HomeMy WebLinkAbout20162334.tiffAugust 5, 2016
Petitioner:
GMRI
PO BOX 4900
SCOTTSDALE, AZ 85261-4900
CLERK TO THE BOARD
PHONE (970) 400-4226
FAX (970) 336-7233
WEBSITE: www.co.weld.co.us
1150 O STREET
P.O. BOX 758
GREELEY CO 80632
Agent (if applicable):
RYAN LLC
PO BOX 4900
SCOTTSDALE, AZ 85261-4900
RE: THE BOARD OF EQUALIZATION 2016, WELD COUNTY, COLORADO
NOTICE OF DECISION
Docket #: 2016-2334 Appeal #: 2008211223 Hearing Date: 8/4/2016 10:00 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. Section 39-8-101 et seq., considered
petition for appeal of the Weld County Assessor's valuation of your property described above, for the year
2016.
The Assessment and valuation is set as follows:
Actual Value as Actual Value as
Account # Decision Determined by Assessor Set by Board
P2384603 Stipulated - Approved Stipulated Value
$153,320 $134,922
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. Section 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, 2016, MUST comply with the
following provisions of C.R.S. Section 39-8-107(5):
(5)(a)(I) On and after August 10, 2011, 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 section 39-8-108(1) or a denial of an abatement of taxes pursuant to section 39-10-114 shall
provide to the county board of equalization or to the board of county commissioners of the county in the
0Za/G- 0233
A-5oo941-
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. Section 39-8-108(1), the rules of Colorado appellate
review and C.R.S. Section 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. Section 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,
Esther E. Gesick, Clerk to the Board
Weld County Board of County Commissioners
and Board of Equalization
Cc: Christopher Woodruff, Weld County Assessor
COUNT' BOARD OF EQUALIZATION
WELD COUNTY
Single County Schedule Number P2384603
STIPULATION (As To Tax Year_2016_ Actual Value)
RE PETITION OF :
NAME: GMRI
ADDRESS: PO BOX 4900
SCOTTSDALE AZ 85261-4900
Petitioner (s) and the Weld County Assessor hereby enter into this Stipulation
regarding the tax year 2016 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:
OR 12780 PT N2NW4 19 5 66
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 2016:
Total $153,320.00
4, After further review and negotiation, Petitioner (s) and Weld County Assessor
agree to the following tax year 2016 actual value for the subject property:
Total $134,922.00
5. The valuation, as established above, shall be binding only with respect to tax
year 2016.
6.___Brl.ef narrative as to ytheieduction was made:
Additional depreciation applied
7. Both parties agree that:
The hearing scheduled before the. Board of Equalization on 08/4/2016 at
10:00am be vacated,
P2384603
F
■
A hearing has not yet been scheduled before the Board of Equalization.
1
DATED this 28 day of July, 2016.
1)c.S7A-
Petitioners or Agent or Alto ey
Address
p. C, f,,� !. 4{' o , Dpi 716
5r'cx�fceA&i, A cc -55>U"/
Telephone:
a -26-5'12c)
Docket Number 2008211222
8tip-1.Frrn
P2384603
1.
(Assistant)ounty Attorney for
Respondent, Weld County Board of
Commissioners
Address:
1150 "O" Street
P.O. Box 758
Greeley, CO 80632
Tele hone:(970) 336-7235
L
County Assessor
Address:
1400 N.l7th Avenue
Greeley, CO 80631
Telephone: (970) 353-3845 ext. 3697
2
RECEIVED
Christopher M. Woodruff
Weld County Assessor
1400 N 17th Ave
Greeley, CO 80631
NOTICE OF DETERMINATION
A N 236477
JUL 212016
WELD COUNTY ASSESSOR
GREELEY, COLORADO
Date of Notice: 07/10/2016
Telephone: (970) 353-3845
Fax: (970) 304-6433
Office Hours: 8:00AM — 5:00PM
ACCOUNT NO.
TAX YEAR
TAX AREA
LEGAL DESCRIPTION/ PHYSICAL LOCATION
P2384603
2016
4049
GR 12780 PT N2NW4 19 5 66 (YORK 1ST ANNE
X GREELEY MALL)
2285 GREELEY MALL
GREELEY , CO
OLIVE GARDEN #1583
PROPERTY OWNER
GMRI INC
C/O RYAN LLC
PO BOX 4900 DEPT 715
SCOTTSDALE, AZ 85261-4900
PROPERTY CLASSIFICATION
ASSESSOR'S VALUATION
ACTUAL VALUE PRIOR TO
ACTUAL VALUE AFTER
REVIEW
REVIEW
PERSONAL PROPERTY
153,320
153,320
TOTAL
$153,320
$163.320
T *. ssor has carefully studied all available information, giving particular attention to the
cLO' i cs included on your protest. The Assessor's determination of value after review is based on
91, the folio ing:
JL.16
PQ' - Yo r personal property has been valued in accordance with Colorado law. Other personal
nketrgilnI imrtar in nature, has been consistently valued using the same statutory methods.
Nam \�f disagree with the Assessors decision, you have the right to appeal to the County
COIN"'Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S.
The deadline for filing personal property appeals is July 20.
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 year's 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 (If Applicable):
RYAN LLC
PO BOX 4900
SCOTTSDALE, AZ 85261-4900
RECEIVED
JUL 12 2016
Ityart
15-DPT-AR
ARL VOL 2
1-84 Rev 01-16
APPEAL PROCEDURES
County Board of Equalization Hearings will be held from
August 1st through August 5th at 1150 O Street.
To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown
below, and mail, file online, or deliver a copy of both sides of this form to:
Weld County Board of Equalization
1150 O Street, P.O. Box 758
Greeley, CO 80631
Telephone: (970) 356-4000 ext, 4225
Online: http://www,co.weld.co.us/apps/cboei
To preserve your appeal rights, your Petition to the County Board of Equalization must be
postmarked or delivered on or before July 20 for personal property -- after such date, your right to
appeal is lost. You may be required to prove that you filed a timely appeal; therefore, we
recommend that all correspondence be mailed with proof of mailing.
You will be notified of the date and time scheduled for your hearing. The County Board of
Equalization must mail a written decision to you within five business days following the date of the
decision. The County Board of Equalization must conclude hearings and render decisions by
August 5, § 39-8-107(2), C.R.S. if you do not receive a decision from the County Board of
Equalization and you wish to continue your appeal, you must file an appeal with the Board of
Assessment Appeals by September 10, § 39-2-125(1)(e), C.R.S.
If you are dissatisfied with the County Board of Equalization's decision and you wish to continue your
appeal, you must appeal within 30 days of the date of the County Board's written decision to ONE of
the following:
Board of Assessment Appeals
1313 Sherman Street, Room 315
Denver, CO 80203
(303) 866-5880
www.dola.colorado.govibaa
Binding Arbitration
For a list of arbitrators, contact the County Commissioners at the address fisted for the County Board
of Equalization.
if the date for filing any report, schedule, claim, tax return, statement, remittance, or other document
falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed
on the next business day, ' 39-1-120(3, C.R.S.
District Court
Contact the District Court in the County
where the property is located. See your
local telephone book for the address and
telephone number.
PETITION TO COUNTY BOARD OF EQUALIZATION
What is your estimate of the property's value as of June 30, 2014? (Your opinion of value in terms of a
specific dollar amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.)
$ 9q.4 7OA
What is the basis for your estimate of value or your reason for requesting a review? (Please attach
additional sheets as necessary and any supporting documentation, i.e., comparable sales, rent roll, original
installed cost, appraisal, etc.)
i—tocQ AktAil4tkaji.
ATTESTATION
I, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein
and on any attachrnen hereto are true and complete.
Signature
PT) (CJ ,kf I & P%t .C
Email Address
Telephone Number
' Attach letter of authorization signed by property owner.
Date
-AG-
15-OPT-AR
ARL VOL 2
1-84 Rev 01-16
JDARDEN.
Olive Garden • LongHorn Steakhouse • Bahama Breeze • Seasons 52 M The Capital Grille is Eddie V's . Yard House
LETTER OF AUTHORIZATION FOR TAX REPRESENTATION
This letter serves as authorization for Ryan, LLC and its affiliate Ryan Tax Compliance Services,
LLC, P.O_ Box 4900 Dept. 715, Scottsdale, AZ 852614900, 866-866-4186, to represent in its
affairs concerning all property tax matters for all parcels located in the jurisdictions. This
includes, but is not limited to filing property renditions, signing and filing of appeals, examining
all property tax records, representation before the assessor or assessing entity, and representation
before tax collection entities.
This agency shall remain in effect until such time as Ryan Tax Compliance Services, LLC
contractual obligations have legally expired, or written notice of termination is issued by
GM!, Inc, N&I? Restaurants, Darden‘Barbeque Integrated, Ins, Yard House USA, Rare
Iosuitality, Inc., Rare HospitalityMauaacrnentLCuuital Grille Holdings, Darden SW LLC, Darden
Corporation, GMRI Canada
r1
By :/.t,cD�,Mtr,a -
Trudy bIakeman Manager, : les tax
Dated this 31st day of July, 2015.
I certify that the signature above is a true and correct signature provided as a duly appointed
officer of the above referenced company. If a copy of this completed form is being submitted, I
will produce the original form with original signature upon request. If a completed ap u lication fo
changed assessment attached to this authorization, I certify that a copy has bee
P a
applicant named in this application_
Ryan, LLC and its affiliate Ryan Tax Compliance Services, LLC
By:
Date:
eidaliaakBARET ANN MOSS
j -.t. MY COMMISSION 0 EEB80254
EXPIRES Demob& 25, 2016
t3.w F aN • •.. s , 1cie.can
ii cal ae•0IS1
Client Name: GMRI, Inc., N&D Restaurants, Darden, Barbeque Integrated, Inc., Yard
House USA, Rare Hospitality, Inc., Rare Hospitality Management, Capital Grille Holdings,
Darden SW LLC, Darden Corporation, GMRI Canada
Site Name: All Sites
Jurisdiction: All Jurisdictions
1000 Darden Center Drive • Orlando, FL 32637 • P.O. Box 695011 ■ Orlando, FL 32869-5011 • 407-245-4000 a darden.com a
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P2384603 Total
Taxpayer: Darden Restaurants
Account #(s): P2384603
Petition #(S)
Address (ES): 2285 Greeley Mall, Greeley, CO
Company Description: Company Description: Darden Restaurants is a full service restaurant. Its primary assets
consist of restaurant cooking and refrigeration equipment such as grills, ovens, refrigerators and freezers, kitchen
appliances, point -of -sale equipment, computer and typical furniture and fixtures (see valuation summary & asset list
exhibit).
1. Description of Assets: Typical restaurant equipment including: stoves, ovens, refrigerators, grills, fryers, POS
equipment, furniture and computer equipment.
2. Value Adjustment Issue: Recognized Appraisal Cost Approach Methods result in support for use of a
Remaining (or Aggregate) Obsolescence Factor (ROF) for Certain Newer Assets Based on Economic
Obsolescence recognized in the marketplace.
"Although data may not be available for individual calculations, indicators may be available in the market -place to
calculate an aggregate obsolescence factor within the cost approach. At times it becomes necessary to make an
obsolescence adjustment in the cost approach in order to determine a final answer for all depreciation that may not be
readily apparent from the appraiser's research into a particular asset. A remaining obsolescence factor (ROF) or an
aggregate obsolescence factor can be quantified by comparison between the results obtained through the use of a cost
indicator of value prior to the deduction for obsolescence and results obtained through the use of the sales comparison
approach. This is a market derived obsolescence analysis.(American Society of Appraisers Textbook, Cost Approach
Section, pg. 80)
3. State of Colorado Assessment Requirements and Definitions
In accordance with §§ 39-1-103(5) and 39-1-104(12.3)(a)(I), C.R.S., each Colorado county assessor is required to
determine the "actual value" of taxable property located in their county on the January 1 assessment date each
year. Colorado statutes define actual value as that value determined by appropriate consideration of the following
approaches to value:
1. Cost Approach
2. Sales Comparison (Market) Approach
3. Income Approach
The assessor is to consider the approaches to value that are applicable to valuing the personal property prior to
determining an actual value estimate as required by §§ 39-1-103(5) and 3 9-1-104(12.3)(a)(I), C.R.S. If the
taxpayer's declaration is complete; if it contains a full and complete disclosure of reasonable costs of acquisition,
installation, sales/use tax, and freight to the point of use; and if it is timely filed, the cost approach to
value is considered the maximum value as required by § 39-1-103(13), C.R.S. Reasonable costs are defined as
costs that were available to any market participant at the time of the personal property acquisition. Reasonable
costs can be estimated using costs declared for similar personal property from similar business/industry accounts.
For Colorado personal property assessment purposes, the actual value is the value in use, as installed. Colorado
statutes require that personal property be valued inclusive of all costs incurred in acquisition and installation of
the property. The costs of acquisition, installation, sales/use tax, and freight to the point of use must be
considered in the personal property valuation. The inclusion of these costs requires that personal property be
valued in use. Therefore, the actual value of personal property is based on its value in use. Appraisals are made to
determine the value of personal property. An appraisal is an estimate of value as of a given date. The assessor
estimates the value of the property being appraised by using comparative data consisting of cost, recent sales, and
1
income information. The relationship between the subject property being appraised and similar properties of
known value forms the foundation of the three approaches used to measure the value of personal
. property. Current actual value is established each and every year for personal property as required by §§ 39-1-
104(12.3)(a)(I) and 105, C.R.S.
In Colorado, the assessment date for personal property is defined by § 39-1-105, C.R.S., as January 1 of each
year. However, after a current value is established, it is rolled back to the June 30 appraisal date established for
real property, using the factors found in Chapter 4, Personal Property Tables, as required by § 39-1-
104(12.3)(a)(I), C.R.S. According to § 39- 5-108, C.R.S., the assessor values all taxable personal property owned
by, in the possession of, or under the control of each taxpayer in the county based upon the characteristics and
condition of the property as of January 1.
3.2
15 -AS -DPI
ARL VOL 5
2-89 Rev 6-16
The assessor documents all valuations for assessment and maintains complete appraisal records to support the
values placed on the personal property. The three approaches to value must be considered and documented on the
appraisal records. If a given approach to value is not applicable, the assessor should note this in the appraisal
records along with defensible reasons why the approach was not used, as prescribed in Montrose Properties, LTD
et al. v. Colorado Board of Assessment Appeals et al., 738 P.2d
4. American Society of Appraiser's (ASA) Value Definition - Fair Market Value In Continued Use Installed: is
an opinion, expressed in terms of money, at which the property would change hands between a willing buyer
and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable
knowledge of relevant facts, considering market conditions for the asset being valued, independent of earnings
generated by the business in which the property is or will be installed, as of a specific date. In each of these
instances the property is capable of being used at its present location. Therefore, the amount includes the
depreciated value associated with all normal direct and indirect costs, such as installation and other costs, to
make the property fully operational. The installed concept considers the property separate from the business
enterprise and gives no consideration as to whether the property is or is not being used.
Varian g Machinery & Equipment: The Fundamentals of Appraising Macl�inei�i and Techniical Assets, Third
Edition (pg. 91) published by the American Society of Appraisers
5. Cites and sources used in this report. The primary sources cited for methodology compliance and regulations
are:
+ State of Colorado
Determining Actual Value
Determining actual value, which is an estimate of market value, is accomplished by an appraisal.
Market value is the most probable monetary price a property would bring if placed for sale in the
open market in a transaction between a willing seller and willing buyer. The assessor is required
to equitably value all property in the county according to the current Colorado statutes.
Appraising Property
The three approaches for appraising property are the market approach, the cost approach and the income
approach. To appraise property, the assessor and his/her staff must review information gathered on
individual properties, know what similar properties are selling for and how much it would cost for
replacement.
2
Other factors that influence value may be location, availability of services and rental rates. All the
information used must be from the two-year period preceding the appraisal date.
Market Approach
The market approach is the most direct method of appraisal using sales of like properties to determine
actual value. The Colorado Constitution requires the assessor to use this approach for residential property
and not the cost or income approach even if the residential property is income -producing.
Cost Approach
The cost approach estimates the material and labor costs to replace a building with a similar one. If the
building is not new, the appraiser must consider its age and how much it has depreciated over time.
Income Approach
The income approach may be considered for income -producing properties such as stores, office buildings
and warehouses. This method considers the landlord's income and operating expenses and the financial
return most people would expect from a given type of investment property.
(State of Colorado }
• Valuing Machinery & Equipment: The Fundamentals of Appraising Machinery and Technical Assets,
Third Edition (pg.11) published by the American Society of Appraisers
O Texas Appraisal Review Board Manual January 2016 Edition
6. Valuation Methodology: Cost Approach
The Cost Approach estimates the current cost as if new, less all forms of depreciation. There are several
recognized applications in Cost Approach methodology. For the purpose and scope of valuing hundreds of
assets and various asset category descriptions with an in place definition, the Age/Life method is practical and
appropriate.
The Age/Life approach estimates the percentage of remaining value compared to the estimated replacement
cost of the subject properties. The remaining economic life value is arrived at by determining the Effective Age
by asset category, estimating the remaining economic life, and then determining the percentage of value
remaining. We applied the following steps in the Age/Life valuation:
A. Identification of the various asset descriptions, classifications and Normal Economic Life (NEL*: The
major asset categories are:
• Restaurant Fixtures and Equipment — stoves, ovens, refrigerators, kitchen & restaurant heating
and cooling equipment, 10 year life
4 Technology and Communications Equipment: including, Point -of -sale equipment, electronic data
managed scales, telephone and other equipment with technology as the primary component.8
year life
® Backroom Machinery and Equipment including balers, pallet jacks, pallet racking — 12 Year life
• Computer equipment, which includes office computers, servers and other processing equipment
• Leasehold Improvements -- 10 Year life
B. Estimating the Replacement Cost New (RCN) of the Assets
For the purpose of Mass Appraisal the asset historical costs multiplied by reputable index tables are
appropriate as a starting point in the Cost Approach. The county's index tables utilize the United States
Department of Revenue Bureau of Labor Statistics (BLS). PPI indexes that are updated annually. We used
3
these, tables with the exception of computer equipment since this type of equipment's replacement cost
declines over time and the county's table does not address this type of equipment.
C. Estimating the Normal Economic Life 'NEL) of the Assets
We estimated Normal Economic Life (NEL) using county Economic Life tables, and interviews with
equipment dealers.
D. Determining the Effective Age of the Assets
The Effective Age of the equipment is a major factor in the valuation and or buying process. It is critical to
the depreciation estimate. For example, if a group of assets has a Normal Economic Life of 10, and their
Effective Age is 9, then they are effectively at the end of their normal life expectancy. This critical
knowledge reduces the value due to the fact that replacements., refurbishments, and more repairs must be
considered compared to an asset category that has an Effective Age of 3. The ASA states: "An advantage of
using the Age/Life technique is that Effective Age can often be calculated by using the client's fixed asset
records. The Effective Age can be determined by weighting the investment in a property or a group of
assets. The procedure can be used for a single asset (if records are sufficiently detailed) or, more
commonly, for groups of assets"
The importance of this calculation can be demonstrated in the following example using just two assets for
brevity:
Historic Cost Index RCN Age Weighted Investment
$1,000,000 x 1.22 = $1,220,000 8 $9,760,000
$100,000 x 1.08 = $ 108,000 2 $ 216,000
$1,328,000 $9,976,000
The formula is:
Multiply Historic Cost x Index Trend to determine RCN
Multiply RCN by the age of asset to determine Weighted Age of Investment Factor
Divide Sum of Weighted Age of Investment factors by Sum of all RCN estimates
* $9,976.000 divided by $1,328,000 = 7.51 Effective Age
E. Estimating the Percentage of Value Remaining in the Investment
Dividing the Effective Age by the NEL asset category estimates the percentage depreciation experienced in
the asset category group. The remaining percentage value is multiplied by the indexed replacement cost
new figure to estimate the Age/Life remaining value in the asset category. For example, if a group of assets
has an Effective Age of 4, and the NEL for the asset category is 10, the indicated depreciation is 40%. The
remaining value is 60% of the RCN.
Note: In those cases where the Effective Age is at or exceeds the NEL, the value is not zero, as they are still
providing value. A residual life expectancy factor is applied. This is similar to a person who has exceeded
their normal life expectancy — they are more near the end of their life, but they are still with us.
Darden Restaurants
Valuation Summary - Weld County
Account # Location ID Loc Address Loc City Reported Cost RCN Eff Age Age/Life Value
P2384603 21583 22"85 GR.EELEy MALL GREELEY 550,034 ` 654,242 "1"1.55 68,843
4
E. The Final Step in the Cost Approach: Estimating Economic Obsolescence The final and most important step when Cost Approach objective is to estimate Buyer and Seller
behavior is to check for any Economic Obsolescence occurring with the assets. The automobile is a good
example that most people are familiar with from a market perspective:
PUAEHASEA VENUE FOR $31,252
ti
AS SOON AS YOU =PIE OFF THE [AT: $27.614
01E YEAR tame $23,523
Aft-. ,.nr - >Y•, ••. I •nn. •%h•r tr.. 141 •-YAfU•!
OIRLIVIARSLIITUtiSib. 667
Pet ip 4.. . 1'1 wI.
in VII Pail ISM- SI1.6
-v..- .,, N. ,..-.
• Satan —dsits 1 -.d —..n -n... 1,.. .4 .-41.L.end On. .w4 I...s-. '...ta . .i4.i.e•`.ael.
As soon as the car is driven off the dealer's lot, it loses 11% of its value compared to news, and in
the first year, it loses 25%. Examination of the three depreciation components in the Cost Approach
methodology illustrates where the loss occurs even in the first few months of ownership:
It's not Physical Deterioration - barely used - very little deterioration
" It's certainly not Functional Obsolescence - same model year, technology, efficiency, etc.
The only other recognized depreciation value loss is Economic Obsolescence - checking with
the market reveals a 25% loss in value compared to new.
Source: Edmunds.com jcar-buying/how-fast-does-my-new-car-lose-value: "brand new
Nissan 370Z loses 9% value in the first minute of ownership, and 19% in the first year".
Checking the marketplace is a required step in the Cost Approach using professional appraisal
methodology:
American Society of Appraisers; : "At times it may be necessary to make an obsolescence adjustment in
the Cost Approach in order to determine a final answer for all depredation that may not be readily
apparent from the appraiser's research into a particular asset" (ASA textbook, pg. 80)
5
Checking the marketplace is a required step in the Cost Approach using professional appraisal
methodology:
Market Research for Used Restaurant Equipment. The following dealer comments are from interviews
and site visits:
a. Lauro Auctioneers: 1224 North East Seventh Avenue, Ft. Lauderdale, FL 33304. 954-760-9333
Lou Lauro: Lauro sells new and nearly new equipment. They prefer to stay away from older equipment
as it almost always requires refurbishment, and they do not refurbish. Like other brokers, Mr. Lauro
states that assets experience very heavy market value depreciation the first year, maintain near 50% of
retail range for the first few years then drop off in single digit depreciation for the next few years. After
9 or 10 years, the value drops significantly due to the elements being worn out from supermarket very
heavy daily use. Stainless steel, "non -mechanical" assets such as sinks and tables hold their value
better, and are condition -based, although after several years, denting and scratching occur due to the
somewhat tight working areas with high employee concentration.
True 1 Yr old 54" Freezer
RCN: $3,122. Sell price "asking $2,000 but would take $1,600 (50% RCN)
Nearly New (2-3 yrs.)
Bakery Case RCN $7,500 - $4,000
Nearly new fryer: RCN $3,750, $,1800
b. Vision Equipment: 4191 North Street, NW. Covington Georgia 30014. Mr. Ed Underwood, a
licensed auctioneer with the company reported that in the first 3 years, the equipment market value
depreciation remains in the 50% range with a fairly consistent slower value decline for years 4
through 8. He confirms a significant drop in value after age 10, stating that there is simply a "whole
lot of 10-12 year old equipment out there". For store assets at the end of the normal economic life
(NEL), dealers will offer a wholesale, salvage or scrap price to the seller, which can range from 2% to
5% of historical cost. In some stores, if the assets are old but well maintained, the values can be in
the 8-10% of historic cost range. His estimate of depreciation to End Users:
6
1-3 years: 35%-45% of RCN
4-6 years: 25%-30% of RCN
10 or older: 10% of RCN if it is in good condition
They do not recondition equipment, except for minor refrigerant fixes. As wholesalers, they look to
purchase at $.10 on the dollar and double their money. There are fewer dealers like Vision now. End
Users are frequently competing with dealers for used equipment. This is due to their access of offerings
via the internet and on-line auction capabilities. Mr. Underwood has noticed a slight increase in demand
and overall prices due primarily to the End User/Dealer competitive situation. Most equipment they
acquire is from major supermarket change outs. Occasionally there are nearly new stores that sell
equipment due to acquisitions, mergers, and new store closings.
c. Kroslak Bakery Equipment, 4708 North Nebraska Ave., Tampa, FL. David Kroalak. Kroslak bakery
isone of the largest new and used bakery equipment dealers in the Southeast. David Kroslak reports that
supermarket bakery equipment such as ovens, proofers, etc., experience very rapid depreciation of
about 50% for the first 2 years, then in year 3 another 15%. After year 3, a slow, single digit deprecation
occurs until about 10 years. At 10 years, in many cases, he reports there is a charge to remove them.
They buy wholesale or liquidation value from sellers at about 10%-15% of RCN , less if in place. Mr. Kroslak
reports that for asset ages 1-3 years old, he sells for about 50% of RCN. In 2014 during our visit, Mr. Kroslak was
on his way out to look at a restaurant equipment that was about a year old. If in good condition, he would pay
about 15% for the assets, and sell them for 50%. Older assets (generally older than 5 years) need to be
refurbished, which they do.
d. Used Restaurant Equipment Dealers Depreciation Interviews: In 2014 were contacted regarding equipment
depreciation compared to new:
One Fat Frog, onefatfrog.com Orlando,FL
Todd James 407-480-3409
Traulsen refrigeration units, depending on condition:
Year 1: 60 to 70%
Year 2: 50%
Victory sandwich preps:
Year 1: 55 to 65%
Year 2: 50%
Hoshizaki DKM500BAH sells for $3850 new
Year 1: 45 to 50%
Imperial cooktops
Year 1: 45% to 50% (combo units 45%; standard cooktops 50%)
Advantage Restaurant , www.advantagerestaurantequipment.com Sanford, FL
Brad Herring 407-321-9999
Traulsen refrigeration units:
Year 1: 60%
Year 2: 50%
7
All other equipment about 50% at years 1 and 2.
A City Discount, acitydiscount.com Norcross, GA
Diane Scherb 404-752-6715
J& C Restaurant Equipment, jc-restaurant-equipment.com Ft Myers, FL
Bill Jarvis 239-275-3490
Overall, used equipment sells for 50% at retail at year 1.
He estimated a Hoshizaki ice machine to sell for 50% at year 2.
Traulsen refrigeration units:
Year 1: 60%
Year 2: 50%
FL Restaurant Equipment Clearwater,FL
George Emas 727-572-5757
Sells used restaurant equipment for 50 to 60% of new at year 1 as he must clean it and test it prior to retail sale.
Equipment coming out of high volume chain restaurants may he worth very little at 4 or 5 years of age due to
condition. He typically buys used equipment for 10 to 20 cents on the dollar.
Traulsen refrigeration units:
Year 1: 50 to 60%
Victory sandwich preps:
Year 1: 50%
Year 3: 40%
Hoshizaki ice makers:
Year 1: 50%
Imperial cooktops:
Year 1: 50% (combo units 45%; standard cooktops 50%)
G&S Restaurant Equipment, gsequipmentinc.com Jacksonville, FL
Becki Robinette 904-356-2521
Year 1: 50% for all equipment types
8
e. Examples of Historical Depreciation: Dealer Surveys from 2003 through 2006:
RESTAURANT EQUIPMENT
Equipment Description
2 DOOR STAINLESS STEEL
FROONTREACI+IN FREEZER
2 DOOR STAINLESS STEEL
FRONT REACK I N
REFRIGERATOR
40 OT. MIXER
BAKERY DISPLAY CASES
BAKERY DISPLAY CASES
BREAD SLICER
BREAD SLICER
ELECTRIC FRYER 40LB
W/BUILT-IN FILTER SYSTEM
ELECTRIC FRYER 4010
W1T3U1LT IN FILTER SYSTEM
FULL SIZE CONVECTION
OVEN
FULL SIZE CONVECTION
OVEN
FULL SIZE CONVECTION
OVEN
FULL SIZE CONVECTION
OVEN
FULL SIZE CONVECTION
OVEN
FULL SIZE CONVECTION
OVEN
GAS 6WRANGE WOVEN
GAS or RANGE WJOVEN
GAS G0" RANGE W/OVEN
ICE MACHINE (AIR COOLED)
290LBS. #dp
ICE MACHINE (AIR COOLED)
290LBS,#dp
Mass Mean
Mass Median
Mass Mode
Cost New 1 Yr Old
$2,500 $1,400
$2,500 $1,200
$4,000 $2,500
$3,000 $1,700
$3,000 51,500
$1,300 $800
$1,300 $700
$7,200
$7,200
$3,500
$3,500
$3,500
$3,500
$3,500
$14,400
$2,500
$4,000
$3,600
$2,150
52,000
$2,000
$1.900,
$1,600
$7,700
$1,600
52,500 51.400
52,500 31,200
$3,000 51,800
$3,000 $1,700
2 Yr Old
56% $1,400
48% $1,200
63% $2,300
57% $1,500
50% $1,200
82% $800
54% 5700
56% 53,000
50% 53,000'
61% $2,000
57% $1,300
57% $2,000
54% $1,900
46% 51,500
53°%
64% $1,500
56% $1.300
48% $1,200
60%
$1,600
57% $1,600
1 2
55% 51%
56% 53%
56% 42%
3 Yr Old
513% $1,200
48% $1,200
58% $2,300
50% $1,350
40% $1,000
62% $800
54% $600
42% $2,000
42% $2,800
57% 51,865
37% $1,300
57% $1,800
54% $180
43% $1,400
60% 51,500
52% 51,200
48% 51,000
53% $1,500
53% $1,400
3 4
44% 42%
47% 40%
40% 40%
4 Yr Old
4S% $1.200
48% $1,000
58% 52,100
45% $1,200
33% 51,000
62% $700'
46% 5400
28% $1,000,
39% 52,600
53% $1,795
37% $1,200
51% 51,500
5% $1,800
40% $1,300'
60% 51,400.
46% $1.240
40% $800;
50% 51,500
47% 51,200
S 6,
38%
34%
33%
S Yr Old
48% $1,100
40% $1,000
53% $1,800
40% 31,000
33% 31.000
54%. $700
31% $400
14% $800
36% 52,000
51% $1,650
34% $1,200
43% $1,200
51% $1,800
37% 51,200
56% 51,200
48% $1,200 48% Budget Restaurant Supply
32% $700 28% Kerekes Bakery & Restaurant Equipment
Company Now
44% Restaurant Sok,uoas
40% Restaurant Solutions
45% Restaurant Solutions
33% ' Westerman Store Equip
33%. Kerekes Bakery & Restaurant Equipment
54% Kerekes Bakery & Restaurant Equipment
31% Restaurant Solutions
11%. GIG Compulsrs, Inc
28% Westerman Store Equip
47% Weslar mn Store Equip
34% Budget Restaurant Supply
34% Kerekes Bakery & Restaurant Equipment
51%! Dick's Restaurant Supply
34%. Restaurant Solutions
Wassersfrom
48% Restaurant Solutions
50% $1,500
40% $1,040
7 8
50% Budget Restaurant Supply
33%; Restaurant Solutions
9
10
f, Point of Sale and Technology —
Mr. Bill Melvin, CEO, of Liquid Asset partners says that while for many assets such as pallet racks, the price
depreciation is very steep in the first few years. As examples he stated that pallet racks is drop generally
about 40% in value the first year, then slower, single digit depreciation from that point on based on
condition. Joe Flowers, at GBS, a company that buys and sells used equipment including POS, electronic
data storage systems, network switches, bar code scanners, and CCTV, states that there has been an
abundance of used equipment for sale for the last several years. Regarding technology based operational
equipment such as inventory scanners and electronics, there is a constant increasing need for memory to
match the increasing technological capabilities of inventory management and accounting equipment. While
some equipment such as mobile scanners hold their value somewhat longer, other electronics like network
switches have a short life span of 3-5 years and have correspondingly rapid used price depreciation.
9
From: Joseph Flowers <joe@gbsncr.cow>
add to contacts ]
To: jack.westtispvandccom,
C€:
Date: Tuesday, October 04, 2011 03:19 pen
Subject: RE: Equipment Appraiser telephone call thank you
Attachments: [ Text version of this message. (5KB)
Hi Jack,
Your current depreciation model for the POS industry was very accurate a few years ago before the
economy took a down turn.
This is an example of current wholesale market trends and this is based on a deal 6 just had an offer on
2 months back, on brand new POS gear, less than 4 months old.
The offer was not accepted and the units are still for sale. Within a few months, they will not be worth
the initial offer.
Used Age 1: 55% of new cost
Used Age 2: 40% of new cost
Used Age 3: 30% of new cost (Ifyou'ie lucky)
Used Age 4: 25% of new cost
Used Age 5: 11% of new cost
Used Age b: 9% of new cost
Used Age 7: 7% of new cost
Used Ages S and older: 19%
The units were Brand New NCR PDS terminals, cash drawers and printers.
POS
Equipment Description
COMPLETE SYSTEM
'COMPLETE SYSTEM
COMPLETE SYSTEM
COMPLETE SYSTEM
HANDHELD BARCODE SCANNER
HANDHELD BARCODE SCANNER
HANDHELD BARCODE SCANNER
IN -COUNTER BARCODE SCANNER
IN -COUNTER BARCODE SCANNER
IN -COUNTER BARCODE SCANNER
IN -COUNTER BARCODE SCANNER
PRINTER
PRINTER
PRINTER
TERMINAL
TERMINAL
TERMINAL
Cost New
Average
Median
Mode
$4,000
$4,000
$4,000
$4,000
$250
$250
$250
$500
$500
$500
$500
$300
$300
$300
$450
$450
$450
1 Yr Old
$2,000
$2,000
$2,000
$2,000
$125
$100
$100
$330
$275
$250
$250
$150
$150
$100
$250
$250
$225
50%
50%
50%
50%
50%
40%
40%
66%
55%
50%
50%
50%
50%
33%
56%
56%
50%
54%
56%
5$°16
2 Yr Old
$1,000
$1,000
$1,000
$1,200
$75
$50
$100
$250
$200
$200
$150
$80
$90
$50
$50
$200
$135
25%
25%
25%
30%
30%
20%
40%
50%
40%
40%
30%
27%
30%
17%
11%
44%
30%
29%
30%
30%
3 Yr Old
$500
$500
$1,000
$800
$50
$0
$75
$200
$150
$150
$100
$80
$60
$0
$0
$100
$90
13%
13%
25%
20%
20%
0%
30%
40%
30%
30%
20%
27%
20%
0%
0%
22%
20%
14%
20%
20%
4 Yr Old
$0
$500
$800
$400
$25
so
$50
$175
$0
$100
$50
$80
$30
$0
$0
$100
$45
0%
13%
20%
10%
10%
0%
20%
35%
0%
20%
10%
27%
10%
0%
0%
22%
10%
11%
10%
0%
5 Yr Old
$0
$250
$600
$0
$0
$0
$50
$150
$0
$100
$0
$50
$0
$0
$0
$75
$0
Company Name
0% Computer Clearing House
6%'Action Computers
15% GIG Computers, Inc
0% Baker Street Resources
0%.taker Street Resources
0% Computer Clearing House
20% Restaurant Solutions
30% B 8 H Furniture Systems, Inc.
0% Ace Traders LLC
20% Restaurant Solutions
0% Baker Street Resources
17% GIG Computers, Inc
0% Baker Street Resources
0% Computer Clearing House
0% Computer Clearing House
17% Best Tel Services
0% Baker Street Resources
6%
0%
0%
g. Furniture and Fixtures
Robin Cole, a sales representative with 17 years' experience working for Freedman's New and Used Office
Furniture Store in Tampa, confirmed that there is about a 40% to 50% economic depreciation in value in the
first year, compared to new. A comprehensive survey conducted by my firm several years ago compared to
dealer comments today reveals very little depreciation variance.
10
h. Computer Equipment
Value Of Computer Equipment Over Time
(3% Depreciation Rate
I I I I I
12 16 20 24 28 32 36
Age (Months)
Example current retail prices (taken from eBay and usedComputercom):
Desktop 26Hz P4: $250; Laptop 1.6GHz PM: $500
Article: Why Do Computers Depreciate? "Personal computers rapidly lose economic value. Within two years
after purchase, the price of a used computer falls to one-third of its price when new. The two -year -old
computer can typically produce the same documents, run the same regressions, and connect to the same server
as it did when new. Hence, by most measures, it can produce the same output. Thus, economic depreciation
takes place with little or no physical deterioration or loss of productive capacity. The general source of this
economic depreciation is not a puzzle. New computer models are typically both cheaper and more powerful
than older ones. That new computers are cheaper and better than older computers has distinct effects on the
value of older computers." (Why Do Computers Depreciate? Geske, Ramey and Shapiro, Publisher, University of
Chicago Press)
Article: Computerworld June 29, 2010:New technologies mean shorter server life cycles noted, "A three-year
replacement cycle has become the norm at most data centers, says Paul Prince, d o of Dell's enterprise
product group in Round Rock, Texas. `Three years is kind of a nice sweet spot... When we bought our first
wave [of servers] almost three years ago, they only supported 32GB of memory... Now, the latest G6 models
have 96GB of memory, so I can get triple the capacity for my virtualization."
Computer equipment
depreciation is recognized
by the month due to
constant functionality
improvements (Functional;
Obsolescence Depreciation)
11
Dealer Name
Contact,Name
Phone #
email
:Location
Description
Make
Model
•Serial Number
Year
Used Dealer #1
,Bstock.net
Ross Dewitt
913-768-8000 ext. 158
ros sak n ktelecom. corn
Olathe KS
IBM StoreWize V3700 Dual
Controller
Used Dealer#2
Bstock.net
Ross Dewitt
913-768-8000 ext. 158
laps s, knkt_elepgip<cpw
Olathe KS
Lenovo Blade Center Switch
Module
IBM StoreWize V3700 Dual Con Cisco
2072-12C
20 Port Fibre Channel
7838668 44E5693
2014 2013
Used Dealer#3
Bstock.net
Ross Dewitt
913-768-8000 ext. 158
co-ak1,Iktelec om, cor11
Olathe KS
IBM Power 730 Express
POWER? Server
IBM
8231-E20
21B8D8T
2013
Age
Dealer Used Asking Price for Subject
Replacement Cost if New
1
$4,999.99
$6,999.99
2
$3,999.99
$9,499.00
2
$19,999.99
$58,071.00
Condition
%of RCN
Used
Used
71%
Used
42%
I. Internet Examples Restaurant Equipment (See Restaurant Internet Research Backup Exhibit)
Example ii
Exhibit 5 Pg Ns
email
Description
Make
Model
Serial Number
Year
Aga
Dealer Used Asking Price (or Subject
Replacement Cart IF New
xOIRCN
Subject
Dough Mixer
Hobart
Legacy HL
2015
4-7
Range
Garland
G60-6R24RR
2015
3
8-10
Convection Oven
Lang
ECOF - API
2015
4
11.13
Microwave Steamer
Panasonic
PROil NE -2180
2015
5
14-17
Reach In Refrigerator
Ariic Air
AR49E 54"
2015
1
$3,000.00
$5,180,00
,58%
I
$2,750.00
$5,11sm()
54%
1
$4,500.00
$6,615.00
68%
1
S1,899.98
S2,636.59
72%
1
$1,400.00
52.045.00
76%
Example if
Exhibit 5 Pg q s
small
Description
Make
Model
Year
Aga
lei Used Asking Price for subject
Replacement Cost if New
%of RCN
6
10.19
himn:lionsw.ebov cornhlm1
TURBO -C FF-
ENCOl W2 -I II GI i-
aPEED-CONVECTIQhJ-
MICROWAVE-OVEN-
NIPS ENCQRE IMFG-
2013-
Q31RMt744?3,07hgjji
ern35f17ca4 I c
;High Speek Convection
I Microwave
Turbo Chef
Encorel
2013
2
$5,390,00
58,597.75
63%
7
20-21
gvlvnmw,ebny conMHmt3
31528207146
Convection Steamer
Cleveland
2013
2
$8,950,00
$17,176,0(1
52%
8
22.24
Commercial Roldgerator
Glass 2 Door
TRUE
T49Ft3
9
25-26
yfnvw,ebgy.cern clnWWWO1
3 Southern -Pride -SC', -
200 -Smoker -
/281704626201
Smoker
Soulhem Pride
SC -200
2013
2
$4.000.00
$5.787.01
69%
2013
2
$4,750,00
57,399.00
64%
10
27-30
Commercial Microwave Oven
Panasonic
2
$1,599.00
53,599.00
2013
44%
34%
Example n
Exhibit 5 Pg tl s
email
Description
Make
Model
Year
Aige
Dealer Used Asking Price for Subject
Replacement Cost If New
%of RCN
11
31-33
Deep Fat Fryer
AF -75
12
34-35
Ref Bakery Display Case
Structural Concepts
H5C56650LR
2013 2013
13
36-37
High Speed Oven
Turbo Chef
Tornado
2012
14
38-40
Ventless fryer
AutoFry
Mn-40C
2012
3
$7,200.00
$11,299.00
1s
41.43
IrltpJhwxra hfy .comM mWV
CIr ,hiss -Fr mPthlfas-GEF-
,G0-29 i.2 -2C 14-
/3d1; •1026097hashoto
jp4 nc a nf133n9
Ventres. Fryer
Giles
40560
2012
44-46
Rapid Cook Oven
TurboChef
NGCD6
I6
2012
2
$900.00
$1,789.00
50%
2
$4,000.00
$9,978.10
40%
3
$3,500.00
$8,620 00
41%
a
57,649,50
512,450.00
64%
61%
3
$4,795,00
S8,620,74
56'1x.
Example II
Exhibit s Pg as
Contatt Name
Phone If
Description
Make
Model
year
Aga'
Dealer Used Asking Price for
Replacement Cost if New
% al RCN
Subject
17
48-49
Ebay
Giro Group
Seer Cooler
TRUE
TU-95.30
2012
18
50-52
Ebay
Julies Restaurant Eqp
Reach in Refrigerator
Continental
3R
2012
19
53-54
Ebay
throne Eqp
Display Robigrotor
TRUE
14RF
20
55-56
Ebay
Ebay
21
57-59
Sonic Steamer Microwave Single Door Refrig
Panasonic Blue Air
2012 2010
60-63
shay
Sngl Dr Reach In Ref
TRUE
TG1R-18 R-13 TO
2010
22
2010
3
S1,599.00
52,448.38
65%
3
52,995.00
$4,701.53
64%
3
31,395.00
$3,436.29
41%
5
$1,249.00
$2,799.00
45%
5
$1,299,00
$3,665.60
35th
5
$1,1'50,00
$3240.02
3h%
7. The Marketplace check for Economic Obsolescence reveals the appropriateness of a Remaining
Obsolescence Factor (ROF) for the first 5 years of this taxpayer's assets. This factor is applied to the assessor's
existing Cost Depreciation tables in order to more accurately reflect the Fair Market Value "Buyer and Seller"
definition in the statutes.
12
Computer Equipment Computer Peripheral
Tech & Comm (8 Yr)
Office FF&E Restaurant Equip
CO
Assessor ROF Factor CO Assessor ROF Factor
Table Request
Age
Table Request :Table
Co
CO Assessor Rot Factor CO Assessor ROF Factor Assessor ROF Factor
Req Table Request Table Request
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
76%
53%
33%
18%
15%
- 21.0%
- 18.0%
-8.0%
-3.0%
-5.0%
Darden Restaurants
Valuation Summary - Weld County
85%
70%
55%
41%
29%
19%
-25.0%
-25_0%
-20.0%
-6.0%
1.0%
6.0%
90%
79°/0
68%
57%
47%
37%
29%
20%
15%
- 25.0%
- 29.0%
-33.0%
- 27.0%
- 22.0%
- 17.0%
-14.0%
- 10.0%
-5.09'
92%
84%
76%
68%
59%
51%
43%
35%
28%
22%
-37%
-34%
-26%
-23%
-19%
-16%
-13%
-10%
-8%
92%
84%
76%
68%
59%
51 %
43%
35%
28%
22%
-27%
-29%
-26%
- 28%
- 19%
- 16%
- 13%
- 5%
-3%
- 2%
Account # Location ID Loc Address Loy: City Reported Cost RCN Elf Age A_ge/Life Value Actual Value County Value
P2384603 21583 2285 GREELEY MALL GREELEY 550,034 ; 654,242 11.55 • 68,843 94,702 E 153320
8. Definitions, Rules and Authorities
a. Valuation Depreciation and Accounting Depreciation: Depreciation is another term that appraisers
use differently from non -appraisers such as accountants and the general public. The valuation concept
of depreciation differs from the accounting concept of depreciation. Depreciation for valuation purposes
is the estimated loss in value of an asset, compared with a new asset; appraisal depreciation measures
value inferiority_ caused by a combination of physical deterioration, functional obsolescence, and
economic (or external) obsolescence
It is important for the appraiser to understand that currently in the United States the accounting
depreciation process is one of cost allocation only, with certain exceptions addressed in Chapter 9,
Valuing for Financial Reporting. It is not a method of valuation (ASA Textbook pgs. 13 & 14).
b. Economic Useful Life: is the estimated period of time, usually stated in number of years that a new
property may be profitably used for the purpose for which it was intended. Stated another way,
economic life is the period of time, usually stated in years, that a new property can be used before it
would pay the owner to replace it with the most economical replacement property that could perform
an equivalent service. Functional or economic obsolescence factors may limit a property's economic life.
An asset's economic life will often be less than its normal useful life.
c. Effective Age: the apparent age of a property in comparison to a new property of like kind; that is the
age indicated by the actual condition of the property. Effective age is often the more appropriate
numerator in the age/life ratio that is chronological age. The effective age can also be estimated based
on the weighted age of the trended historical cost.
d. End -user: purchaser who will employ the assets in their business of selling grocery store items to the
public
13
e. Percent of Cost Method: -This technique establishes a ratio between the selling price and the current
cost new of a property. With sufficient data, similar properties can be analyzed and relationships
developed among age, selling price and cost.
f. Age/Life Cost Approach Using client Fixed Asset Records. An advantage of using the age/life technique
is that effective age can often be calculated using the client's fixed asset records. The effective age can be
determined by weighting the investment in a property or a group of assets. The weighting should be done on
some equitable basis and must consider additions or deletions made over the asset's life. The procedure can
be used for a single asset (if the records are sufficiently detailed) or, more commonly, for groups of assets
(ASA Text, pg. 62)
g. Assemblage Costs Depreciated. "As of the date of publication of this text, most appraisers take the
position that appraisals for fair market value in continued use, assemblage costs should be depreciated, and
that is the position consistently adopted in this text. Most appraisers agree that when an owner sells assets
on an in continued -use basis, or when a potential buyer of those assets purchases on that basis, the
transaction entails used assets and used assemblage costs and therefore the assemblage costs should be
depreciated along with the asset itself. Assuming that the depreciation affecting the value of the base unit
already has been measured by the used equipment market,athe appraiser still needs to calculate the loss in
value of the assemblage costs by depreciating the replacement cost new of the assemblage costs, using the
same techniques described in the cost approach" (ASA Text pgs. 106 and 107).
14
UPS CampusShip: Shipment Label
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00,
UPS CampusShip: View/Print Label
1. Ensure there are no other shipping or tracking labels attached to your package. Select the
Print button on the print dialog box that appears. Note: If your browser does not support this function
select Print from the File menu to print the label.
2. Fold the printed label at the solid line below. Place the label in a UPS Shipping Pouch. If you do
not have a pouch, affix the folded label using clear plastic shipping tape over the entire label.
3. GETTING YOUR SHIPMENT TO UPS
Customers with a Daily Pickup
Your driver will pickup your shipment(s) as usual.
Customers without a Daily Pickup
Take your package to any location of The UPS Store®, UPS Access Point(TM) location, UPS Drop
Box, UPS Customer Center, UPS Alliances (Office Depot® or Staples®) or Authorized Shipping Outlet
near you. Items sent via UPS Return Services(SM) (including via Ground) are also accepted at Drop
Boxes. To find the location nearest you, please visit the Resources area of CampusShip and select
UPS Locations.
Schedule a same day or future day Pickup to have a UPS driver pickup all your CampusShip
packages.
Hand the package to
UPS Access PointTM
THE UPS STORE
5090 RICHMOND AVE
HOUSTON ,TX 77056
FOLD HERE
any UPS driver in your area.
UPS Access PointTM
THE UPS STORE
5060 W ALABAMA ST
HOUSTON ,TX 77056
UPS Access Point -1m
THE UPS STORE
1707 1 /2 POST OAK BLVD
HOUSTON ,TX 77056
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July 22, 2016
Petitioner:
GMRI INC
C/O RYAN LLC
PO BOX 4900 DEPT 715
SCOTTSDALE, AZ 85261-4900
CLERK TO THE BOARD
PHONE (970) 400-4226
FAX (970) 336-7233
WEBSITE: www.co.weld.co.us
1150 O STREET
P.O. BOX 758
GREELEY CO 80632
Agent (if applicable):
RYAN LLC
PO BOX 4900
SCOTTSDALE, AZ 85261-4900
RE: THE BOARD OF EQUALIZATION 2016, WELD COUNTY, COLORADO
NOTIFICATION OF HEARING SCHEDULED
Docket #: 2016-2334, AS0094 Appeal #: 2008211223 Hearing Date: 8/4/2016 10:00 AM
Account(s) Appealed:
P2384603
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of AUGUST 4, 2016, 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, 2016, 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 obtain the data supporting the Assessor's valuation of your property, please
submit a written request directly to the Assessor's Office by fax (970) 304-6433, or if you
have questions, call (970) 353-3845. 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 County Commissioners
cc: Christopher Woodruff, Assessor
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