod . 001 .000 . 086 2 . 825 . 005 _
2 . 00 1 (Constant) . 956 . 002 500 . 788 . 000
SalePeriod . 001 . 000 . 088 6 . 308 . 000
3 . 00 1 ( Constant) . 956 . 002 406 . 064 . 000
SalePeriod _ .001 . 000 . 084 5 . 134 . 000
4 . 00 1 (Constant) . 954 . 004 230 . 033 .000
_
SalePeriod . 001 .000 . 082 2 .448 . 015
5 . 00 1 (Constant) . 948 .007 143 . 908 . 000
is
SalePeriod .001 .001 . 114 2 . 245 .025
6 . 00 1 (Constant) .976 . 005 200 . 994 . 000
SalePeriod 000 . 001 .006 . 272 . 785
2023 Statistical Report: %VELD COUN Al Page 30
East 11" est
1-4 GNOME ! RR S
7. 00 1 (Constant) . 940 . 042 22 . 349 . 000
SalePeriod . 002 . 005 . 066 .453 . 652
8. 00 1 (Constant) . 959 . 031 30. 523 . 000
SalePeriod . 002 . 004 . 081 . 666 . 508
9. 00 1 (Constant) . 965 . 006 153 . 065 . 000
SalePeriod . 001 . 001 . 048 1 . 105 . 270
99. 00 1 (Constant) . 935 . 005 204 . 546 . 000
SalePeriod . 003 . 000 . 270 6 . 385 . 000
a . Dependent Variable : salesratio
There was no significant residual market trending present in the sale ratio data for any of the economic
areas ; where there was a statistically significant trend , the magnitude of the trend was not . We
therefore concluded that the assessor has adequately addressed market trending in the valuation of
residential properties .
Sold / Unsold Analysis
In terms of the valuation consistency between sold and unsold residential properties, we compared the
median actual value per square foot for 2023 between each group . The data was analyzed both as a
whole and broken down by economic area , as follows :
Report
VALSF
sold N Median Mean
UNSOLD 86071 $286 $285
SOLD 14101 $281 $287
Report
VALSF
ECONAREA sold N Median Mean
2 . 00 UNSOLD 25252 $287 $290
SOLD 5082 $278 $287
3. 00 UNSOLD 19414 $287 $292
SOLD 3667 $281 $290
4 . 00 UNSOLD 6937 $266 $272
SOLD 882 $278 $282
5. 00 UNSOLD 1402 $258 $257
SOLD 383 $293 $282
6. 00 UNSOLD 17161 $306 $298
SOLD 1782 $315 $307
7 . 00 UNSOLD 815 $ 143 $ 153
SOLD 49 $205 $208
8. 00 UNSOLD 733 $231 $237
2023 Statistical Report : WELD COt1N I I P , y , �
(*t 7 a East West
\__ _ _ / ECONOMETRICS
SOLD 70 $280 $273
9 . 00 UNSOLD 2827 $291 $282
SOLD 531 $262 $273
99 . 00 UNSOLD 3696 $231 $216
SOLD 522 $234 $238
NOTE: Econ Area 99 = Condominiums
Please note that economic areas with significant differences (EA 5 , 7 , 8) based on the actual value per
square foot comparison were also tested using the percent change in value method ; in each case , those
economic areas showed no significant diff'erence between sold and unsold residential properties using
this second method .
We also stratified this analysis by residential neighborhoods with at least 35 sales , as follows :
Report
VALSF
NBHD sold N Median Mean
71 UNSOLD 656 $318 $315
SOLD 84 $315 $314
72 UNSOLD 338 $299 $300
SOLD 41 $289 $303
75 UNSOLD 402 $351 $346
SOLD 35 $356 $337
77 UNSOLD 317 $327 $317
SOLD 50 $343 $324
78 UNSOLD 229 $287 $292
SOLD 51 $288 $283
79 UNSOLD 334 $239 $248
SOLD 38 $266 _$270
81 UNSOLD 344 $289 _$287
SOLD 38 $304 $301
83 UNSOLD 635 $248 $256
SOLD 91 $250 $261
171 UNSOLD 836 $326 $321
SOLD 110 $331 _$318
174 UNSOLD 839 $301 $295
SOLD 173 $301 $297
177 UNSOLD 252 $322 $314
SOLD 35 $330 $324
2002 UNSOLD 711 $316 $315
SOLD 60 $305 $319
2003 UNSOLD 414 $348 $346
SOLD 35 $376 $367
2005 UNSOLD 839 $341 $335
SOLD 71 $355 $345
2007 UNSOLD 657 $352 $348
SOLD 53 $362 $369
2011 UNSOLD 590 $299 $306
SOLD 100 $271 $296
2013 UNSOLD 807 $313 _ $316
SOLD 112 $312 $318
2016 UNSOLD 617 $252 $255
2023 Statistical Report: "%VELD L. ( ) L1 .\ i I
1 East West
ECONOMETRICS
SOLD 78 $248 $251
2019 UNSOLD 536 $304 _ $315
SOLD 116 $299 $316
2020 UNSOLD 966 $280 $285
SOLD 165 $280 $285
2021 UNSOLD 524 $293 $294
SOLD 197 $274 $283
2060 UNSOLD 512 $309 $306
SOLD 65 $317 $301
2061 UNSOLD 349 $293 $285
SOLD 46 $305 $293
2100 UNSOLD 685 $278 $276
SOLD 81 $271 $275
2101 UNSOLD 377 $303 $299
SOLD 53 $310 $307
2102 UNSOLD 526 $309 $305
SOLD 86 $326 $313
2103 UNSOLD 514 $243 $253
SOLD 44 $237 $248
2105 UNSOLD 527 $260 $263
SOLD 42 $273 $281
2106 UNSOLD 273 $287 $287
SOLD 38 $275 $283
2107 UNSOLD 704 $273 $275
SOLD 98 $282 $281
2110 UNSOLD _ 1035 $288 $288
SOLD 86 $295 $289
2111 UNSOLD 2325 $301 $300
SOLD 218 $310 $306
2112 UNSOLD 901 $251 $254
SOLD 85 $248 $255
2117 UNSOLD 211 $255 $261
SOLD 37 $252 $261
2118 UNSOLD 455 $294 $292
SOLD 71 $304 $296
2120 UNSOLD 534 $283 $279
SOLD 48 $256 $270
2121 UNSOLD 345 $330 $333
SOLD 47 $345 $343
2122 UNSOLD 359 $261 $269
SOLD 67 $265 $267
2151 UNSOLD 598 $316 $310
SOLD 86 $330 $321
2152 UNSOLD 310 $287 $298
SOLD 120 $272 $289
2155 UNSOLD 152 $254 $261
SOLD 45 $221 $235
2657 UNSOLD 187 $267 $267
SOLD 57 $267 $262
3000 UNSOLD 321 $259 $262
SOLD 38 $266 $262
3003 UNSOLD 336 $264 $271
SOLD 44 $279 $278
3008 UNSOLD 1007 $284 $295
SOLD 109 $294 $305
3012 UNSOLD 589 $296 $304
SOLD 50 $305 $317
2023 Statistical Report: 1 'r LLD COLO. j 1
faEast West
ECONOMETRICS
3013 UNSOLD_ 1292 $308 $320
SOLD 158 $307 $324
3017 UNSOLD 433 $279 $280
SOLD 54 $303 $302
3024 UNSOLD 346 __ $278 $284
SOLD 59 $266 $279
3025 UNSOLD 869 $310 $319
SOLD 116 $297 $303
3026 UNSOLD 1389 $300 $302
_ SOLD 131 $302 $309
3027 UNSOLD 341 $308 $310 _
SOLD 45 $303 $314
3030 UNSOLD 630 $260 $270
SOLD 94 $271 $275
3031 UNSOLD 595 $352 $344
SOLD 47 $364 $367
3032 UNSOLD 685 $297 _ $298 _
SOLD 68 _ $295 $296
3034 UNSOLD 392 $261 $278
SOLD 81 $258 $277
3037 UNSOLD 971 $264 $271
sorb 94 $272 $279
3038 UNSOLD 1145 $273 $275
SOLD 150 $273 $279
3059 UNSOLD 34 $268 $290
SOLD 92 $284 $308
3122 UNSOLD 304 $301 $312
SOLD 47 $300 $310
4000 UNSOLD 518 $266 $269
SOLD 93 $274 $273
4002 UNSOLD 428 $283 $287
SOLD 73 $285 $292
4004 UNSOLD 665 $243 $259
SOLD 108 $258 $263
4102 UNSOLD 280 $273 $270
SOLD 36 $259 $263
4103 UNSOLD 598 $339 $336
SOLD 55 $373 $357
4105 UNSOLD 779 $331 $323
SOLD 58 $347 $355
5001 UNSOLD 417 $282 $285
SOLD 39 $339 $328
5005 UNSOLD 88 $276 $274
SOLD 42 $286 $275
6003 UNSOLD 376 $310 _ __ $299
SOLD 38 $323 $311
6021 UNSOLD 732 $341 $335
SOLD 66 $345 $337
6025 UNSOLD 800 $300 $302
SOLD 89 $289 $293
6027 UNSOLD 396 $332 $321
SOLD 57 $328 $328
6029 UNSOLD 953 $331 $323
SOLD 109 $327 $323
6030 UNSOLD 778 $277 $281
SOLD 72 $300 $292
6031 UNSOLD 1685 $304 $297
2023 StaiiNiical Report: WELD COUNTY Page 34
East West
ECONOMETRICS
SOLD 180 $300 $297
6033 UNSOLD 728 $304 $301
SOLD 81 $309 $306
6034 UNSOLD 1446 $323 $314
SOLD 132 $321 $313
6035 UNSOLD 1309 $331 $317
SOLD 118 $340 $331
6037 UNSOLD 1331 $285 $284
SOLD 127 $287 $290
6038 UNSOLD 1230 $319 $301
SOLD 138 $324 $314
6045 UNSOLD 764 $329 $322
SOLD 93 $339 $327
6050 UNSOLD 572 $315 $305
SOLD 53 $326 $315
6062 UNSOLD 970 $332 $328
SOLD 125 $350 $345
9009 UNSOLD 392 $289 $283
SOLD 38 $298 $299
9010 UNSOLD 328 $298 $296
SOLD 35 $284 $290
The above results indicate that sold and unsold residential properties were valued in a consistent
manner .
IV. COMMERCIAL / INDUSTRIAL SALE RESULTS
There were 358 qualified residential sales that occurred in the 18 month sale period ending June 30 ,
2022 . The sales ratio analysis results were as follows :
J
Median 0.991
Price Related Differential 1 .019
Coefficient of Dispersion 7.2
The above table indicates that the Weld County vacant land sale ratios were in compliance with the
SBOE standards . The following histogram and scatter plot describe the sales ratio distribution further :
2023 Statistical Report: WELD (DUN FY 1' •i c
J � East Welest
ECONOM ET R I C 5
T
100 "" - - -
" f
80
,11 V
60
C
3
Q .
L '
40
20
Mean = 1 .01
Std- Dev = 114
N = 358
_ I
0~ 0 50 0 75 1 OU 1 50
safe , tatio
Commercial Sale Price by Sales Ratio
1.50
x
x
* x
Dr
x x
1.25 '
x
x
- x x
o . x xx x
x x•t.o0 j.x x
7
x x
� x
x
0.75 x x
x
0.50
SO T 35,000,000 110,000,000 $15,000,000 $20,000,000
TASP
Commercial / Industrial Market Trend Analysis
The commercial / industrial sales were next analyzed , examining the sale ratios across the 18 -month sale
period with the following results :
Coefficient?
Standardized
Unstandardized Coefficients Coefficients
Model B Std . Error Beta t Sig .
1 (Constant) . 970 . 011 85 . 918 . 000
SalePeriod . 005 . 001 . 195 3 . 751 . 000
a . Dependent Variable : salesratio
2023 Statistical Report: WELD COUNTY Page 36
East nst
ECONOMETRICS
Commercial Market Trend Analysis
1 50 +
+ + +
+ + +
+ + +
+ t
1 < + + + +
+ + + + + +
+ + *
R
L
V1 1 OaDa•♦nts • • tit ■ ue tile ■ o a • • •• • imeli0680••1
sii
R $ � T � + +
+ +
+ +
cc
5 10 15 20
SalePeriod
While there was a residual and significant market trend in the sale data , when stratified by subclass,
only commercial properties coded as 2245 had a significant marginal trend . We will advise the county
assessor of this . Overall , we concluded that the assessor has adequately considered market trending
adjustments as part of the commercial / industrial valuation .
Sold / Unsold Analysis
We compared the median change in value between valuation year 2020 and valuation year 2022
between sold and unsold groups to determine if sold and unsold properties were valued consistently, as
follows :
Report
DIFF
sold N Median Mean
UNSOLD 5032 1 . 27 1 . 32
SOLD 287 1 . 39 1 . 46
Based on the number of subclasses for commercial and industrial properties, we chose only major
subclasses with at least 10 sales for this analysis : i . e . those with improved abstract codes of 2212 , 2220 ,
2230 , 2235 , and 2245 . The following analysis was then performed :
Report
DIFF
ABSTRIMP sold N Median Mean
2212 . 00 UNSOLD 686 1 . 25 1 . 33
SOLD 34 1 . 36 1 . 41
2220 . 00 UNSOLD 350 1 . 25 1 30
SOLD 30 1 . 33 1 44
2230 . 00 UNSOLD 955 1 . 23 1 . 29
2021 statistical Report: WELD U OU .` I Y Page 37
�`,.- i East West
, / EcoNt?ti1men
SOLD re 34 1 . 33 1 . 34
2235 . 00 UNSOLD 1001 1 . 32 1 .35
SOLD 46 1 .42 1 . 45
2245 . 00 UNSOLD 1065 1 . 27 1 . 34
SOLD 105 1 . 39 1 . 49
We will consult with the assessor concerning the significant difference observed for several commercial
subclasses .
V. VACANT LAND SALE RESULTS
There were 297 qualified residential sales that occurred in the 18 -month sale period ending June 30,
2022 . The sales ratio analysis results were as follows:
Median 1 . 000
Price Related Differential 1 . 01 2
Coefficient of Dispersion 9. 3
The above ratio statistics were in compliance overall with the standards set forth by the Colorado State
Board of Equalization (SBOE) for the overall vacant land sales . The following graphs describe further
the sales ratio distribution for all of these properties :
7
100 --- - - - - - ---
80 4 _ _ _
•
co
-
•
a ;
m I
ti
40
20 1
Oil . , .
Mean = 99
Std. Dev. _ 153
N = 297
a
: ? ' , LailariliallaMIC
050 07L 1 .50
salesratio
2023 Statistical Report: NN LLD COU .\ i i Page 38
C
\11 East W@st
FC °NOMFIRKS
Vacant Land Sale Price by Sales Ratio
1.50 x
x
1.25
x
i1.00f t
X
s%. Jt
0.751? •
xx x
l
0.50 x
$0 $2.000.000 $4,000,000 $6.000.000 $8,000,000 $10.000.000
TASP
The above histogram indicates that the distribution of the vacant land sale ratios was within state
mandated limits . No sales were trimmed .
Vacant Land Market Trend Analysis
We next analyzed the vacant land dataset using the 18 -month sale period , with the following results :
Coefficient?
Standardized
Unstandardized Coefficients Coefficients
Model B Std . Error Beta t Sig .
1 (Constant) . 954 . 018 54 . 008 . 000
SalePeriod . 005 . 002 . 148 2. 566 . 011
a . Dependent Variable : salesratio
2023 Statistical Report: WELD COLIN FY Page 39
r' hEast West
ECONOMETRICS
Vacant Land Sales Market Trend Ana*si$
1 50 + +
+ + ++ +
+ + +
12s + +
+ + +
+ 4. + * : t * i
d 1 00 4"111••il'fret� si.441 I,Tt:2 � +
N es * + + t ♦ + * + '}
+ + T T +
+ + +
0.75 + + ♦ �. + +
♦
+ + + +
+•
+ + +
050 + .
0 5 10 15 2O
SalePeriod
The above analysis indicated that no significant market trending was present in the vacant land sale data .
We concluded that the assessor has adequately dealt with market trending for vacant land properties .
Sold / unsold Analysis
We compared the median change in value between valuation year 2020 and
valuation year 2022 between sold and unsold groups to determine if sold and
unsold properties were valued consistently, as follows :
Report
DIFF
sold N Median Mean
UNSOLD 5507 1 . 16 1 . 17
SOLD 197 1 . 29 1 . 29
2023 Statistical Report: Pi LID COUN FY Page 40
1.1. ) East West
*t'_ ECONOMETRICS
We also compared sold and unsold changes in value by subdivision with at least 5 sales , as follows :
Report
DIFF
SUBDIVNO sold N Median Mean
UNSOLD 527 1 . 22 1 . 23
SOLD 9 1 . 22 1 . 27
2528 UNSOLD 15 1 . 50 1 . 52
SOLD 9 1 . 50 1 . 63
5192 UNSOLD 5 1 . 00 1 . 00
SOLD 6 1 . 17 1 . 17
7061 UNSOLD 2 . 80 . 80
SOLD 5 . 80 . 80
7085 UNSOLD 16 . 93 1 . 08
SOLD 7 . 87 1 . 15
7236 UNSOLD 62 1 . 12 1 . 05
SOLD 13 1 . 29 1 . 29
7457 UNSOLD 16 1 . 33 1 . 31
SOLD 18 1 . 33 1 . 33
Overall , we concluded that the county assessor valued sold and unsold vacant properties consistently .
V. CONCLUSIONS
Based on this 2023 audit statistical analysis, residential , commercial / industrial and vacant land
properties were found to be in compliance with state guidelines . We will consult with the assessor
concerning market trending and sold / unsold differences fhr several commercial subclasses.
2023 Statistical Report: WELD COUNTY Page 41
.) East West
�. •, ECONOMETRICS
STATISTICAL ABSTRACT
Residential
Ratio Statistics for CURRTOT I TASP
y5% confidence interval tot 95% Confidence Interval tor Coefficient of
Mean 95% Confidence Interval for Median Weighted Mean Variation
Actual Weighted Price Related Coefficient of Mean
ECONAREA Mean Lower Bound Upper Bound Median Lower Bound Upper Bound Coverage Mean Lower Bound Upper Bound Differential Dispersion Centered
. .994 .976 1 .011 .996 967 1 .013 95.1 % .990 .973 1 .007 1 .004 049 6.3%
.00 .967 .963 .971 .963 .959 .966 95.5% .963 .958 .967 1 .004 049 7 6%
2.00 967 965 969 964 .962 965 95 2% 963 960 966 1 004 051 7 3%
3 00 966 964 969 966 964 968 95.1 % 960 957 963 1 .007 054 7 6%
4.00 963 .959 967 964 959 967 95 3% 959 .954 963 1 004 047 6 8%
5.00 .961 955 967 958 954 963 95 9% 957 951 .963 1 004 040 6.4%
6.00 977 972 982 965 961 .968 95 1 % 967 960 .974 1 010 074 11 1 %
7.00 _ 956 910 1 .002 _950 .897 .990 95.6% .930 885 .974 1 .028 .122 16 8%
8.00 976 .940 1 .013 .972 .937 989 95.9% .958 .922 .994 1 .019 106 15.6%
9.00 971 965 977 970 .967 976 95.4% 965 958 .972 1 006 .051 7.3%
99.00 959 .954 .964 .964 .961 .966 95.1 % 956 951 .961 1 .004 040 6.2%
The confidence interval for the median is constructed without any distribution assumptions The actual coverage level may be greater than the specified level Other confidence intervals are constructed by assuming a Normal
rlictrihiditnn fnr tha ratinc
Commercial Land
Ratio Statistics for CURRTOT / TASP
95% Confidence Interval for 95% Confidence Interval for Coefficient of
Mean 95% Confidence Interval for Median Weighted Mean Variation
Actual Weighted Price Related Coefficient of Mean
Mean Lower Bound Upper Bound Median Lower Bound Upper Bound Coverage Mean Lower Bound Upper Bound Differential Dispersion Centered
1 .006 .994 1 .018 .991 .980 .998 96. 1 % .987 .967 1 .007 1 019 .072 11 .3%
The confidence interval for the median is constructed without any distribution assumptions. The actual coverage level may be greater than the specified level. Other confidence Intervals are constructed by assuming
a Normal distribution for the ratios
Vacant Land
Ratio Statistics for CURRLND / TASP
95% Confidence Interval for 95% Confidence Interval for Coefficient of
Mean 95% Confidence Interval for Median Weighted Mean Variation
Actual Weighted Price Related Coefficient of Mean
Mean Lower Bound Upper Bound Median Lower Bound Upper Bound Coverage Mean Lower Bound Upper Bound Differential Dispersion Centered
.993 .976 1 .011 1 .000 .998 1 .000 95.2% .982 .965 .999 1 .012 .093 15.4%
The confidence interval for the median is constructed without any distribution assumptions. The actual coverage level may be greater than the specified level. Other confidence intervals are constructed by assuming
a Normal distribution for the ratios.
202 i Statistical Report : Witt ) COUNTY Page 42
0) East West
ECONOMETRICS
Residential Median Ratio Stratification
Subclass
Case Processing Summary
Count Percent
ABSTRIMP 700 . 00 1 0 . 0%
1212 . 00 13417 _ 95. 1 %. _
1213 . 50 2 0 . 0%
1215 . 00 92 0 . 7 %
1220 . 00 47 0 . 3%
1225 . 00 11 0 . 1 %
1230 . 00 522 3 . 7 %
1551 . 33 1 0 . 0%
1723 . 50 2 0 . 0%
1725 . 00 1 0 . 0%
1879 . 67 1 0 . 0%
2212 . 00 2 0 . 0%
2227 . 50 1 0 . 0%
9250 . 00 1 0 . 0%
Overall 14101 100 . 0%
Excluded 0
Total 14101
Ratio Statistics for CURRTOT / TASP
Coefficient of
Price Related Coefficient of Variation
Group Median Differential Dispersion Median Centered
700 . 00 1 . 020 1 . 000 . 000
1212 . 00 . 964 1 . 006 . 054 8 . 0%%
1213 . 50 . 988 980 . 059 8 . 4
1215 . 00 . 967 1 . 013 . 087 12 . 6%
1220 . 00 . 980 _ 996 . 097 16 . 2 %
1225 . 00 . 950 . 944 . 100 15 . 0%
1230 . 00 . 964 1 .004 . 040 6 . 2 %
1551 . 33 . 849 1 . 000 . 000
1723 . 50 . 916 . 998 . 194 27 . 4 %
1725 . 00 1 . 254 1 . 000 . 000
1879 . 67 . 979 1 . 000 _ _ .000
2212 . 00 1 . 087 1 . 001 . 061 8 , 6 %
2227 . 50 1 . 030 1 . 000 . 000
9250 . 00 . 505 1 . 000 . 000
Overall . 965 1 . 006 . 054 8 . 0%
2023 Weld County Property Assessment Study Page 43
_ East West
• ECONOMETRICS
Age
Case Processing Summary
Count Percent
AgeRec Over 100 374 2 . 7 %
75 to 100 221 1 .6%
50 to 75 _ _ 748 _5 . 3%
25 to 50 1429 10. 1 %
5to25 4393 31 . 2%
5 or Newer 6936 49 . 2 %
Overall 14101 100 . 0%
Excluded 0
Total 14101
Ratio Statistics for CURRTOT / TASP
Coefficient of
Price Related Coefficient of Variation
Group Median Differential Dispersion Median Centered
Over 100 . 973 1 . 018 . 104 _14 . 8%
75 to 100 _ . 956 1 . 015 . 101 14.2%
50 to 75 . 961 1 . 012 . 080 12 . 1 %
25 to 50 . 960 1 . 007 . 067 9 . 9%
5 to 25 . 962 1 . 005 . 054 7 . 7 %
5 or Newer . 967 1 . 004 . 045 6 . 3 %
Overall . 965 1 . 006 . 054 8 . 0%
Improved Area
Case Processing Summary
Count Percent
lmpSFRec LE 500 sf 7 0 . 0 %
500 to 1 , 000 sf 770 5 . 5%
1 , 000 to 1 , 500 sf 4029 28 . 6%
1 . 500 to 2 , 000 sf 4660 33 . 0% _
2 , 000 to 3, 000 sf 3874 27 . 5%
3 , 000 sf or Higher_ _ _761 5 . 4 %
Overall 14101 100 . 0%
Excluded 0
Total 14101
Ratio Statistics for CURRTOT / TASP
Coefficient of
Price Related Coefficient of Variation
Group Median Differential Dispersion Median Centered
LE 500 sf . 865 1 . 037 _ . 162 28 . 9%
500 to 1 , 000 sf . 943 1 . 010 . 079 12 . 0%
1 , 000 to 1 , 500 sf . 966 _ 1 . 004 . 051 _ _ _ _ 7 . 8%
1 , 500 to 2 . 000 sf . 965 _ 1 . 003 . 048 6.7%
2 , 000 to 3 , 000 sf . 966 1 . 005 . 053 7.6%
3 , 000 sf or Higher . 949 1 . 007 . 089 12 .4%
Overall . 965 1 . 006 . 054 8.0%
2023 Statistical Report : WELD COUN1 i Page 44
r''\
‘ii East hest
_ ECONOMETRICS
Improvement Quality
Case Processing Summary
Count Percent
QUALITY 1 0 . 0%
1 123 0 . 9%
2 2236 15 . 9%
3 11182 79. 3%
4 469 3 . 3%
5 79 0 . 6%
6 10 0 . 1 %
NONE 1 0 . 0%
Overall 14101 100. 0%
Excluded 0
Total 14101
Ratio Statistics for CURRTOT / TASP
Coefficient of
Price Related Coefficient of Variation
Group Median Differential Dispersion Median Centered
. 751 1 . 000 . 000
1 . 939 1 . 032 . 130 18 . 8%
2 . 961 1 . 008 . 072 10 . 8%
3 _ . 965 1 . 005 . 049 6 . 9%
4_ . 964 1 . 009 _ . 077 10 . 4%
5 . 974 _ _1 .024 . 103 15 . 2%
6 . 969 1 . 009 . 060 8. 1 %
NONE . 805 1 . 000 . 000 .
Overall . 965 1 . 006 . 054 8 . 0%
Improvement Condition
Case Processing Summary
Count Percent
CONDITION 1 7 0 . 0%
2 31 0. 2 %
3 14050 99.6%
4 12 0. 1 %
Overall 14100 100 . 0%
Excluded 1
Total 14101
Ratio Statistics for CURRTOT / TASP
Coefficient of
Price Related Coefficient of Variation
Group Median Differential Dispersion Median Centered
1 . 978 1 . 052 . 205 33 . 7%
2 . 900 1 . 032 . 170 22 . 5%
3 . 965 1 . 006 . 054 7 . 9%
4 . 976 1 . 016 . 065 9 . 6%
Overall . 965 1 . 006 . 054 8 . 0%
2023 Statistical Report: WELD COLIN i I Page 45
r__
Ir' East West
z - ECONOMETRICS
Commercial Median Ratio Stratification
Sale Price
Case Processing Summary
Count Percent
SPRec $25K to $50K 1 0 . 3%
$50K to $ 100K 9 2. 5%
$ 100K to $ 150K 13 3 . 6%
$ 150K to $200K 59 16 . 5%
$200K to $300K 62 _1T3%
$300K to $500K 57 15 . 9%
$500K to $750K 21 5. 9%
$750K to $ 1 . 000K 25 7 . 0%
Over $ 1 , 000K 111 31 . 0%
Overall 358 100 . 0%
Excluded 0
Total 358
Ratio Statistics for CURRTOT / TASP
Coefficient of
Price Related Coefficient of Variation
Group Median Differential Dispersion Median Centered
$25K to $50K 1 . 000 1 . 000 . 000 .
$50K to $ 100K . 996 . 999 . 081 13.0%
$ 100K to $ 150K 1 . 102 . 999 . 112 17 . 1 %
$ 150K to $200K 1 . 002 1 . 003 . 076 9 . 7%
$200K to $300K . 996 . 998 . 078 12.8%
$300K to $500K . 988 1 . 003 . 083 14. 1 %
$500K to $750K . 958 . 998 . 106 16 . 7 %
$750K to $ 1 . 000K . 998 1 . 002 . 037 5 . 3 %
Over $ 1 , 000K . 975 1 . 003 . 049 8 . 5%
Overall . 991 1 . 019 . 072 11 . 6%
Subclass
Case Processing Summary
Count Percent
ABSTRIMP 1220 . 00 1 0 . 3 %
1716 . 00 1 0 . 3%
1723 . 50 1 0 . 3%
2212 . 00 38 10 . 6%
2215 . 00 7 2 . 0%
2220 . 00 31 8 . 7 %
2221 . 00 4 1 . 1 %
2223 . 33 1 0 . 3 %
2225 . 00 2 0 . 6%
2227 . 33 1 0 . 3%
2227 . 50 2 0 . 6%
2230 . 00 43 12 . 0%
2231 . 67 1 0 . 3 %
2232 _ 50 1 0 . 3 %
2235 . 00 63 17 . 6%
2245 . 00 144 40 . 2 %
2023 Stathitical Report: WELD OU .N I i Page 46
i - East West
ECONOMETRICS
2723 . 50 1 0 . 3%
2884 . 67 1 0. 3%
3212 . 00 4 1 . 1 %
3213 . 50 1 0. 3%
3215 . 00 8 2. 2%
9249 . 00 1 0 . 3%
9279 . 00 1 0 . 3%
Overall 358 100 . 0%
Excluded 0
Total 358
Ratio Statistics for CURRTOT / TASP
Coefficient of
Price Related Coefficient of Variation
Group Median Differential Dispersion Median Centered
1220 . 00 1 . 292 1 . 000 . 000
1716 . 00 1 . 271 1 . 000 . 000
1723 . 50 1 . 038 1 . 000 . 000
2212 . 00 . 996 . 999 . 039 6 . 6%
2215 . 00 . 971 1 . 016 . 109 18 . 7 %
2220 . 00 . 982 1 . 023 . 068 12 . 9%
2221 . 00 1 . 001 . 995 . 016 2 . 9%
2223 . 33 . 970 _ 1 . 000 y . 000
2225 . 00 1 . 037 _ 1 .002 . 035 5 . 0%
2227 . 33_ . 967 1 . 000 . 000
2227 . 50 . 976 _ 1 .004 . 025 3 . 6%
2230 . 00 . 975 1 . 027 . 066 11 . 5%
2231 . 67 . 967 1 . 000 . 000
2232 . 50 1 . 006 1 .000 . 000
2235 . 00 . 983 1 . 014 . 057 9 . 6%
2245 . 00 . 997 1 . 018 . 080 11 . 7%
2723 . 50 1 . 382 1 . 000 . 000
2884 .67 1 . 077 1 . 000 . 000
3212 . 00 . 841 . 919 . 195 24 . 6 %
3213 . 50 . 958 1 . 000 . 000
3215 . 00 . 956 _ 1 . 009 . 057 10 . 5%
9249 . 00 1 . 135 1 . 000 . 000
9279 . 00 1 . 476 1 . 000 . 000
Overall . 991 1 . 019 . 072 11 . 6%
Age
Case Processing Summary
Count Percent
AgeRec Over 100 19 5 . 3%
75 to 100 13 3 . 6%
50 to 75 24 6 . 7 %
25 to 50 54 15 . 1 %
5to25 125 34 . 9 %
5 or Newer 123 34 . 4 %
Overall 358 100 . 0%
Excluded 0
Total 358
2023 Stati tical Report: i % LLL) LUU.\ i l Page 47
efteTh
c: 'I East test
,./ F[ONOMETRIC$
Ratio Statistics for CURRTOT / TASP
Coefficient of
Price Related Coefficient of Variation
Group Median Differential Dispersion Median Centered
Over 100 . 976 . 991 . 068 13 . 2%
75 to 100 . 999 1 . 005 . 047 8 . 8 %
50 to 75 . 965 _ _1_.-008 . 065 11 . 1 %
25 to 50 . 997 1 .007 . 079 13 . 7% _ _
5 to 25 . 975 1 . 012 . 067 11 . 1 %
5 or Newer 1 . 000 1 . 029 . 076 11 . 3%
Overall . 991 1 . 019 . 072 11 . 6%
Improved Area
Case Processing Summary
Count Percent
ImpSFRec LE 500 sf 10 2 . 8%
500 to 1 . 000 sf 47 13 . 1 %
1 , 000 to 1 , 500 sf 74 20 . 7 %
1 . 500 to 2 , 000 sf 25 7 . 0%
2 , 000 to 3 , 000 sf 39 10 . 9%
3 , 000 sf or Higher 163 45 . 5 %
Overall 358 100.0%
Excluded 0
—
Total -- -- -- - 358 - - -
Ratio Statistics for CURRTOT / TASP
Coefficient of
Price Related Coefficient of Variation
Group Median Differential Dispersion Median Centered
LE 500 sf 1 . 000 . 978 . 067 14 . 5%
500 to 1 , 000 sf 1 . 055 1 . 012 . 099 12 . 7 %
1 , 000 to 1 , 500 sf .979 1 . 004 . 066 9 . 2%
1 . 500 to 2 , 000 sf . 985 1 . 016 044 7 . 0%
2 , 000 to 3, 000 sf 1 .000 1 . 044 . 123 18 . 7 %
3 , 000 sf or Higher . 984 1 . 014 . 056 9 . 9%
Overall . 991 1 . 019 . 072 11 . 6%
Improvement Quality
Case Processing Summary
Count Percent
QUALITY 1 9 2 . 5%
2 17 4 . 7 %
3 247 69 . 0%
4 80 22 . 3%
5 3 0 . 8 %
6 2 0 . 6 %
Overall 358 100 . 0%
Excluded 0
Total 358
2023 Statistical Report; 1‘ LLD COLIN 1 1 Page 48
' iLast t rest
FCONO MMFTRIC:S
Ratio Statistics for CURRTOT / TASP
Coefficient of
Price Related Coefficient of Variation
Group Median Differential Dispersion Median Centered
1 1 . 000 1 . 004 . 038 5 . 8%
2 1 . 007 1 . 005 . 117 18 . 9%
3 . 985 1 013 . 065 11 . 2%
4 1 . 000 1 . 033 . 088 11 . 5%
5 . 995 1 . 044 . 041 6 . 4%
6 . 952 1 . 000 . 000 0 . 1 %
Overall . 991 1 . 019 . 072 11 . 6%
Improvement Condition
Case Processing Summary
Count Percent
CONDITION 1 3 0 . 8%
2 6 1 .7°/0
3 346 96 . 6%
4 3 0 . 8%
Overall 358 100 . 0%
Excluded 0
Total 358
Ratio Statistics for CURRTOT / TASP
Coefficient of
Price Related Coefficient of Variation
Group Median Differential Dispersion Median Centered
1 . 965 1 . 010 . 033 5 . 1 %
2 . 975 . 989 . 038 5. 1 %
3 . 992 1 . 019 . 073 11 . 7%
4 . 950 _ 1 . 004 . 030 4 . 5%
Overall . 991 1 . 019 . 072 11 . 6%
Vacant Land Median Ratio Stratification
Sale Price
Case Processing Summary
Count Percent
SPRec LT $25K 1 0 . 3%
$25K to $50K 9 3. 0%
$50K to $ 100K 85 28 . 6%
$ 100K to $ 150K 39 13 . 1 %
$ 150K to $200K 37 12 . 5%
$200K to $300K 39 13 . 1 %
$300K to $500K 50 16 . 8%
$500K to $750K 18 6 . 1 %
$750K to $ 1 , 000K 7 2 .4%
Over $ 1 , 000K 12 4 . 0%
Overall 297 100 . 0%
Excluded 0
Total 297
2023 Statistical Report: NN LLD ( (UUN 1 i Page 49
(4, *) East West
ECONOMETRICS
Ratio Statistics for CURRLND / TASP
Coefficient of
Price Related Coefficient of Variation
Group Median Differential Dispersion Median Centered
LT $25K 1 . 280 _ 1 . 000 . 000
$25K to $50K 1 . 000 1 . 000 . 031 5 . 6%
$50K to $ 100K 1 . 000 1 . 006 . 059 12 . 9%
$ 100K to $ 150K .986 1 . 001 . 102 14.4%
$ 150K to $200K . 982 1 . 001 . 106 16 . 3 %
$200K to $300K _ _ .978 . 992 . 152 20 . 8%
$300K to $500K . 998 1 . 001 . 116 17 . 2 %
$500K to $750K .975 1 . 001 . 085 17 . 9%
$750K to $ 1 , 000K .996 . 992 . 096 18 . 7 %
Over $ 1 , 000K . 986 1 . 003 . 019 2 . 8%
Overall 1 . 000 1 . 012 . 093 15 . 4 %
Subclass
Case Processing Summary
ABSTRLND 100 . 00 101 34 . 0%
200 . 00 41 13 . 8 %
300 . 00 4 1 . 3%
400 . 00 1 0 . 3%
520 . 00 1 0 . 3%
1112 . 00 123 41 . 4%
1125 . 00 3 1 . 0%
1140 . 00 1 0 . 3%
2112 . 00 9 3 . 0%
2120 . 00 4 1 . 3%
2125 . 00 1 _ 0. 3%
2130 . 00 .2 0. 7% _T
2135 . 00 6 2 . 0%
Overall 297 100 . 0%
Excluded 0
Total 297
Ratio Statistics for CURRLND / TASP
Coefficient of
Price Related Coefficient of Variation
Group Median Differential Dispersion Median Centered
100 . 00 . 968 1 . 023 . 123 17 . 6%
200 . 00 . 997 _ 1 . 013 . 074 13 . 8%
300 . 00 _ __. 996 1 . 015 070 13.8%
400 . 00 . 975 1 . 000 . 000 .
520 . 00 1 . 045 1 . 000 000
1112 . 00 1 . 000 1 . 023 . 083 15 . 0%
1125 . 00 . 956 . 987 021 3 . 4 %
1140 . 00 . 910 1 . 000 . 000
2112 . 00 1 . 000 1 . 018 043 6 . 1 %
2120 . 00 . 954 _ 1 . 004 . 210 36 . 0%
2125 . 00 1 .010 1 . 000 000
2130 . 00 . 922 1 . 005 062 8 . 7 %
2135 . 00 . 966 . 992 018 2 . 5%
Overall 1 . 000 1 . 012 . 093 15 . 4%
2023 Statistical Report: \% LLD COLI` t 1 :
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