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HomeMy WebLinkAbout20193099.tiffAugust 1, 2019 Petitioner: FC INVESTMENTS LLC SERIES 4 619 12TH ST APT 353 GOLDEN, CO 80401-1108 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 2019, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2019-3099 Appeal 2008224778 Hearing 8/1/2019 9:00 AM 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 2019. Account # Decision The Assessment and valuation is set as follows: Actual Value as Actual Value as Set by Determined by Assessor Board R1861586 Adjust - Denied in Part $301,240 $290,000 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, 2019, MUST comply with the following provisions of C.R.S. §39-8-107(5): (5)(a)(I) On and after August 10, 2019, 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 LeL� i!"lv:yfG C. Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Danes, Weld County Assessor Brenda Dones, Weld County Assessor Valuation Report Of Residential Improved Property For County Board of Equalization FC INVESTMENTS LLC SERIES 4 Petitioner vs. Weld County Assessor's Office Respondent Docket Number: 2019-3099 Parcel Number: 095902313007 Schedule Number: R1861586 Appeal Number: 2008224778 Date: 2019-07-25 Time: 1:00 PM Board: 1 Prepared By Duane M Robson Assessor's Office Senior Appraiser Assessor's indicated Value RESIDENTIAL $301,240 TOTAL: $ 301;240 Page 1 of 6 Subject Photo r General Description and Market Summary Subject Site and Improvements The subject property is located atW 4424 5TH ST in GREELEY. The legal description of the property is BR 1 1T12-10 L10 BLK12 WESTMOOR ACRES 1ST FILING. The subject is a Frame Siding house constructed in 1973. It has 1592 square feet of finished living area above grade. It has a 1,352 square foot basement of which 676 square feet is finished. There are 4.00 bedrooms and 3.00 bathrooms. It has a 441 square foot attached garage. The Assessor has classified the structure as a Ranch 1 Story home of Average quality construction. Page 2 of 6 Market Approach Summary The subject property has been classified as Residential for assessment purposes. Residential property value shall be determined solely by consideration of the Market Approach to Value {39-1-103(5)(a), CRS}. As required by 39-1-104(10.2), CRS, the market value is determined by utilizing data from the period of one and one-half years immediately prior to June 3 0th, 2018. If sufficient comparable valuation data is not available within the eighteen -month time period, the assessor shall use market data from the five year period immediately prior to June 30th, 2018. When appropriate, all sales are to be time adjusted to the appraisal date of June 3 0th, 2018. Although the appraisal date is June 30, 2018, the physical characteristics are reflective of the property as of January 1, 2019. The comparable sales in this report were selected using county records and the Multiple Listing Services. The Weld County Assessor's Office has verified that the comparable sales are arms -length transactions based on review of the Real Property Transfer Declaration, telephone or personal confirmation interviews and physical inspections to confirm property characteristics at the time of sale. DEFINITION OF MARKET VALUE: The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self interest, and assuming that neither is under undue duress. {The Appraisal Institute} The market value of the property as of June 30th, 2018 is: Assessor's Indicated Value RESIDENTIAL $301,240 TOTAL: $301,240 Page 3 of 6 Time Adjusted Sales Prices By law, sales prices are time adjusted to the appraisal date of June 30, 2018. An adjustment for time is made if during the sales collection period of January 2017 to June 30, 2018 the sale prices of properties have appreciated or depreciated due to inflation or deflation. We refer to the adjustment as a 'time' adjustment. If market conditions have not changed, no adjustment is required even though considerable time may have elapsed. <C.RSS. 39-1-10 ...said level of value shall be adjusted to the final day of the data -gathering period.} Sales and resales of the same or similar properties are a good indication of the changes in market conditions over time. In addition, we run simple linear regression where we graph the sales and the month the sale occurred to indicate the trend of the market. This trend is tracked as a monthly rate of change. Since we consider one of the most important aspects of market value to be location, we determine our time trends by location, also known as economic area or neighborhood, and by the use of the property (vacant land, residential, commercial). NBHD 2111 and 2661 302 Sales: Trend Applied: .914% a month NBHD: 2111 AND 2661 SALEITI0 5.00 10,00 15.00 20.00 25.00 Page 4 of TIMEINTV Comparable 1 Comparable 2 Comparable 3 Page 5 of 6 COMPARABLE 2 422 46TH AVE , GREELEY SUBJECT 24 W 5TH ST, GREELEY Page 6of6 COMPARABLE 3 4303 W 7TH ST , GREELEY WELD COUNTY ASSESSOR'S Sales Comparables Market Adjustment Grid Sale Date Sale Price TmAdj Sale Price Parcel Number Account Number Street Address Subject 02/08/2016 $163,500 $168,618 095902313007 81861586 4424 W 5TH ST TOTALIMPSF TOTA'LLANDSF NBHDANDEXT OCCUPANCY Built -As Description Quality Condition Year Built Adjusted Year Built Residential SF Baths Basement Sq Feet Basement Finish Basement Walkout Garage - Attached Garage - Detached Land OutBuilding Bonus Room Ag Land EXCLU DECOR E1 - Tot SF 1592.000000 7921.000000 2111 - 03 Single Family Resid Ranch 1 Story Average Typical 1973.000000 1973.000000 1592.000000 3.000000 1352.000000 676.000000 0.000000 441.000000 0.000000 45000.000000 0.000000 0.000000 0.000000 0.000000 Final Market Value Final Market Value / SF $301,240.00 $189.22 Comp # 1 06/02/2017 286000.00 314542.80 095902306022 81850186 713 44TH AVE 1436.000000 7855.000000 2111 -03 Single Family Residentie Ranch 1 Story Average Typical 1978.000000 1978.000000 1436.000000 3.000000 1436.000000 1346.000000 0.000000 451.000000 0.000000 45000.000000 0.000000 0.000000 0.000000 0.000000 $0 $0 $0 $0 $0 $0 $0 ($2,500) $0 $12,012 $0 ($1,848) ($13,400) $0 ($570) $0 $0 $0 $0 $0 $0 $ Adjustment Gross % Adjustment Net % Adjustment Adjusted Sales Price Adjusted Sales Price / SF ($6,306.00) 9.6426% -2.0048% $308,236.80 $193.62 Comp # 2 07/14/2017 280000.00 306168.10 095902315006 R1865386 422 46TH AVE 1370.000000 7150.000000 2111 - 03 Single Family Residentie Ranch 1 Story Average Typical 1978.000000 1978.000000 1370.000000 2.000000 1190.000000 955.000000 0.000000 462.000000 0.000000 45000.000000 0.000000 0.000000 0.000000 0.000000 $0 $0 $0 $0 $0 $0 $0 ($2,500) $0 $17,094 $6,000 $3.564 ($5,580) $0 ($1,197) $0 $0 $0 $0 $0 $0 $ Adjustment Gross % Adjustment Net % Adjustment Adjusted Sales Price Adjusted Sales Price I SF $17,381.00 11.7370% 5.6769% $323,549.10 $203.23 Comp # 3 02/14/2017 255000.00 292066.75 095902308006 R1853086 W 4303 7TH ST 1290.000000 6745.000000 2111 - 03 Single Family Residentie Ranch 1 Story Average Typical 1978.000000 1978.000000 1290.000000 3.000000 1290.000000 1290.000000 0.000000 441.000000 0.000000 45000.000000 0.000000 0.000000 0.000000 0.000000 $0 $0 $0 $0 $0 $0 $0 ($2,500) $0 $23,254 $0 $1,364 ($12,280) $0 $0 $0 $0 $0 $0 $0 $0 $ Adjustment Gross % Adjustment Net % Adjustment Adjusted Sales Price Adjusted Sales Price 1 SF $9,838.00 13.4894% 3.3684% $301,904.75 $189.64 Thank you for submittmg 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 Kyle Doney Contact Email kehe@lvnrealestate com Contact Phone 303-359-4617 Appeal Submitted 11 07 AM July 15, 2019 Appeal submitted for: R1861586 - FC INVESTMENTS LLC SERIES 4 4424 W 5TH ST, GREELEY Legal GR 1WT12-10 L10 BLK12 WESTMOOR ACRES 1ST FILING Reason Value Too Low - see attached Estimate of Value $180,000 00 Document(s) Submitted: Account All Accounts - 4424 W 5th St Tax Appeal 2018v2 docx Account R1861586 - R1861586_INITIAL PROTEST pdf Account All Accounts - My home is a rental and is in rental grade condition docx You have selected the following Date Preferences Thursday, July 25, 2019, from 9 00 a m to 12 00 p m Thursday, July 25, 2019, from 1 30 p m to 4 30 p m Friday, July 26, 2019, from 9 00 a m to 12 00 p in Friday, July 26, 2019, from 1 30 p m to 4 30 p m Monday, July 29, 2019, from 3 00 p m to 4 30 p m Tuesday, July 30, 2019, from 1 30 p m to 4 30 p m Thursday, August 1, 2019, from 9 00 a m to 12 00 p m Thursday, August 1, 2019, from 1 30 p m to 3 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 2019-3099 #46.SO/O3 — Thank you for submitting an appeal to the Weld County Assessor's Office. We will review the information submitted and if we have questions we will contact you at one of the following: Contact Information: Contact Name: Kyle Doney Contact Email: kelie@lvnrealestate.com Contact Phone: 303-359-4617 Appeal Submitted: 12:15 PM June 03, 2019 Appeal submitted for: R1861586 - FC INVESTMENTS LLC SERIES 4 4424 W 5TH ST, GREELEY Legal: GR 1 WT 12-10 L10 BLK12 WESTMOOR ACRES 1ST FILING Reason: Value Too Low - see attached Estimate of Value: $180,000.00 Document(s) Submitted: Account: All Accounts - 4424 W 5th St Tax Appeal 2018v2.docx The Appeal process can take several weeks for us to complete. We will mail a decision on your appeal by June 30th for real property and by July 10th for business personal property and/or oil and gas. We thank you for your submittal. Weld County Assessor's Office (970) 400-3650 May 29, 2019 Appeal for: 4424 West 5th St., Greeley CO 80634 Dear Assessor, I purchased this property 2/11/2016 for $163,500. I believe the assessed value is too high based on a few different reasons. This property is a rental property with rental grade finishes. The carpet, cabinets, windows, landscaping and many other features have not been updated. The roof is also in need of replacement. I kept the property in rental grade condition after buying because I intended it to be a rental unit. To be at the assessed value, the property would be in need of new cabinets, appliances, drywall, electrical, plumbing, carpet through the entire basement, and other upgrades. With the actual value increase notice at $301,240, this means the property increased in value close to 97% in 24 month's time from when I purchased. I have completed minimal upgrades to the property since purchasing a half year from value adjustment. According to statistics the average increase in price is Greeley is roughly 3-7% depending on the area. With an increase of a maximum %7 in this condition, would not meet the current value assessment of $301,240. My estimated value of the property is $180,0000 because of the real estate market value average increase amount, comps, issues presented, and the current finishes inside. Comps: These comps include properties that may not have roof issues like my property does. 809 44TH AVE GREELEY 80634 3 3 1,583 1978 05'31 18 $130,000 0.1 Thank you for the consideration and taking the time to review my appeal. Sincerely, Kyle Doney 303 359 4617 Kyle@LVNrealestate.com My home is a rental and is in rental grade condition. We bought it for $163K in 2016 and put minimal work into it to get it rent ready. The home is not upgraded and is not in 2019 remodeled standards to where it could sell for $300K as appraised. It would take a new roof, and significant amount of interior work and exterior work to get it to $300K. We would likely have to put about 50k into the home after the tenant moved out to make the home valued at the appraisers estimate. As a rental unit, the home does not compare to sold comps that are selling remodeled to owner occupants on the MLS. I would agree with the assessor's valuation if I remodeled the home, but we have not done so. Roof hail damage:https://drive.google.com/open?id=0B6uvt2QE8NbYSVNSZ2JBVHNKdzA Here are some comps of other properties in the neighborhood that are similar size and recently sold in the mid 200s. Comps: https://www.redfin.com/CO/G reeley/509-36th-Ave-80634/home/35397250 https://www.redfin.com/CO/G reeley/4524-W-5th-St-80634/home/35397657 https://www.zillow.com/homedetails/438-46th-Ave-Greeley-CO-80634/14059741_zpid/ (remodeled) https://www.zi I low.com/ho medeta i ls/610-46th-Ave-G reeley-CO-80634/14059714_zpid/ https://www.zi l low.com/homedeta i ls/806-43rd-Avenue-Ct-G reeley-CO-80634/14059524_zpid/ https://www.zillow.com/homedetails/4840-W-8th-St-Greeley-CO-80634/14061635_zpid/ Thank you for your consideration on reassessing the value of my home. Kyle Doney }:t July 24, 2019 Petitioner: FC INVESTMENTS LLC SERIES 4 619 12TH ST APT 353 GOLDEN, CO 80401-1108 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 2019, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket 2019-3099, AS0103 Appeal 2008224778 Hearing 7/25/2019 1:00 PM Account(s) Appealed: R1861586 Dear Petitioner(s): The Weld County Board of Equalization has set a date of July 25, 2019, at or about the hour of 1:00 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, 2019, 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 ofyour 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 Lr,�cc.cfi t/Lls�. �lo �JiG'L Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Assessor July 26, 2019 Petitioner: FC INVESTMENTS LLC SERIES 4 619 12TH ST APT 353 GOLDEN, CO 80401-1108 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 2019, WELD COUNTY, COLORADO NOTIFICATION OF HEARING SCHEDULED Docket 2019-3099, AS0103 Appeal 2008224778 Hearing 8/1/2019 9:00 AM Account(s) Appealed: R1861586 Dear Petitioner(s): The Weld County Board of Equalization has set a date of August 1, 2019, at or about the hour of 8:30 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, 2019, 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 ofyourwritten 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 Danes, Assessor Hello