HomeMy WebLinkAbout20142378.tiff .861 rfr CLERK TO THE BOARD
PHONE (970) 336-7215, EXT 4226
FAX (970) 352-0242
X11 WEBSITE: www.co.weld.co.us
1150 O STREET
P.O. BOX 758
COUNTY GREELEY CO 80632
July 29, 2014
JSPERGM INC
2335 S HOLMAN CIR
LAKEWOOD, CO 80228-4891
Account No.: R7455198
Dear Petitioner(s):
Based upon information furnished to the Weld County Board of Equalization, we understand that
you have withdrawn the petition challenging the valuation of the above Account number.
Please be informed that a withdrawn petition precludes any further challenge to the valuation of
the above Account number for this assessment period. Therefore, the Board of Equalization
took no action on your petition and the assessed value remains as set by the Assessor.
Very truly yours,
BOARD OF EQUALIZATION
Esther E. Gesick
Clerk to the Board
Weld County Board of County Commissioners
cc: Christopher Woodruff, Assessor
2014-2378
AS0088
JUL-28-2014 MON 11 :56 AM FAX NO. P. 01
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2014-2378 W) 100, Inc.
710 Kipling S rest,Suite 110
Lakewood, Colorado 80215
Pho
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JUL-28-2014 M0N 1156 AM FAX NO. P. 02
CLER TO THE BOARD
1$611,,DHONE (970) 3 6-7215, EXT4226
AX (970) 352-0242
-y ' \ WEBS : www.co.weld.co.us
\ 11 Jr} 1-11 — ��1� 1150 O STREET
I P.O. BOX 758
t Hi
-- .]! r ,/ GREELEY CO 80632
couNTY l o
July 22, 2014 " " ‘J
JSPERGM INC
2335 S HOLMAN CIR
LAKEWOOD, CO 80228-4891 e/L/L24, Account No.: R7455198
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of July 29, 2014, at or about the hour of
2:30 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 Aloae of business on
August ricru and mailed to you on or before Aurn iat 12. 2014.
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,
II 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.
AS0088
JUL-28-2014 M0N 11 :57 AM FAX NO. P. 03
JSPERGM INC - R7455198
Page 2
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
d`/siti ;K
Esther E. Gesick
Clerk to the Board
Weld County Board of County Commissioners
cc: Christopher Woodruff, Assessor
AS0088
Weld County
CHRISTOPHER M. WOODRUFF COUNTY ASSESSOR
BRENDA DONES,DEPUTY ASSESSOR
VALUATION REPORT
OF
COMMERCIAL PROPERTY
FOR
Weld County Board of Equalization
JSPERGM INC
PETITIONER
VS.
WELD COUNTY ASSESSOR'S OFFICE
RESPONDENT
Parcel Number: 0959-24-4-01-014
Schedule Number: R7455198
Log Number: 7937
Date: 7/29/2014
Time: 02:30 PM
Board: CBOE
PREPARED BY
NOEL LAWRENCE
WELD COUNTY ASSESSOR'S OFFICE STAFF APPRAISER
ASSESSOR'S VALUE
COMMERCIAL $1,836,000
Total: $1,836,000
CBOE_COMM_010998
Page
SALIENT FACTS AND CONCLUSIONS
Purpose of Appraisal To determine Market Value as of 1/1/14 based on an
appraisal date of 6/30/12.
Property Rights Appraised Unencumbered fee simple interest.
Location 3625 23 AV
EVANS
Land Area 117,417 Square Feet
Zoning EVA C3
Property Type Commercial
1- Neighborhood Shopping Center
Year Built 2001
Year Remodeled 0
Quality Average
Class Masonry
Number of Stories 1
Improvement Sq. Ft. 20,400
Basement Unfinished Sq. Ft. 0
Basement Finished Sq. Ft. 0
Mezzanine: 0
Value Indications:
Cost Approach N/A
Market Approach $1,836,000
Income Approach $1,942,483
Reconciled $1,836,000
Final Value $1,836,000
CBOE_COMM_010998
Page 2
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CBOE_COMM_010998
Page 3
SITE MAP
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CBOE COMM 010998
Page 4
Comparative Sales Grid
PROPERTY Subject Comp 1 Comp 2 Comp 3
Comments Shopping Center Shopping Center Shopping Center Shopping Center
Parcel # 0959-24-4-01 -014 0807-19-0-06-005 & 6 1467-32-4-53-002 1313-02-3-06-001
Address 3625 23rd Avenue 1525-55 Main Street 3120 Village Vista Dr 1169 1-25 Frontage Rd
City Evans Windsor Erie Firestone
Grantor First Bank First Citizens Banks Trust Arm Petroleum Co
Grantee BareRose Windsor LLC Village Vista LLC Herman Schiagel LLC
Sale Price $2, 000,000 $1 ,025,000 $1 ,562, 500
Sale Price PSF $86.68 $121 .36 $146.30
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION Adjustment DESCRIPTION Adjustment DESCRIPTION Adjustment
Sale Date 10/14/2011 4/26/2012 8/10/2011
Location Average Average Average Good -10%
Land Size 117.417 150.935 67.904 92. 565
LJB Ratio 5.75 6.55 8.04 -5% 8.66 -5%
Bldg SF 20,400 23,073 8.446 -10% 10.680 -10%
Basement SF n/a n/a n/a n/a
Basement Finish n/a n/a n/a n/a
Age 2001 2001 2008 -5% 2005 -5%
Condition Average Average Average Below Avg. 10%
0 0
NET ADJUSTMENTS 0 /o -20% -20%
Adjusted Sale Price 52.000.000 $820.000 i $1 .250.000
Adjusted Price PSF $86.68 $97.09 $117.04
Comparables Price / SF Range $86.68 - 117.04
Comparables Price / SF Median $97.09
Comparables Price / SF Average $100.27
$90 / sf selected $1 ,836,000
CBOE_COMM_010998
Page 5
N
( pVI
to
COMPARABLE SALE 1 COUNTY: WELD
ACCOUNT NUMBER: R0584801 and R0584901 PARCEL NUMBER: 080719006005 and 006
PRIMARY OCC: Neighborhood Shopping Center PERCENT: 100.0%
SECONDARY OCC: PERCENT:
THIRD OCC: PERCENT:
ADDRESS: 1525-55 MAIN ST WINDSOR
RECEPT NUMBER: 3799569 SALE DATE: 10/14/2011
GRANTOR: FIRSTBANK SALE PRICE: $2,000,000
GRANTEE: BAREROSE WINDSOR LLC ADJ SALE PRICE: $2.000.000
YEAR BUILT: 2001 CLASS: C
EFFECTIVE AGE: LAND/BLDG RATIO: 6.5
LAND SIZE (SF): 150.935 LAND VALUE: $ 1 . 147. 106
BLDG SIZE (SF): 23.073 IMPS PRICE/SF: $72.67
WALL HEIGHT: 20 SALE PRICE/SF: $86.68
STORIES: 1 .00
ZONING: WIN GC
QUALITY: Average
COMMENTS: 2 wings of Safeway in line retail sold together. This was a foreclosed property sold by the bank.
Figures above represent the square footage, and site size of the 2 parcels.
CBOE_COMM_010998
Page 6
E
COMPARABLE SALE 2 COUNTY: \VELD
ACCOUNT NUMBER: 1(6775781 PARCEL NUMBER: 146732453002
PRIMARY OCC : Neighborhood Shopping Center PERCENT: 100.0%
ADDRESS: 3120 VILLAGE VISTA DR ERIE
RECEPT NUMBER: 3843294 SALE DATE: 4/26/2012
GRANTOR: FIRST CITIZENS BANK I RUST CO SALE PRICE: $ 1 .025.000
GRANTEE: VILLAGE VISTA LLC ADJ SALE PRICE: 51 .025.000
YEAR BUILT: 2008 CLASS: S
EFFECTIVE AGE: 2 LAND/BLDG RATIO: 8.0397
LAND SIZE (SF): 67,904 LAND VALUE: $458,352
BLDG SIZE (SF): 8.446 IMPS PRICE/SF: $67.09
WALL HEIGHT: 14 SALE PRICE/SF: $ 121 .36
STORIES: 1 .00
QUALITY: Good
COMMENTS . This one building of a four building development. Two of the other buildings are inline
retail the other is a restaurant/sports bar. The buildings have been foreclosed . This is the first to resell
CBOE_COMM_010998
Page 7
E U
COMPARABLE SALE 3 COUNTY: WELD
ACCOUNT NUMBER: R3649605 PARCEL NUMBER: 131302306001
PRIMARY OCC: Neighborhood Shopping Center PERCENT: 100.0%
ADDRESS: 11 169 I-25 FRONTAGE RD FIRESTONE
RECEPT NUMBER: 3785557 SALE DATE: 8/10/2011
GRANTOR: ARM PETROLEUM CO SALE PRICE: $ 1 .562.500
GRANTEE: HERMAN SCHLAGEL LLC ADJ SALE PRICE: $ 1 .562,500
YEAR BUILT: 2005 CLASS: S
EFFECTIVE AGE: 3 LAND/BLDG RATIO: 8.6671
LAND SIZE (SF): 92,565 LAND VALUE: $370.260
BLDG SIZE (SF): 10.680 IMPS PRICE/SF: $ 1 1 1 .63
WALL HEIGHT: 18 SALE PRICE/SF: $ 146.30
STORIES: 1 .00 INTEREST RATE:
QUALITY: Average
COMMENTS: Property is 40% shell at the time of sale. First new tenant in several year has broke
their lease. Purchased with 1031 monies, buyer felt that did not affect the sales price. Sale price was negotiated
from the asking price. No appraisal was done, they expect a ROI of 4%. They expect to fill vacancy in one year.
Buyer has no experience with commerial income properties
CBOE_COMM_010998
Page 8
MARKET APPROACH SUMMARY
Real property for the tax year 2014 must be valued utilizing the level of value for the period of one
and one-half years immediately prior to June 30th, 2012. A period of five years immediately prior
to July 1, 2012 shall be utilized to determine the level of value if adequate data is not available from
such one and one-half year period to adequately determine the level of value for a class of property.
Said level of value shall be adjusted to the final day of the data-gathering period. Changes occurring
between base years are not to be accounted for until the following level of value is implemented,
other than additions, change in use, detrimental acts of nature, damage due to fire, etc., creation of a
condominium, new regulations restricting or increasing the use of the land, or a combination
thereof{39-1-104(11)(b)(1), CRS}.
The comparable sales in this report were selected using county records, as well as 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.
Based upon investigation and analysis, it is the opinion of the appraisers that the value
of$1,836,000 accurately reflects the market value of the subject property.
VALUE As INDICATED BY THE MARKET APPROACH
$1,836,000
CBOE COMM_0I0998
Page 9
ACTUAL INCOME WORKSHEET - Year 2011
Parcel : R7455198
Name : Hillcrest Shopping Center
Address : 3625 23rd Ave
Bldg Sq Ft Use
Shopping
20 ,400 Center
Subject Annual
Rents Annual Rent per Gross
Area Rent PSF Month Income
Main Fir PSF 20 ,400 $ 16 , 058 $ 192 ,695
LessVacancy & Expenses
Vacancy n/a
GI $ 192 , 695
Expenses
Actual Expenses $30 , 571
$0
Net Income $7 . 95 $ 162 , 124
Net Income/Overall Cap Rate = Property Value
Property
Value
Cap Rate + Eff Tax Rate 0 . 090 0 . 090 $ 1 , 801 , 378
CBOE_COMM_010998
Page 10
ACTUAL INCOME WORKSHEET - Year 2012
Parcel : R7455198
Name : Hillcrest Shopping Center
Address : 3625 23rd Ave
Bldg Sq Ft Use
Shopping
20 ,400 Center
Subject 1 Annual
Rents Annual Rent per Gross
Area Rent PSF Month Income
Main Fltattha $ 17 ,490 $209 , 879
LessVacancy & Expenses
Vacancy n/a
EGI $209 , 879
Expenses_At
Actual Expenses P $25 , 596
$0
Net Income 141=P $9. 03 $ 184 ,283
Net Income/Overall Cap Rate = Property Value
Property
Value
Cap Rate + Eff Tax Rate 0 . 090 0 . 090 $2 , 047, 589
CBOE_COMM 010998
Page 1 1
INCOME APPROACH TO VALUE
The basic steps in the Income Approach to value for commercial properties in mass appraisal are based on
a landlord-tenant situation and not on the income of the actual business. In using this approach, it
eliminates the possibility of valuing management as opposed to the potential income of the structure.
This is the proper method Assessor's must utilize through the Directives of the Division of Property
Taxation.
INCOME APPROACH STEPS
1. Calculate Gross Income
2. Deduct operating expenses applicable to the real property to determine the Net Operating Income.
3. Determine a proper capitalization rate.
4. Capitalize the net income into an estimated property value.
The Assessor has obtained the income information for the subject property from the petitioner for the
appropriate time frame of 2011 and 2012. This information was reviewed and analyzed. Expenses
provided included the subject property income taxes and interest expense which are not allowable
expenses when analyzing the value of the real property.
In conclusion of the Income Approach, the Assessor has considered both years of data and has put equal
emphasis on both year's income and expenses. The average of the 2 years value indicator calculates to
$1,924,483 or$94 / sf.
TOTAL INCOME VALUE FOR THE SUBJECT PROPERTY
$1,924,483
COO E_GOMM_010998
Page 12
CONCLUSION
Real property for the tax year 2014 must be valued utilizing the level of value for the period of one
and one-half years immediately prior to June 30th, 2012. A period of five years immediately prior
to July 1, 2012 shall be utilized to determine the level of value if adequate data is not available from
such one and one-half year period to adequately determine the level of value for a class of property.
Said level of value shall be adjusted to the final day of the data-gathering period. Changes occurring
between base years are not to be accounted for until the following level of value is implemented,
other than additions, change in use, detrimental acts of nature, damage due to fire, etc., creation of a
condominium, new regulations restricting or increasing the use of the land, or a combination
thereof{39-1-104(11)(b)(I), CRS}.
The subject property has been classified as Commercial Property for assessment purposes. Commercial
property value shall be determined by appropriate consideration of the Cost Approach, Market Approach,
and Income Approach to value. {39-1-1o3(s)(a) C.R.S.} The Assessor has considered all three approaches to
value for the subject parcel on appeal.
FINAL RECONCILIATION
After consideration of the cost, market and income approaches, it is the Weld County Assessor's opinion
that the value of$1,836,000 most accurately reflects the value of the subject property in Weld County for
the 2014 tax year.
COST APPROACH MARKET APPROACH INCOME APPROACH
N/A $1,836,000 $1,924,483
ASSESSOR'S VALUE
COMMERCIAL $1,836,000
Total: $1,836,000
CBOE COMM_010998
Page 13
APPRAISAL STANDARDS AND ETHICS
CERTIFICATION
I certify to the best of my knowledge and belief that:
The statements of fact contained in this report are true and correct.
The reported analyses, opinions and conclusions are limited only by the reported assumptions and
limiting conditions and is my personal unbiased professional analyses, opinions and conclusions.
I have no present or prospective interest in the property that is the subject of this report, and I have no
personal interest or bias with respect to the parties involved.
My compensation is not contingent on an action or event resulting from the opinion or conclusions in, or
the use of, this report.
My analyses, opinions and conclusions were developed, and this report has been prepared, in conformity
with the Uniform Standards of Professional Appraisal Practice.
No one provided significant professional assistance to the person signing this report.
I have made a personal inspection of the property that is the subject of this report.
vterr cc-)
l.%
Noel Lawrence
Weld County Commercial Appraiser
Colorado Certified Residential Appraiser CR40018179
CBOE_COMM_010998
Page 14
CLERK TO THE BOARD
1861 PHONE (970) 336-7215, EXT 4226
FAX (970) 352-0242
lrISMWEBSITE: www.co.weld.co.us
1150 O STREET
P.O. BOX 758
N GREELEY CO 80632
C O T Y
July 22, 2014
JSPERGM INC
2335 S HOLMAN CIR
LAKEWOOD, CO 80228-4891
Account No.: R7455198
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of July 29, 2014, at or about the hour of
2:30 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, 2014, and mailed to you on or before August 12, 2014.
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.
AS0088
JSPERGM INC - R7455198
Page 2
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
AS0088
NOTICE OF DETERMINATION
Christopher M. Woodruff Date of Notice: 6/27/2014
Weld County Assessor Telephone: (970) 353-3845
1400 N 17th Ave Fax: (970) 304-6433
Greeley, CO 80631 Office Hours: 8:00 AM - 5:00 PM
ACCOUNT NO. TAX YEAR TAX AREA LEGAL DESCRIPTION/PHYSICAL LOCATION
R7455198 2014 0663 EVS LDGS TR 7 THE LANDINGS
3625 23 AV
w JSPERGM INC EVANS, CO 000000000
2335 S HOLMAN CIR
o LAKEWOOD,CO 802284891
z
w
a
0.
a
ASSESSOR'S VALUATION
PROPERTY CLASSIFICATION ACTUAL VALUE PRIOR TO ACTUAL VALUE AFTER
REVIEW REVIEW
COMMERCIAL 1,836,000 1,836,000
TOTAL $1,836,000 $1,836,000
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:
CM05- The law requires that all of 2011 and the first 6 months of 2012 data be used to establish
current values.We have considered all(3) three approaches to value in arriving at your current
valuation. We have denied your appeal based upon this data.
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 real property appeals is July 15.
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.
RECEIVED
JUL 082014
C : Asr-CCA> WELD COUNTY
. 8- id-I COMMISSIONERS
f'S oO$8
APPEAL PROCEDURES
County Board of Equalization Hearings will be held from
July 1 through August 5 at 1400 N 17 AVE.
To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown
below, and mail 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
To preserve your appeal rights, your Petition to the County Board of Equalization must be
postmarked or delivered on or before July 15 for real 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 12, § 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 District Court
1313 Sherman Street, Room 315 Contact the District Court in the County
Denver, CO 80203 where the property is located. See your
(303) 866-5880 local telephone book for the address and
www.dola.colorado.gov/baa telephone number.
Binding Arbitration
For a list of arbitrators, contact the County Commissioners at the address listed 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.
PETITION TO COUNTY BOARD OF EQUALIZATION
What is your estimate of the property's value as of June 30, 2012? (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.)
What is the basis for your estimate of value or your reason for requesting a review? P JE3P e attach
additional sheets as necessary and any supporting documentation, i.e., comparable sales, r n ro ,, original
installed cost, appraisal, etc.)
ATTESTATION
I, thp.and€rsteened owner or agent' of the property identified above, affirm that the statements contained herein
and on any ttachments hereto are true and complete.
Telephone Number Date
Email Addressee f M ti TLC)
1 Attach letter of authorization signed by property owner.
15-DPT-AR
PR 207-08/13
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