HomeMy WebLinkAbout20212038.tiffChloe Rempel
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Good morning,
CTB-County Board of Equalization
Monday, August 2, 2021 10:44 AM
Susan Gundry; CTB-County Board of Equalization
Courtney Anaya
RE: Property Appeals
I just spoke with Mr. Martin over the phone (10:40 a.m. on August 2, 2021) and confirmed he wishes to
withdraw the below appeals.
Sincere regards,
Chloe A. Rempel
Deputy Clerk to the Board Supervisor
Clerk to the Board's Office
Weld County
1150 O Street
Greeley, CO 80631
Tel: (970) 400-4213
Email: crempel@weldgov.com
Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended
only for the person or entity to which it is addressed and may contain information that is privileged, confidential
or otherwise protected from disclosure. If you have received this communication in error, please immediately
notify sender by return e-mail and destroy the communication. Any disclosure, copying, distribution or the
taking of any action concerning the contents of this communication or any attachments by anyone other than
the named recipient is strictly prohibited.
From: Susan Gundry <sgundry@weldgov.com>
Sent: Friday, July 30, 2021 3:38 PM
To: CTB-County Board of Equalization <weld-cboe@co.weld.co.us>
Cc: Courtney Anaya <canaya@weldgov.com>
Subject: FW: Property Appeals
Please see below.
Thank you
Susan Gundry
Property Appraiser
Commercial Division
Weld County Assessor's Office
1400 N. 17th Avenue
oQOa I - c)ws
'kSofoq
1
Greeley, CO 80631
970-400-3676
Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed
and may contain information that is privileged, confidential or otherwise protected from disclosure. If you have received this communication in error, please
immediately notify sender by return e-mail and destroy the communication. Any disclosure, copying, distribution or the taking of any action concerning the contents
of this communication or any attachments by anyone other than the named recipient is strictly prohibited.
From: Richard Martin <rmconstllc@aol.com>
Sent: Friday, July 30, 2021 3:37 PM
To: Susan Gundry <sgundry@weldgov.com>
Subject: Property Appeals
Caution: This email originated from outside of Weld County Government. Do not click links or open attachments unless you recognize the
sender and know the content is safe.
Hi,
Please remove the following Account #'s from the Board of Equalization Appeals Docket.
R8952756, R8957059"R8957060, R3565286
Regards,
Richard Martin
970-590-9255
2
Valuation ' eport
of
Commercial Property
for
County Board of Equalization
MARTIN, RICHARD
Petitioner
Vs.
Weld County Assessor's Office
Respondent
Docket Number:
Parcel Number:
Schedule Number:
Appeal Number: Date:
Time:
Board:
2021-2040/ 2021-2038
0961-02-4-01-012
88957059/ 88957060
8/2/2021
10:00 AM
1
Prepared By
Susan Gundry
Assessor's Office Staff Appraiser
Assessor's Indicate Values
R8957059 $118,800
R8957060 $118,800
or $ 60 SF
or
60 SF
1 of14
Salient Facts and Conclusions
Purpose of Appraisal To determine Market Value as of 1/1/2021 based
on an appraisal date of 6/30/2020.
Property Rights Appraised Unencumbered fee simple interest.
Location 623 ED BEEGLES LN
GREELEY
Land Area
Property Type Commercial
Imp # SF Quality Occupancy
1 1,980 Average Hangar
Built As
Storage Hangar
Value Indications:
Cost Approach
Market Approach
Income Approach
Class Year Built Yr Rem Stories
Metal Frame 2018 N/A 1
$96,318
$136,620
$115,368
$49 per SF
Or $69 per SF
$68 per SF
Final Value $118,800 Or $60 per SF
2 of 14
R8957059
Improvement # 1
Quality Average
Total SF 1,980
Occupancy Description
Hangar
Year
Blt As Description Class Year Built Remodeled ° a
Occupancy %
100%
# of
Stories SF
Storage Hangar Metal Frame 2018 N/A 0% 1 1,980
3 of 14
R8957060
Improvement #
Quality
Total SF
1
Average
1,980
BIt As Description Class
Storage Hangar
Metal Frame
Occupancy Description Occupancy %
Hangar 100%
Year
Year Built Remodeled °h
2018
N/A
a a.
# of
Stories SF
0% 1
1,980
Map of Subject
5o114
Cost Approach Summary
The Assessor is currently using Marshall and Swift cost tables for the cost approach of commercial
properties in weld, which has been approved by the Division of Property Taxation to be utilized by
Colorado Assessors.
The structure has been classified properly utilizing the Marshall and Swift Valuation service and an
appropriate value assigned. A land value has not been established since the improvements are located
on land owned by the Greeley Weld County Airport
6of14
Weld
Cost Breakdown Sheet
Tax Year: 2021
Imp #: 1 NBHD: Commercial - 6903 - 00
Imp Gross SF: 1,980 Imp Net SF: 0
Quality: Average
Perimeter: 178
Condition: CM -Typical
Percent Complete: 100%
BItAs Order #:
HVAC Type:
Year Bit:
UnAdjBase $/sf:
Perim Mult:
MH Wall Muit:
*Fndation $/sf:
Sprinkler $/sf:
MH Skirt $:
1 BItAs Desc: Storage Hangar
Space Heater
2018 Adj Year Bit:
38.75 Cost Mult:
1.2100 # Stories Mult:
1.00 *HVAC $/sf:
0.00 *Roof $/sf:
0.00 Sprinkler sf:
0.00 MH Skirt Inft:
Exterior/Class: Metal Frame
2018
1.0200
1.0000
2.81
0.00
0
0
* These $/sf Adjustments include all Multipliers
Story Ht:
Local Mult:
Story Ht Muit:
*Floor $/sf:
*Energy $/sf:
Sprinkler RCN:
MH Skirt RCN:
14
0.9900
1.0000
0.00
0.00
$0
0.00
BItAs SF: 1,980
No. of Stories: 1.00
BItAs Units: 0
Base $/SF: 39.13
MH Tag Mult: 1.0000
*Interior $/sf: 0.00
Adj Base $/sf: 50.16
BItAs RCN: $99,317
Total BItAs RCN: $99,317
AddCode: Detail Type: Detail Description:
Units:
$/Unit: RCN: Ovrde: Ovrd $:
Total Detail RCN = RCN + Override RCN:
Plumbing Adjust: $0 Rough -In Adjust:
so
Imp Attribute Type:
Imp Attribute Description: Imp Attribute Adj:
Adjustment Type:
Replacement Cost New ($):
Percent Complete (x):
RCN x Perc Complete ($):
Amateur Adj Value (-):
Design Adj Value (+):
Exterior Adj Value (+):
Interior Adj Value (+):
Functional Obs Value (-):
Economic Obs Value (-):
Other Obs Value (-):
Physical Depr Value (-):
Landscaping Cost (+):
RCN Less Depr (=):
Condo Percent (x):
RCNLD x Condo Perc ($):
Percent $ Amount
$99,297
100.00%
$0
$99,297
0.00%
$0
0.00%
$0
0.00%
$0
0.00%
$0
0.00%
$0
0.00%
$0
0.00%
$0
3.00%
$2,979
$0
$96,318
100.00%
$0
$96,318
Adjustments to RCNLD
RCN Less Depr ($):
NBHD Adj (x):
Market Adjusted Cost (=):
Quality Adjustment (x):
Property Type Adj (=):
Adj Cost before Attrib (=):
Total Mult Attrib (x):
Total Additive Attrib (+):
Final Adjusted Cost (=):
Factor $ Amount
$96,318
1.00
$0
$96,318
1.00
$0
1.00
$0
$96,318
1.00
$0
$0
$96,318
7 of 14
Summary of Improvement Values for Cost Approach
Imp #
1
Grand Total:
RCN
$99,297
$99,297
RCNLD
$96.318
$96,318
Value As Indicated by Cost Approach
$96,318 or $49 per Improvement SF
Actual Cost Value
$96,318
$96,318
8 of 14
Market Approach Summary
The Assessor has appropriately considered the Market Approach to value for the property on
appeal. The Sales Comparison Approach was considered in developing a market value for the
Subject Sales used to establish a market value for the tax year 2021 are from January 1, 2019
through June 30, 2020. Pursuant to 39-1-104 (10.2)(c) C. R. S., the Assessor may utilize sales
five years prior to June 30, 2020 to establish the proper value. All sales have been confirmed
and verified through transfer declarations as well as interviews with buyers, sellers or their
representatives to the sale. All sales used are arm's length transactions, and considered to be
the most comparable properties sold in relationship to the Subject property.
Market Comparables
Parcel Number Situs
Sale Date Sale Price Adj SP
Acct ## Occupancy # of Bldgs Imp SF Yr Built Per Imp SF
Comparable 1 0961-02-4-01-012 800 Luscombe Dr 80-D, GREELEY 06/28/2019 $165,000 $165,000
R8957058 Hangar 1 2,385 2018 $69
Comparable 2 0961-02-4-01-012 800 Luscombe Dr 80-C, GREELEY 06/19/2019 $165,000 $165,000
R8957057 Hangar 1 2,385 2018 $69
Comparable 3 0961-02-4-01-012 690 Buss Ave 69A, , WELD
R8957061 Hangar
1
09/26/2018 $152,500 $152,500
2,530 2018 $60
Description of Market Comps:
Comparable 1 is a 2,385 square foot hanger, built in 2018 and has sewer and water.
Comparable 2 is a 2,385 square foot hanger, built in 2018 and has sewer and water.
Comparable 3 is a 1,530 square foot hanger, built in 2018 and does not have sewer and water.
After a review of the comparables, the only adjustment was made to comparable 3. An upward
adjustment was made for the lack of sewer and water.
9 of 14
__a
Comparative Sales Grid
PROPERTY
Subject
Comp 1
Comp 2
Comp
3
Comments
Hanger
Hanger
Hanger
Hanger
Parcel #
0961-02--01-012
0961-02--01-012
0961-02--01-012
0961-02-01-012
Address
623 Ed Beegles Ln
800 Luscombe Dr 80-D
800 Luscombe Dr 80-C
690 Buss Ave 69A
City
Greeley
Greeley
Greeley
Greeley
Grantor
East End Hangars LLC
East End Hangars LLC
1
Jerry Harmon
Grantee
RLU Holdings LLC
Steve and Diann Anderson
0 & T Real LLC
Sale Price
$165,000
$165,000
$152,500
Sale Price PSF
$69.18
$69.18
$60.28
VALUE ADJUSTMENTS
DESCRIPTION
DESCRIPTION
Adjustment
DESCRIPTION
Adjustment
DESCRIPTION
Adjustment
Sale Date
6/28/2019
6/19/2019
9/26/2018
Location
Greeley
Greeley
Greeley
Greeley
Land Size
0
0
0%
0
0%
0
0%
LIB Ratio
0.00
0.00
0%
0.00
0%
0.00
0%
Bldg SF
1,980
2,385
0%
2,385
0%
2,530
0%
Electric/Gas
Yes
Yes
0%
Yes
0%
Yes
0%
Sewer/Water
Yes
Yes
0%
Yes
0%
No
15%
Age
2018
2018
0%
2018
0%
2018
0%
Condition
Average
Average
Average
Average
NET ADJUSTMENTS
0%
0%
15%
$69.18
$69.18
$69.32
Comparables
Comparables
Comparables
Price / SF Range $69.18-$69.32
Price / SF Median $69.18
Price / SF Average $69.23
$69.00 $136,620.00
Value As Indicated by Market Approach
$136,620 or $69 SF
10 of 14
Income Approach To Value
The basic steps in the Income Approach to value for commercial properties in mass appraisal are based
on a landlord -tenant situation and not on the income of the actual business. In using this approach, it
eliminates the possibility of valuing management as opposed to the potential income of the structure.
This is the proper method Assessor's must utilize through the guidelines of the Division of Property
Taxation.
Income Approach Steps
1. Estimate potential gross income to the landlord.
2. Deduct typical vacancy and collection loss.
3. Add additional miscellaneous income.
4. Determine typical landlord operating expenses.
5. Deduct operating expenses to determine the landlord's operating income.
6. Determine a proper capitalization rate.
7. Capitalize the net income into an estimated property value.
Research has been done by the Assessor to determine the typical rent by location, type of structure and
the property use.
The Weld County Assessor's office has also researched the typical landlord expenses, additional income
based on the type of business, and vacancy and collection loss.
An Income Approach has been completed for the subject.
The Weld County Assessor has appropriately considered the Income Approach to value for the Subject
property on appeal.
The Assessor has gathered income information from local commercial properties for the time frame of
January 1, 2019 through June 30, 2 02 0. This information, combined with statewide and industry -wide
data, is used to determine typical income and expenses for various property types.
In conclusion of the Income Approach, the Assessor has considered both groups of data and has put more
emphasis on the local factors and data than the state and national data. This information was then
applied to the subject property to arrive at an appropriate Income Approach Value.
Value As Indicated by Income Approach
$115,368 or $58 per SF
12 of 14
A search for lease comparables was conducted at the Greeley Airport.
The range of lease rates are between $2.19 per square foot to $7.14 per square foot.
It was determined the market rent of $5.00 NNN per square foot is most appropriate for
the subject. Using a 5% allowance for vacancy and deducting 5% for management and a
3% reserve expenses, the resulting net operating income is $8,652.60. Applying a
capitalization rate of 7.5% produces a value for the subject property of $115,368 or $58
per square foot.
CoStar estimated vacancy for warehouse at 2.9 percent
Burbach and Associates show cap rates for warehouse were between 5.9% and 7.5% with
the average being 6.8%. It was determined that a cap rate of 7.5% is appropriate for the
subject.
Market Income
Income
Vacancy
Expenses
anageme rat
Reserves
Total expenses
NOI
Cap rate
1,980 $9,900.00 S5.00
5% $495.00
$9,405.00
5%
3%
$470.25
$282.15
$752.40
$8165160
7.50% $fl5,3&s.00
558.27 price per square foot
Value As Indicated by Income Approach
$115,368 or $58 per SF
13 of 14
Conclusion
Real property for tax year 2021 must be valued utilizing the level of value for the period of one and one-
half years immediately prior to July 1, 2020. Except that, if comparable valuation data is not available
from such one -and one -half -year period to adequately determine the level of value of a class of property.
The period of five years immediately prior to June 30, 2020 shall be utilized to determine the level of
value. Said level of value shall be adjusted to the final day of the data gathering period. Changes
occurring between base years are not to be accounted for until the following level of value is
implemented, other than additions, change in use, detrimental acts of nature, damage due to fire, etc., or
creation of a condominium, or any new regulations restricting or increasing the use of the land, or a
combination thereof. {39-1-104(11)(b)(1) C. R .S.}
The subject property has been classified as Commercial Property for assessment purposes. Commercial
property value shall be determined by appropriate consideration of the Cost Approach, Market Approach,
and Income Approach to value. {39-1-103(5)(a) C. R. S.} The Assessor has considered all three
approaches to value for the subject parcel on appeal.
Final Reconciliation
After consideration of the cost, market and income approaches, it is the Weld County Assessor's opinion
that the value of $118,800, most accurately reflects the value of the subject property in Weld County for
the 2021 tax year.
Cost Approach
$96,318
$49 per SF
Market Approach
$136,620
$69 per SF
Assessor's Recommended Values
Docket Number 2021-2038 R8957060
Docket Number 2021-2040 R8957059
$118,000 or $60 SF
$118,000 or $60 SF
Income Approach
$115,368
$58 per SF
14 of 14
Thank you for submitting an appeal to the Weld County Board of Equalization. We will review the
information submitted and you will receive a date to appear before the board.
Contact Information:
Contact Name: Richard Martin
Contact Email: rmconstllc@aol.com
Contact Phone: 970-590-9255
Appeal Submitted: 03:23 PM July 14, 2021
Appeal submitted for:
R8957060 - MARTIN RICHARD
623 ED BEEGLES LN, GREELEY
Legal: IMPS ONLY - AIRPARK PUD #65
Reason: Value Too High - No comparable sales data. Simialar property at 723 Airport Rd valued at
$35.00 sq./ft. why is mine considerably more?
Estimate of Value: $92,327.00
You have selected the following Date Preferences:
Monday, August 2, 2021, from 10:00 a.m. - 12:30 p.m.
Tuesday, August 3, 2021, from 8:30 a.m. - 12:00 p.m.
Wednesday, August 4, 2021, from 10:00 a.m. - 11:30 a.m.
Wednesday, August 4, 2021, from 1:00 p.m. - 4:30 p.m.
The Appeal process can take several weeks for us to complete. You will receive a written decision
on your appeal within five (5) working days of your hearing.
We thank you for your submittal.
Weld County Board of Equalization
2021-2038
Aso ‘o9
July 15, 2021
Petitioner:
MARTIN RICHARD
PO BOX 336926
GREELEY, CO 80633-0616
CLERK TO THE BOARD
PHONE (970) 400-4226
FAX (970) 336-7233
WEBSITE: www.weldqov.com
1150 O STREET
P.O. BOX 758
GREELEY CO 80632
Agent (if applicable):
RE: THE BOARD OF EQUALIZATION 2021, WELD COUNTY, COLORADO
NOTIFICATION OF HEARING SCHEDULED
Docket 2021-2038, AS0109 Appeal 2008230203 Hearing 8/2/2021 10:00 AM
Account(s) Appealed:
R8957060
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of August 2, 2021, at or about the hour of
10:00 AM, to hold a hearing on your valuation for assessment. This hearing will be held at the Weld
County Administration Building, Assembly Room, 1150 O Street, Greeley, Colorado.
You have a right to attend this hearing and present evidence in support of your petition. The Weld
County Assessor or his designee will be present. The Board will make its 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 5, 2021, and mailed to
you within five (5) business days.
Because of the volume of cases before the Board of Equalization, most cases shall be limited to 10
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.
If you wish to discuss your value with the Assessor's Office, please call them at (970) 400-3650. If
you wish to obtain the data supporting the Assessor's valuation of your property, please submit a
written request directly to the Assessor's Office by emailing assessor@weldgov.com or sending a
fax to (970) 304-6433. Upon receipt of your written request, the Assessor will notify you of the
estimated cost of providing such information. Payment must be made prior to the Assessor
providing such information, at which time the Assessor will make the data available within three (3)
working days, subject to any confidentiality requirements.
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
Esther E. Gesick
Clerk to the Board
Weld County Board of Commissioners
and Board of Equalization
cc: Brenda Dones, Assessor
August 4, 2021
Petitioner:
MARTIN RICHARD
PO BOX 336926
GREELEY, CO 80633-0616
CLERK TO THE BOARD
PHONE (970) 400-4226
FAX (970) 336-7233
WEBSITE: www.weldqov.com
1150 O STREET
P.O. BOX 758
GREELEY CO 80632
Agent (if applicable):
RE: THE BOARD OF EQUALIZATION 2021, WELD COUNTY, COLORADO
CONFIRMATION OF WITHDRAWAL REQUEST
Docket #: 2021-2038 Appeal #: 2008230203
Dear Petitioner:
Based upon information furnished to the Weld County Board of Equalization, we understand that you
have withdrawn the petition challenging the valuation of the below account number(s). Please be
informed that a withdrawn petition precludes any further challenge to the valuation of the below account
number(s) for this assessment period. Therefore, the Board of Equalization took no action on your petition
and the assessed value remains as set by the Assessor.
Actual Value as
Account # Decision Determined by Assessor
R8957060 Withdrawn $118,800
Very truly yours,
BOARD OF EQUALIZATION
Esther E. Gesick
Clerk to the Board
Weld County Board of Commissioners
and Board of Equalization
cc: Brenda Dones, Weld County Assessor
Hello