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Home My WebLink About20212092.tiffChloe Rempel From: Sent: To: Cc: Subject: 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 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 Accoint #'s from the Board of Equalization Appeals Docket. R8952756, R8957059, R8957060, R3565286 Regards, Richard Martin 970-590-9255 2 Valuation Report of Commercial Property for County Board of Equalization 2403 4TH AVENUE LLC Petitioner vs. Weld County Assessor'sOffice Respondent Docket Number: 2021-2092 Parcel Number: 0961-17-4-04-009 Schedule Number: 83565286 Appeal Number: 2008230225 Date: 8/4/2021 Time: 10:00 AM Board: 1 Prepared By Susan Gundry Assessor's Office Staff Appraiser Assessor's Indicated Value INDUSTRIAL $775,320 TOTAL: $775320 Or $65 per 5F 1 of 14 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 2403 4TH AVE GREELEY Land Area 36,000 Property Type Commercial Imp # SF Quality Occupancy 1 11,928 Average Warehouse Built As Indust Lght Manufacturing Value Indications: Cost Approach Market Approach Income Approach Class Year Built Yr Rem Stories Metal Frame 1963 2014 1 $642,367 $834,960 $1,112,008 $54 per SF Or $70 per SF $93 per SF Final Value $775,320 Or $65 per SF 2of14 Improvement # 1 Quality Average Total SF 11,928 Occupancy Description Warehouse Year Blt As Description Class Year Built Remodeled ° a Occupancy % 1O0% # of Stories SF Indust Lght Metal Frame 1963 2014 100% 1 11,400 Manufacturing Storage Warehouse Metal Frame 1963 N/A 0% 1 528 114 ia, rze by apie 4 iY 78.0? Inthst kite HI. LW class Ypat a Ptat 12' •rrh 11933 El ¢ P --.n t .....-a • tim It Or--me-ti Offa Ma a as Cr— Office Aa in Mil 0 dei 1000' 130' 3of14 or= ri � r mar Mrr` pay s,1 k� ISall_ Mae' ' �9� d p to " ?rite; Li Y E id $ ' !iT =cis A ! Alla a CH r ! d. �' � Mrri111I1� C.'i�,•. JUU or) mooting 1 le, D[ M[ ]R E• Ont.' .or - -mow_ 7L Julal]in 2 "t l l l LJ Uin. 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 likewise been established through the utilization of vacant land sales of comparable properties. Cost Approach Land Value Sales utilized to establish the value in the subject neighborhood are 2019 and 2020 market data for the 2021 assessment date. The comparative sales approach is the most reliable method of land valuation. Pursuant to 39-104-(10.2) [c) C. R. S., the Assessor may utilize sales from July 2015 through the current market to establish the proper value, if sufficient information is not available in the prior 18 months. Also, comparables outside the subject property area may be used. The Weld County Assessor has an established ongoing sales confirmation and validation program for property transactions used in developing value. A search of land sales was conducted and the following sales were considered most appropriate due to location, size and visibility. Comparable Comparable Comparable Comparable 1 Z 3 4 Situs City► 2619 S 8TH AVE GARDEN CITY 120 9TH AVE 1135 29TH ST 128 15TH ST GREELEY GREELEY GREELEY Sale Date 05/09/2018 08/20/2018 01/22/2016 11/29/2016 Sale Price $200,000 $110,000 $99,000 $110,000 Assessor's Indicated Subject Land Value $144,000 or $4.00 per SF Net SF 38,127 $ Per SF $ 4.59 28,613 $3.84 23,711 $4.18 15,400 $7.14 5 of 14 Weld Cost Breakdown Sheet Tax Year: 2021 Imp #: 1 NBHD: Commercial - 6909 - 00 Imp Gross SF: 11,928 Imp Net SF: 0 Quality: Average Perimeter: 472 Condition: CM -Typical Percent Complete: 100% BItAs Order #: HVAC Type: Year Bit: UnAdjBase $/sf: Perim Mult: MH Wall Mult: * Fndation $/sf: Sprinkler $/sf: MH Skirt $: 1 BItAs Desc: Indust Lght Manufacturing Space Heater Exterior/Class: Metal Frame 1963 48.25 0.9950 1.00 0.00 0.00 0.00 Adj Year Bit: Cost Mult: # Stories Mult: *HVAC $/sf: *Roof $/sf: Sprinkler sf: MH Skirt Inft: 2014 1.0200 1.0000 0.00 0.00 0 0 * These $/sf Adjustments include all Multipliers Story Ht: Local Mult: Story Ht Mult: *Floor $/sf: *Energy $/sf: Sprinkler RCN: MH Skirt RCN: 12 0.9900 0.9600 0.00 0.00 $0 0.00 BItAs SF: 11,400 No. of Stories: 1.00 BItAs Units: 0 Base $/SF: 48.72 MH Tag Mult: 1.0000 *Interior $/sf: 0.00 Adj Base $/sf: 46.54 BItAs RCN: $530,556 Total BItAs RCN: $530,556 BItAs Order #: HVAC Type: Year Bit: UnAdjBase $/sf: Perim Mult: MH Wall Mult: * Fndation $/sf: Sprinkler $/sf: MH Skid $: 2 None 1963 40.50 1.2520 1.00 0.00 0.00 0.00 BItAs Desc: Storage Warehouse Exterior/Class: Metal Frame Adj Year Bit: Cost Mult: # Stories Mult: *HVAC $/sf: *Roof $/sf: Sprinkler sf: MH Skid lnft: 1963 1.0200 1.0000 -2.68 0.00 0 0 * These $/sf Adjustments include all Multipliers Story Ht: Local Mult: Story Ht Mult: *Floor $/sf: *Energy $/sf: Sprinkler RCN: MH Skid RCN: 10 0.9900 0.9210 0.00 0.00 $0 0.00 BItAs SF: 528 No. of Stories: 1.00 BItAs Units: Base $/SF: 0 40.90 MH Tag Mult: 1.0000 *Interior $/sf: 0.00 Adj Base $/sf: 44.48 BItAs RCN: $23,485 Total BItAs RCN: $23,485 AddCode: Detail Type: Detail Description: Units: $/Unit: RCN: Ovrde: Ovrd $: 1154 Add On Concrete Slab Average 1,672 $5.98 $9,999 $0 842 Add On Asphalt Fair 7,216 $2.40 $17,318 $0 Total Detail RCN = RCN + Override RCN: $27,317 4. $0 Plumbing Adjust: $0 Rough -In Adjust: $0 Imp Attribute Type: Imp Attribute Description: Imp Attribute Adj: Adjustment Type: Percent $ Amount Replacement Cost New ($): $582,327 Percent Complete (x): 100.00% RCN x Perc Complete ($): $582,327 Amateur Adj Value (-): 0.00% Design Adj Value (+): 0.00% Exterior Adj Value (+): 0.00% Interior Adj Value (+): 0.00% Functional Obs Value (-): 0.00% Economic Obs Value (-): 0.00% Other Obs Value (-): 0.00% Physical Depr Value (-): 14.42% Landscaping Cost (+): RCN Less Depr (=): $0 $0 $0 $0 $0 $0 $0 $0 $83,960 $0 $498,367 Adjustments to RCNLD Factor RCN Less Depr ($): 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 (=): $ Amount $498,367 1.00 $0 $498,367 1.00 $0 1.00 $0 1.00 $498,367 $0 $0 $498,367 Grand Total: Summary of Improvement Values for Cost Approach Imp # RCN 1 $582,327 $582,327 Land Value RCNLD $498,367 $498,367 $144,000 or $5.00 per Land SF Actual Cost Value $498,367 $498,367 + Improvement Value $498,367 or $42 per Improvement SF Total Value Indicated by Cost Approach $642,367or $54 per Improvement SF 7 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, 2 02 0. 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 0961-17.1-10-005 2349 4TH AVE , GREELEY R0013588 Warehouse 1 18,935 1961 Comparable 2 0961-08-4-01-019 1721 1ST AVE , GREELEY R3310886 Warehouse 1 12/30/2019 $1,625,000 $1,625,000 $86 02/20/2020 $680,000 $679,800 7,046 1972 $96 Comparable 3 0961-08-4-08-022 1843 2ND AVE , GREELEY 09/23/2019 $1,200,000 $1,001,560 R0009189 Warehouse 1 Description of Market Comps: 10,220 1973 $98 Comparable 1 is located on the same street as the subject. It is a larger building on a larger site area, it does have less office space. Adjustments were made to the sale price for land area, building size and wail height. Comparable 2 is a smaller building on a larger parcel. This has a smaller office area and similar wall height to the subject. Adjustments were made for land area, building size and office size. Comparable 3 is most similar to the subject This did sell with a tenant in place but also had deferred maintenance. The sale was adjusted based on a premium lease in place at the time of the sale. 8of14 7MEMW- r' ' . I Comparative Sales Grid PRDPERTY Subject Comp 2 Comp 3 Comp 1 Comments Parcel Address City Grantor Grantee Sale Sale VALUE Sale Location Land UB Ratio Bldg Second Wall Office Quality Age Condition # P'rice. Price PSF ADJUSTMENTS v .. to Size SF floor/lM e1 zani Height Finish Wa re h Guse 0961-17-4-D4-009 2403 4th Ave Greeley Warehouse Warehouse Warehouse 09461 -17-1-10-005 0961-08-4-11 -019 0961-08-4-001_0&4_0&_C22 2349 4th Ave 1721 1st Ave 1843 2nd Ave Greeley Greeley Greeley M Dore Bearing CC Inc Hammond Implement Inc Second Avenue Partnership Weidco Property LLC. Puzzle Creek LLC FN Limited' Liability Cnrnp a n eg 51,625,000 5679,80 31,001,560 X6.48 39&00 $85.82 DESCRIPTION Greeley 36,000 3.02 11,928 N/A 1104-1T 2,160 Steel 1963 .Average DESCRIPTION Adjustment DESCRIPTION Adjustment DESCRIPTION Adjustment 2/20,211201 12/30/2019 X3(2019 Greeley Greeley Greeley 4B,999 29,946 177,134 -1594 9.35 6.95 2.93 13,93E %. 7,046 -5% 10,220 1,290 -3% N/A 6Th -3% 16' -3% 17 1W-16 1,200 :3% 660 3% 1,60 1i1•Main ry Masonry Steel 1961 1972 . 1973 Average .Average , Average -1 .94 -2% -3% -ETA JUSDVT S74.66 SD4. ES • X8.0+6 Corn paralbles Price I SF Range Corn pa ra b l a s Price / SF Median Corry par.a bl e s Price I SF Average .574.66 - .595.06 394.55 $88.09 S75.0O Value As Indicated By Market Approach $894,600 or $75 per SF 9of14 Ito!pm MI AY MP :111‘011.1111:11: a i1l111 I I 1 es fitviltuutimmo — a if flddiauto II , 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 Assessors 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. 11 of14 The subject was valued using the market approach for the Income value. A search for lease comparables was conducted in the Greeley market. The three comparables used were determined to be most like the subject. Lease comps: 1 - Located in Greeley, is 11,400 square feet and leases for $7.93 NNN 2 - Located in Greeley, is 7,136 square feet and leases for $7.57 NNN 3- Located in Greeley, it 8,096 square feet and leases for $8.15 NNN It was determined the market rent of $8.00 NNN is most appropriate for the subject. By multiplying the square feet, using a 5% allowance for vacancy, and deducting 5% for management and a 3% reserve expenses, the resulting net operating income is $83,400.58. Applying a capitalization rate of 7.5% produces a value on the subject property at $1,112,008 or $93 per square foot. Costar estimated vacancy for warehouse is between 2 and 5 percent. Burbach and Associates show cap rates for warehouse was between 6% and 7.5% with the average being 6.75%. It was determined that a cap rate of 7.5% is appropriate for the subject due to its age and location. Income Vacancy Expenses Management Reserves Total Expenses NOI 11,928 5% 5% 3% Cap rate 7.50% $95,424.00 $8.00 $4,771.20 $90,652.80 $4,532.64 $2,719.58 $7,252.22 $83,400.58 $1,112,007.68 Value As Indicated by Income Approach $1,112,007 or $93 per SF 12 of 14 $93.23 per SF During the appeal process, the owner provided the Assessor's Office with actual income and expenses for 2018, 2019 and 2020. The subject received higher rent than what was considered market when determining the income value. and actual income capitalization supports the value. 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 $775,320, most accurately reflects the value of the subject property in Weld County for the 2021 tax year. Cost Approach $642,367 $54 per SF Market Approach $894,600 $75 per SF Assessor's Recommended Value Income Approach $1,112,008 $93 per SF INDUSTRIAL $775,320 TOTAL: $775,320 Or $65 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: 12:07 PM July 15, 2021 Appeal submitted for: R3565286 - 2403 4TH AVENUE LLC 2403 4TH AVE, GREELEY Legal: GR 12560-W L16-17 BLK2 GREELEY IND SUB Reason: Value Too High -I have a similar property, Parcel R0013688 the improvements or building has been valued @ 33.94 per sq.ft. I request this properties improvements be valued at the same price per sq. ft. I would also like to request the boundary lines that encompass the I-85 corridor designation. Estimate of Value: $584,836.00 You have selected the following Date Preferences: 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 2021-2092 ASO109 July 16, 2021 Petitioner: 2403 4TH AVENUE LLC PO BOX 336926 GREELEY, CO 80633-0616 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldgov.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 2021-2092, AS0109 Appeal 2008230225 Hearing 8/4/2021 10:00 AM Account(s) Appealed: R3565286 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 4, 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: 2403 4TH AVENUE LLC PO BOX 336926 GREELEY, CO 80633-0616 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldgov.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 #: 2021-2092 Appeal #: 2008230225 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 R3565286 Withdrawn $775,320 Very truly yours, BOARD OF EQUALIZATION ae Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Weld County Assessor Hello