HomeMy WebLinkAbout20202835.tiffCOUNTY BOARD OF EQUALIZATION
WELD COUNTY
Single County Schedule Number P9102170
STIPULATION (As To Tax Year 2020 Actual Value)
RE PETITION OF :
NAME: FMC TECHNOLOGIES INC
ADDRESS: PO BOX 2629
ADDISON CO 75001-2629
Petitioner (s) and the Weld County Assessor hereby enter into this Stipulation
regarding the tax year 2020 valuation of the subject property, and jointly move the
Board of Equalization to enter its order based on this Stipulation.
Petitioner (s) and Assessor agree and stipulate as follows:
1. The property subject to this Stipulation is described as:
Equipment at FMC's business located at 1575 County Road 27 Brighton CO
2. The subject property is classified as personal property.
3. The County Assessor originally assigned the following actual value to the
subject property for the tax year 2020 :
Total $12,426,999
4. After further review and negotiation, Petitioner (s) and Weld County Assessor
agree to the following tax year 2020 actual value for the subject property:
Total $9,673,461
5. The valuation, as established above, shall be binding only with respect to tax
year 2020 .
6. Brief narrative as to why the reduction was made:
Additional obsolescence was give to assets to account for idle time.
7. Both parties agree that:
The hearing scheduled before the Board of Equalization on 9/28/2020
at 1:30pm be vacated.
(JA hearing has not yet been scheduled before the Board of Equalization.
1
0090- Qe35
ASO lO Co
DATED this 24th
Tanner F✓anKiln
Tanner Franklin (Sep 24, 2020 15:29 CDT)
Petitioner(s) or Agent or Attorney
day of September , 2020 .
Address:
Duff and Phelps
PO BOX 2629
Addison, TX 75001
Telephone: 4699944232
Docket Number P9102170
Stip-1.Frm
(Assistant) County Attorney for
Respondent, Weld County Board of
Commissioners
Address:
1150 "O" Street
P.O. Box 758
Greeley, CO 80632
Telephone:(970) 336-7235
k_ ��' /44k, LDS r.
County Assessor
Address:
1400 N.17th Avenue
Greeley, CO 80631
Telephone: (970) 400-3650
2
P9102170/FMC TECHNOLOGIES INC
Final Audit Report
2020-09-25
Created: 2020-09-24
By: Sean McElroy (smcelroy@co.weld.co.us)
Status: Signed
Transaction ID: CBJCHBCAABAAwB8y60LIFF-PRK1tvd2lugaTxeM0Gpr-
"P91O217O/FMC TECHNOLOGIES INC" History
Document created by Sean McElroy (smcelroy@co.weld.co.us)
2020-09-24 - 3:50:30 PM GMT- IP address: 204.133.39.9
Document emailed to Sean McElroy (smcelroy@co.weld.co.us) for approval
2020-09-24 - 3:50:32 PM GMT
e. Document approved by Sean McElroy (smcelroy@co.weld.co.us)
Approval Date: 2020-09-24 - 3:55:16 PM GMT - Time Source: server- IP address: 204.133.39.9
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(_•56. Document approved by Sean McElroy (smcelroy@weldgov.com)
Approval Date: 2020-09-24 - 3:56:19 PM GMT - Time Source: server- IP address: 204.133.39.9
Document emailed to Brenda Dones (appeals@weldgov.com) for signature
2020-09-24 - 3:56:21 PM GMT
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2020-09-24 - 8:26:34 PM GMT- IP address: 204.133.39.9
%o Document e -signed by Brenda Dones (appeals@weldgov.com)
Signature Date: 2020-09-24 - 8:27:04 PM GMT - Time Source: server- IP address: 204.133.39.9
Document emailed to Tanner Franklin (tanner.franklin@duffandphelps.com) for signature
2020-09-24 - 8:27:06 PM GMT
f Email viewed by Tanner Franklin (tanner.franklin@duffandphelps.com)
2020-09-24 - 8:28:09 PM GMT- IP address: 199.19.252.17
Aft
•
Adobe Sign
14 Document e -signed by Tanner Franklin (tanner.franklin@duffandphelps.com)
Signature Date: 2020-09-24 - 8:29:57 PM GMT - Time Source: server- IP address: 199.19.252.17
Document emailed to Karin McDougal (weld-cboe@weldgov.com) for signature
2020-09-24 - 8:29:59 PM GMT
J Email viewed by Karin McDougal (weld-cboe@weldgov.com)
2020-09-25 - 4:57:14 PM GMT- IP address: 204.133.39.9
Document e -signed by Karin McDougal (weld-cboe@weldgov.com)
Signature Date: 2020-09-25 - 4:57:35 PM GMT - Time Source: server- IP address: 204.133.39.9
Agreement completed.
2020-09-25 - 4:57:35 PM GMT
Win
Adobe Sign
Than. 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: Tanner Franklin
Contact Email: tanner.franklin@duffandphelps. com
Contact Phone: 469-994-4232
Appeal Submitted: 11:14 AM September 14, 2020
Appeal submitted for:
P9102170 - FMC TECHNOLOGIES INC
1575 COUNTY ROAD 27 , BRIGHTON
Legal: Li FMC SURFACE TECHOLOGIES FACILITY
Reason: Value Too High - Our opinion of value is based on a 40% obsolescence factor applied to the
production related equipment. I have provided our obsolescence packet which consists of the 2019
utilization report for rental equipment and various industry obsolescence models. The 2019
utilization for the rental equipment is 24.66%. FMC is facing challenging economic conditions and
looking for fair reductions in tax liability to account for these changing economic conditions.
Estimate of value: $8,235,281.00
Document(s) Submitted:
Account: P9102170 FMCTechnip LOA I .pdf
Account: P9102170 - 9.14.2020 Formal Appeal Evidence Packet.pdf
Account: P9102170 - P9102170 _ITIAL PROTEST.pdf
You have selected the following Date Preferences:
Monday, September 28, 2020, from 1:30-5:00 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
.2".
2020-2835
A Ot0 Co
4
�I
I
I
I
w
TechnipFMC
TO WHOM IT MAY CONCERN:
TechnipFMC
11740 Katy Freeway
Energy Tower 3
Houston Texas 77079
This letter is to authorize Duff & Phelps, LLC, and the employees of this company to act on behalf of, and
as agents, in matters pertaining to the valuation of real and personal property owned by us or under our
control.
This authorization will remain in effect until such time as otherwise notified in writing. Your cooperation
is requested in assuring that all notices, correspondence and tax statements will be forwarded directly to:
Duff & Phelps, LLC
PO Box 2629
Addison, TX 75001
Signed:
Date: 377 ejj
STATE OF r 5
COUNTY OF
Before me: L _ �� `_ ''� - a notary public, on this day personally appeared
known to me to be the person whose name is subscribed to the
foregoing statement and acknowledged to me that he/she executed with same for the purposes and
consideration therein expressed.
GIVEN under my hand and seal of office this
i a a a a „i,. a
LINDA JEAN PANKRATZ
Notary ID 1123951198
My Commission Expires
August 942021
Or "POW
NOTA
My commission expires:
20
Technip FMC plc is registered in England and Wales (Company No. 09r90970511 with registered Vices at One St Paul's Churchyard London, EC4M 8AP
DUFF &PHELPS
FMC Technologies — Surface
1575 County Road 27 Brighton, CO
P9102170
Opinion of Value: $8,235,281
Assessors Value: $12,426,999
Page 1 — Cover Letter
Page 2 — Notice of Determination
Page 3 — Opinion of Value Calculation Detail
Page 4 — Indicated Obsolescence Model Summary
Page 5 — 20'19 Gate Valve Utilization Report
Page 6 — 10 Year Gross Margin %
Page 7 — WACC Versus ROA Review SIC 3533 Oil and Gas Field M&E
Page 8 — Gross Margin Return on Inventory
Page 9 — Estimated Rig Count and Revenue
Our opinion of value is based on a 40% obsolescence factor applied to all production related equipment. 95% of value is rental
equipment/gate valves and only 24.66% of gate valves were utilized in 2019.
Contact
Tanner Franklin
Senior Associate, Property Tax
469-994-4232
tanner.franklin@duffandphelps.com
NOTICE OF DETERMINATION
Brenda Dones
Weld County Assessor
1400 N 17th Ave
Greeley, CO 80631
Date of Notice: 09/02/2020
Telephone: (970) 400-3650
Fax: (970) 304-6433
ffice Hours: 8:00AM - 5:00PM
ACCOUNT
NO.
TAX YEAR
TAX AREA
LEGAL
DESCRIPTION/
PHYSICAL
LOCATION
P9102170
2020
4528
Li FMC SURFACE TECHOLOGIES FACILITY
1575 COUNTY ROAC] 27
BRIGHTON , CO
FMC TECHNOLOGIES COMPLETION SERVICES
PROPERTY OWNER
FMC TECHNOLOGIES INC
PQ BOX 2629
ADDISON, TX 75001-2629
PROPERTY
CLASSIFICATION
ASSESSOR'S
VALUATION
ACTUAL
VALUE
REVIEW
PRIOR
TO
ACTUAL
VALUE
REVIEW
AFTER
PERSONAL PROPERTY
19,067,298
12,426,999
TOTAL
19,067,298
12,426,999
The Assessor has carefully studied all available information, giving particular attention to the
specifics included on your protest. The Assessor's determination of value after review is based on
the following:
PPI 5 - Your persona/ property valuation has been adjusted based on the consideration of all forms
of obsolescence; including physical, functional and economic obsolescence.
If you disagree with the Assessor's decision, you have the right to appeal to the County
Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S.
The deadline for filing personal property appeals is September 14.
The Assessor establishes property values. The local taxing authorities (county, school district, city,
fire protection, and other special districts) set mill levies. The mill levy requested by each taxing
authority is based on a projected budget and the property tax revenue required to adequately fund
the services it provides to its taxpayers. The local taxing authorities hold budget hearings in the fall.
If you are concerned about mill levies, we recommend that you attend these budget hearings.
Please refer to last years tax bill or ask your Assessor for a listing of the local taxing authorities.
Please refer to the reverse side of this notice for additional information.
Agent Of Applicable):
15-DPT-AR
ARL VOL 2
1-84 Rev 01-16
AssetDescription
QTY
Cost
Year
Acquired
Asset
Age
Industry
Category
Trending
Factor
RCN
Economic
Life
% Good
LOV
EO
Factor
RCNLD
EQPT
M&E
FORKLIFTS
1
$ 13,000
2010
10
1
1.18
$ 15,340
10
0.21
0.95
1.00
$ 3,060
COMPUTER
1
$ 37,643
2018
2
13.3
1
$ 37,643
3
0.23
1.00
1.00
$ 8,658
EQPT
CUSTOMER
USE
FM
1
$ 4,861,550
2019
1
1
1
$ 4,861,550
6
0.85
0.95
0.60
$2,355,421
EQPT
CUSTOMER
USE
FM
1
$ 6,342,988
2018
2
1
1.04
$ 6,596,708
6
0.69
0.95
0.60
$2,594,485
EQPT
CUSTOMER
USE
FM
1
$ 1,268,386
2017
3
1
1.07
$ 1,357,173
6
0.54
0.95
0.60
$ 417,738
EQPT
CUSTOMER
USE
FM
1
$ 2,212,691
2016
4
1
1.09
$ 2,411,833
6
0.4
0.95
0.60
$ 549,898
EQPT
CUSTOMER
USE
FM
1
$ 2,758,913
2015
5
1
1.08
$ 2,979,626
6
0.29
0.95
0.60
$ 492,532
EQPT
CUSTOMER
USE
FM
1
$ 4,329,053
2014
6
1
1.09
$ 4,718,668
6
0.18
0.95
0.60
$ 484,135
EQPT
CUSTOMER
USE
FM
1
$ 1,186,246
2013
7
1
1.1
$ 1,304,871
6
0.15
0.95
0.60
$ 111,566
EQPT
CUSTOMER
USE
FM
1
$ 2,307,205
2012
8
1
1.11
$ 2,560,997
6
0.15
0.95
0.60
$ 218,965
EQPT
CUSTOMER
USE
FM
1
$ 1,726,958
2011
9
1
1.14
$ 1,968,732
6
0.15
0.95
0.60
$ 168,327
EQPT
CUSTOMER
USE
FM
1
$ 2,006,185
2010
10
1
1.18.
$ 2,367,298
6
0.15
0.95
0.60
$ 202,404
EQPT
CUSTOMER
USE
FM
1
$ 48,706
2009
11
1
1.17
$ 56,986
6
0.15
0.95
0.60
$ 4,872
EQPT
MERE
FORKLIFTS
1
$ 268,199
2014
6
1
1.09
$ 292,336
10
0.49
0.95
1.00
$ 136,083
EQPT
M&E
FORKLIFTS
1
$ 51,357
2013
7
1
1.1.
$ 56,493
10
0.41
0.95
1.00
$ 22,004
MICHINERY
& EQPT
(M&E)
1
$ 41,264
2019
1
1
1
$ 41,264
10
0.92
0.95
0.60
$ 21,639
MICHINERY
& EQPT
(M&E)
1
$ 811,131
2016
4
1
1.09
$ 884,132
10
0.66
0.95
0.60
$ 332,611
MICHINERY
& EQPT
(M&E)
1
$ 30,821
2015
5
1
1.08
$ 33,287
10
0.58
0.95
0.60
$ 11,005
EQPT
RACKS
FM
1
$ 37,147
2018
2
4
1.03
$ 38,261
_
9
0.81
0.96
1.00
$ 29,752
EQPT
RACKS
FM
1
$ 5,454
2016
4
4
1.1
$ 5,999
9
0.62
0.96
1.00
$ 3,571
EQPT
RACKS
FM
1
$ 3,531
2014
6
4
1.1.
$ 3,884
9
0.43
0.96
1.00
$ 1,603
EQPT
RACKS
FM
1
$ 25,890
2013
7
4
1.12
$ 28,997
_
9
0.35
0.96
1.00
$ 9,743
EQPT
-
TOOLS/MOLDS/DIES/JIGS
1
$ 28,280
2019
1
1.3
1
$ 28,280
3
0.67
0.95
0.60
$ 10,800
EQPT
CUSTOMER
USE
FM
1
$ 269,602
2008
12
1
1.2
$ 323,523
6
0.15
1.00
0.60
$ 29,117
EQPT
CUSTOMER
USE
FM
1
$ 22,295
2007
13
1
1.2
$ 26,754
6
0.15
1.00
0.60
$ 2,408
EQPT
CUSTOMER
USE
FM
1
$ 30,803
2006
14
1
1.2
$ 36,964
6
0.15
1.00
0.60
$ 3,327
EQPT
CUSTOMER
USE
FM
1
$ 10,102
2005
15
1
1.2
$ 12,123
6
0.15_
1.00
0.60
$ 1,091
EQPT
-
TOOLS/MOLDS/DIES/JIGS
1
$ 14,955
2016
4
1.3
1.09
$ 16,301
3
0.15
1.00
0.60
$ 1,467
EQPT
-
TOOLS/MOLDS/DIES/JIGS
1
$ 52,026
2014
6
1.3
1.09
$ 56,708
3
0.15
1.00
0.60
$ 5,104
EQPT
-
TOOLS/MOLDS/DIES/JIGS
1
$ 19,312
2005
15
1.3
1.09
$ 21,051
3
0.15
1.00
0.60
$ 1,895
i
TOTAL
$ 30,821,694
$ 33,143,783
$8,235,281
Duff & Phelps
Oil & Gas Economic Obsolescence Model
Requested Value Summary
Analysis as of January 1, 2020
(All figures in USD, except as indicated)
CONFIDENTIAL
DUFF &PHELPS
Location Details
Enterprise
Sub -Company
Site Name
Site Address
County
Baker Hughes Oil Region
Day Rate Area
Obsolescence Indicators
Gate Valve Utilization Inutility
Industry Gross Margin
Industry ROA I WACC
Gross Margin / Return on Inventory
RIG Count I Revenue
Concluded Obsolescence
FMC TECHNOLOGIES, INC - SURFACE
FMC Technologies, Inc - Surface Wellhead
Technip-Brighton Surface
1575 County Road 27
Weld County
COLORADO
Rockies
4034%
25.15%
61.70%
35.76%
39.27%
40.44%
Vave
UtiHzation
Last E)ata Refresh Da;e Filter�:.��C�.c� V�f/� � ate Jartuaryd1,2070
-Including Weld Repair Valves
Utilization by Month and Size/Pressure Rating - Rolling 12 Months
..Combined fryp't 01-- , !... 0
ONO
mat
1
IBSa 71: ' w
�► . _ ;OK a 15 04--IGX Or 15x. •5 1f1 ' , '- TSK S r-
-F �
1
1
1ulj, 3019
Utilization by SizePrres vre Rating and. Region for Last Month
1
Last
U a-- Average Utilization vs -Target Company Code
ff T Yeas fC ale, P, wail)
x ' , t - i / t/ i9
mare : 2466% 1 OAPs
,
r s maitrjti c'
Average Utilization and Equipment Count: by ValVe Type
tgmbinritType ells-ifl% toy. •W --15S a -j';;4 •i--75
Region
▪ Canada
• Mick -.cm
0i N orth:Pais .
• Pr`ftrnia t
lies:
Base Name
▪ Anchorage
ge
O B I ei sPie1ij
• Ra.WWrsvili
O BonnyviN
Brighton
O Catgary
n rAciapT
valve Size
• is
i1w
• 7'.
Large/ r all Bore
LaJyt awe
Small fibre
Manuali/Hydraulik
o Hyt taulic
Pressure Rating
4. 1 r<l K
1 'k.
Duff & Phelps
Industry Financials - Oil & Gas Economic Obsolescence Calculations
Analysis as of January 1, 2020
(All figures in USD, except as indicated)
CONFIDENTIAL
DUFF &PHELPS
Gross Margin (%) - CapitallQ
YEAR
Schlumberger Halliburton
Baker Hugues, A GE National Oilwell
Company Varco
Weatherford
International LTD
S&P 400 Oil & Gas
Equipment &
Services
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
21%
21%
21%
22%
23%
20%
13%
14%
13%
13%
18%
20%
17%
15%
17%
11%
6%
11%
12%
10%
22%
23%
19%
17%
20%
27%
22%
18%
17%
19%
32%
31%
29%
27%
27%
21%
-1%
12%
17%
10%
26%
25%
22%
19%
23%
15%
6%
5%
20%
20%
33%
31%
31%
33%
33%
29%
20%
21%
13%
31%
10 YEAR AVERAGE
10 YEAR MEDIAN
10 YEAR MAX
18%
21%
23%
14%
14%
20%
20%
19%
27%
20%
24%
32%
18%
20%
26%
27%
31%
33%
SELECTED BENCHMARK 23% 20%
27% 32%
26% 33%
CURRENT YEAR
13% 10%
19% 10%
20% 31%
OBSOLESCENCE
* 1-((Ave/Benchmark)".6)
INDICATED OBSOLESCENCE
29.65% 33.65%
19.86% 49.79%
1334% 4.40%
25.15%
SIC 3533 - Oil & Gas Field Machinery & Equipment
US Industry Cost Of Capital
WACC Versus ROA Review
CONFIDENTIAL
DUFF&PELPS
3/31/2010 3/31/2011 3/31/2012 3/31/2013 12/31/2014 12/31/2015 9/30/2016 12/31/2017 9/30/2018 9/30/2019
WACC - SIC Median
ROA 5 Yr Ave - SIC Median
Indicated Obsolescence ROA 5 Yr
Ave Median / Current WACC SIC
Median Benchmark
Indicated Obsolescence ROA 5 Yr
Ave Median/ 2010 ROA 5 Yr Ave SIC
Median Benchmark
* 1-((Ave/Denchmark)h.6)
13.97%
9.72%
12.79%
8,45
11.04%
9.17%
10.66%
6.85%
9.70%
6.50%
7.80%
7.00%
10.00%
5.70%
9.70%
4.40%
9.90%
4.70%
9.90%
2.00%
19.56% 22.02% 10.54% 23.31% 21.35% 6.29% 28S3% 37.77% 36.04% 61.70%
0.00% 8.06% 3.43% 18.94% 21.45% 17.88% 27.40% 37.85% 35.34% 61.27%
Duff & Phelps
Industry Financials - Oil & Gas Economic Obsolescence Calculations
Analysis as of January 1, 2020
(All figures in USD, except as indicated)
CONFIDENTIAL
DUFF &PHELPS
Gross Margin Return on Inventory - CapitallQ
YEAR
Schlumberger Halliburton
Baker Hugues, A GE National Oilwell Weatherford
Company Varco International LTD
Average
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
1.5
2.8
1.8
2.2
2.4
1.9
0.9
1.0
1.1
0.9
1.7
2.0
1.5
1.4
1.6
0.8
0.4
1.0
1.0
0.7
1.2
1.4
1.1
1.0
1.2
1.5
0.9
0.7
0.9
0.9
1.1
1.1
0.9
0.9
1.1
0.7
0.0
0.3
0.5
0.4
1.0
1.0
0.9
0.9
1.1
0.6
0.2
0.2
1.1
1.0
1.3
1.7
1.2
1.3
1.5
1.1
0.5
0.6
0.9
0.8
10 YEAR AVERAGE
10 YEAR MEDIAN
10 YEAR MAX
1.6
1.7
2.8
1.2
1.2
2.0
0.7
0.8
1.1
0.8
1.0
1.1
SELECTED BENCHMARK
2.8 2.0
CURRENT YEAR
0.9 0.7
0.9 0.4
1.0 0.8
OBSOLESCENCE
* 1-((Ave/Benchmark)".6)
INDICATED OBSOLESCENCE
49.14% 45.96%
26.40% 50.53%
5.56% 36.98%
35.76%
Duff & Phelps
Oil & Gas Economic Obsolescence Model
Regional Economic Obsolescence Calculations
Analysis as of January 1, 2020
(All figures in USD, except as indicated)
CONFIDENTIAL
DUFF&PHELPS
ITexas
I
Gulf Coast
I United States & Canada
YEAR
Texas Active
Rig Count
(Year -End)
Active Rig
Daily Rate
(Year -End)
Est. Revenue
(Active Rigs x
Daily Rate x 365)
$,000's
(
Regional
Active Rig
Count
Year -End
)
Active Rig
Daily Rate
(Year -End)
Est. Revenue
(Active Rigs x
Daily Rate x 365)
$,000's
US & Canada
Active Rig
Count (Year
End
)
Active Rig
Daily Rate
(Year End)
Est. Revenue
(Active Rigs x
Daily Rate x 365)
$,000's
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
731
917
822
835
852
319
324
453
532
404
$18,580
$19,121
$16,111
$14,434
$15,579
$17,247
$18,034
$5,663,000
$5,946,000
$1,876,000
$1,707,000
$2,576,000
$3,349,000
$2,659,000
922
1,084
943
964
985
381
375
519
607
467
$17,719
$18,273
$15,553
$14,321
$15,502
$17,282
$17,956
$6,235,000
$6,570,000
$2,163,000
$1,960,000
$2,937,000
$3,829,000
$3,061,000
1,940
2,227
1,967
2,020
2,096
826
815
1,065
1,153
904
$18,781
$19,420
$16,154
$14,414
$15,606
$17,455
$18,279
$13,847,000
$14,857,000
$4,870,000
$4,288,000
$6,067,000
$7,346,000
$6,031,000
7 YEAR AVERAGE
7 YEAR MEDIAN
7 YEAR MAX
531
453
852
17,015
17,247
19,121
3,396,571
2,659,000
5,946,000
614
519
985
16,658
17,282
18,273
3,822,143
3,061,000
6,570,000
1,268
1,065
2,096
17,158
17,455
19,420
8,186, 571
6,067,000
14,857,000
SELECTED BENCHMARK
852
$19,121
$5,946,000
985
$18,273
$6,570,000
2096
$19,420
$14,857,000
CURRENT YEAR
404
$18,034
$2,659,000
467
$17,956
$3,061,000
904
$18,279
$6,031,000
OBSOLESCENCE*
* 1-((Ave/Benchmark)".6)
INDICATED OBSOLESCENCE
39.27%
38.30%
36.76%
41.78%
September 15, 2020
Petitioner:
FMC TECHNOLOGIES INC
PO BOX 2629
ADDISON, TX 75001-2629
CLERK TO THE BOARD
PHONE (970) 400-4226
FAX (970) 336-7233
WEBS ITE: www.weldgov.com
1150 O STREET
P.O. BOX 758
GREELEY CO 80632
Agent (if applicable):
RE: THE BOARD OF EQUALIZATION 2020, WELD COUNTY, COLORADO
NOTIFICATION OF HEARING SCHEDULED
Docket 2020-2835, AS0106 Appeal 2008226718 Hearing 9/28/2020 1:30 PM
Account(s) Appealed:
P9102170
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of September 28, 2020, at or about the hour
of 1:30 PM, 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, 2020, 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 to assessor@weldgov.com. 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
LPLIs./o:yf G'i.
Esther E. Gesick
Clerk to the Board
Weld County Board of Commissioners
and Board of Equalization
cc: Brenda Dones, Assessor
September 28, 2020
Petitioner:
FMC TECHNOLOGIES INC
PO BOX 2629
ADDISON, TX 75001-2629
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 2020, WELD COUNTY, COLORADO
NOTICE OF DECISION
Docket 2020-2835 Appeal 2008226718 Hearing
Dear Petitioner:
On the day indicated above, the Board of County Commissioners of Weld County Colorado convened and
acting as the Board of Equalization, pursuant to C.R.S. §39-8-101 et seq., considered petition for appeal of
the Weld County Assessor's valuation of your property described above, for the year 2020.
Account # Decision
The Assessment and valuation is set as follows:
Actual Value as Actual Value as Set by
Determined by Assessor Board
P9102170 Stipulated - Approved
Stipulated Value
$12,426,999 $9,673,461
A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within thirty (30)
days of the date the denial is mailed to you. You must select only one of the following three (3)
options for appeal:
1. Appeal to Board of Assessment Appeals: You have the right to appeal the County Board of
Equalization's decision to the Colorado Board of Assessment Appeals. A hearing before that Board
will be the last time you may present testimony or exhibits or other evidence, or call witnesses in
support of your valuation. If the decision of the Board of Assessment Appeals is further appealed to
the Court of Appeals pursuant to C.R.S. §39-8-108(2), only the record of proceedings from your
hearing before the Board of Assessment Appeals and your legal brief are filed with the appellate
court.
All appeals to the Board of Assessment Appeals filed after August 10, 2020, MUST comply with the
following provisions of C.R.S. §39-8-107(5):
(5)(a)(I) On and after August 10, 2020, in addition to any other requirements under law, any petitioner
appealing either a valuation of rent -producing commercial real property to the Board of Assessment Appeals
pursuant to C.R.S. §39-8-108(1) or a denial of an abatement of taxes pursuant to C.R.S. §39-10-114 shall
provide to the County Board of Equalization or to the Board of County Commissioners of the County in the
case of an abatement, and not to the Board of Assessment Appeals, the following information, if applicable:
(A) Actual annual rental income for two full years including the base year for the relevant property tax year;
(B) Tenant reimbursements for two full years including the base year for the relevant property tax year;
(C) Itemized expenses for two full years including the base year for the relevant property tax year; and
(D) Rent roll data, including the name of any tenants, the address, unit, or suite number of the subject
property, lease start and end dates, option terms, base rent, square footage leased, and vacant space for
two full years including the base year for the relevant property tax year.
(II) The petitioner shall provide the information required by subparagraph (I) of this paragraph (a) within
ninety days after the appeal has been filed with the Board of Assessment Appeals.
(b)(I) The Assessor, the County Board of Equalization, or the Board of County Commissioners of the
County, as applicable, shall, upon request made by the petitioner, provide to a petitioner who has filed an
appeal with the Board of Assessment Appeals not more than ninety days after receipt of the petitioner's
request, the following information:
(A) All of the underlying data used by the county in calculating the value of the subject property that is being
appealed, including the capitalization rate for such property; and
(B) The names of any commercially available and copyrighted publications used in calculating the value of
the subject property.
(II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b)
shall redact all confidential information contained therein.
(c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this
subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the County may move
the Board of Assessment Appeals to compel disclosure and to issue appropriate sanctions for
noncompliance with such order. The motion may be made directly by the County Attorney and shall be
accompanied by a certification that the County Assessor or the County Board of Equalization has in good
faith conferred or attempted to confer with such petitioner in an effort to obtain the information without action
by the Board of Assessment Appeals. If an order compelling disclosure is issued under this paragraph (c)
and the petitioner fails to comply with such order, the Board of Assessment Appeals may make such orders
in regard to the noncompliance as are just and reasonable under the circumstances, including an order
dismissing the action or the entry of a judgment by default against the petitioner. Interest due the taxpayer
shall cease to accrue as of the date the order compelling disclosure is issued, and the accrual of interest
shall resume as of the date the contested information has been provided by the taxpayer.
Appeals to the Board of Assessment Appeals must be made on forms furnished by that Board, and must be
mailed or delivered within thirty (30) days of the date the denial by the Board of Equalization is mailed to
you
The address and telephone number of the Board of Assessment Appeals are:
Board of Assessment Appeals
1313 Sherman Street, Room 315
Denver, Colorado 80203
Telephone Number: (303) 864-7710
Email: baa@state.co.us
Fees for Appeal to the Board of Assessment Appeals: A taxpayer representing himself is not charged for the
first two (2) appeals to the Board of Assessment Appeals. A taxpayer represented by an attorney or agent
must pay a fee of $101.25 per appeal.
OR
2. Appeal to District Court: You have the right to appeal the decision of the Board of Equalization to the
District Court of the county wherein your property is located: in this case that is Weld County District
Court. A hearing before The District Court will be the last time you may present testimony or exhibits
or other evidence, or call witnesses in support of your valuation. If the decision of the District Court is
further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(1), the rules of Colorado
appellate review and C.R.S. §24-4-106(9), govern the process.
OR
3. Binding Arbitration: You have the right to submit your case to binding arbitration. If you choose this
option, the arbitrator's decision is final and you have no further right to appeal your current
valuation. C.R.S. §39-8-108.5 governs this process. The arbitration process involves the following:
a. Select an Arbitrator: You must notify the Board of Equalization that you will pursue
arbitration. You and the Board of Equalization will select an arbitrator from the official list of
qualified people. If you cannot agree on an arbitrator, the District Court of the county in which
the property is located (i.e. Weld) will select the arbitrator.
b. Arbitration Hearing Procedure: Arbitration hearings are held within sixty (60) days from the
date the arbitrator is selected, and are set by the arbitrator. Both you and the Board of
Equalization are entitled to participate in the hearing. The hearing is informal. The arbitrator
has the authority to issue subpoenas for witnesses, books, records documents and other
evidence pertaining to the value of the property. The arbitrator also has the authority to
administer oaths, and determine all questions of law and fact presented to him. The
arbitration hearing may be confidential and closed to the public if you and the Board of
Equalization agree. The arbitrator's decision must be delivered personally or by registered
mail within ten (10) days of the arbitration hearing.
c. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the
Board of Equalization. In the case of residential real property, the fess may not exceed
$150.00 per case. For cases other than residential real property, the arbitrator's total fees
and expenses are agreed to by you and Board of Equalization, but are paid by the parties as
ordered by the arbitrator.
If you have questions concerning the above information, please call me at (970) 400-4226.
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
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