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bocc.packet.08132014 - BOE Ratifications
AGENDA ITEM SUMMARY REGULAR MEETING DATE: August 13, 2014 AGENDA ITEM TITLE: STAFF RESPONSIBLE: Board of Equalization (BOE) Ratification of Hearing Officer's Determinations Jeanette Jones ISSUE STATEMENT: Whether or not the BOCC should ratify the BOE Hearing Officer's determinations of appeals from taxpayers of the Assessor's 2014 valuation. BACKGROUND: Beginning on July 28'h, Mick Ireland serving as a hearing officer on behalf of the BOE, conducted hearings on appeals from taxpayers of the Assessor's valuation for 2014. Attached are copies of the hearing officer's determinations resulting from those hearings. Additionally, the Assessor reached an agreement with certain taxpayers and entered into an assessment stipulation. Attached are copies of these stipulations. Additionally, I have attached a detailed spreadsheet of each account which reflects the assessor's valuation the adjusted total and the dollar amount of the change. KEY DISCUSSION ITEMS: For purposes of this meeting, I have asked Mick Ireland, hearing officer and Larry Fite, from the Assessor's office, to attend the meeting to answer any questions the BOCC might have with respect to the procedure and/or any of the determinations. RECOMMENDED BOCC ACTION: Consider the hearing officer's determinations and ratify accordingly. ATTACHMENTS: Reconciliation Spreadsheet Hearing Officer's Determinations/Stipulations 009'2 PP'69ZS A. r.. N N NJ n .Ni W w w w 't w m w w „y' pp 'n w w O 5 O O A 5 O r, O 8 N v 8 r, r 8 N W A W A w 8 P P w O S NE.83i8888g 88888 I.o ti o 0 0 8 8 8 g$§ 1 2 o N o m m o .� .gy�pp 8m pSS� 2255 ppoo m N O O 'n A �O w b g V W 8 E E O A A 0 S O ^ a X a a Z p D D N p p O Z = CZl D O P Z '1 2 m m➢ C F nonm m Z Z m 0 O Z' ' A O Or C p D O a D O i s 4=xf m2 LNVso z * i o c Z c y 'Al -D+ c 0; co • y C Z b y n o c- o N p 1 i w m m uZ O o p Z m s Q z 0 g N N p= o. 0 8 v Z° Z vmi 8 s l H o° a m= j* m m Q O 1 DyA 9,- R .. 3, 2 d m R o o s mi. 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A 8 0 O O V S V O' S A w � N Y 8588g8888888888888 N N N N N tO N N N t- N CpoN O N pp q S 0 0 0 8 8 8 8 L" E 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 N • A r W r ,+ w .pV• OO'��i .p�ppp tr. 88 'pp Grp pp 'p0 b W O F O w v O� O O O A 8888088888g88ao88 273505403011 R017234 OWL CREEK MEADOWS Lo' SMOOV3W X3311D 1M0 n 273505403010 R017233 OWL CREEK MEADOWS Lot 10 SMOOVJW 1133671M0 273505403009 R017232 OWL CREEK MEADOWS Lot 9 SMOOV3141 71338D 1MO $88 888 S 8 S 0 0 o O 0* 4 4 z A ss < D 0 0 Ds y � 4s� 0 273505403008 R017231 OWL CREEK MEADOWS Lot: 8 SM0OV3W 3338)1M0 8 273505403007 R017230 OWL CREEK MEADOWS Lim SMOOV3W 11331171M0 n z z v Ws R..., 88 o c c Q 2 2 2 2 n y N m m 1 1 A R W wJ o p.l w F 8 1. Dc op r '"§.- D D P. v S F o O t 8 • O 61 m 3 2 r �. s m c Z G 3 A C x p R o A Z n y y 0 Z 2 2 0 m Z' _r O b a nno'DS D;rzipnn = n F p 9 yy 22 = D i c 0 0 O y 4,5s Z r0 Z o 9 N 2 Z N N ✓ r A n N c n i y 8 88888888886 MI MMIAMIAMM D D D D D D D D D D D O O Gl Ll L1 0 0 0 0 0 0 0 0 m Z Z y 2 2 Z 2 Z y y y H ti 1 y y A A � � H A D b b b b b b D D D b b d b D b Ob b D M N w C L L C M L C n n n ERE n s n n n a o. a s n N• S oo§ 8og N N0� P O � 888 ti N T � V ggg r a o o g 8 8 8 g g N ▪ N 5.8 88E D omsmms 7 t < K 1 O O O m m • D D D D D D D D➢ D n 2 L L G L G 1 1 t G L A.LLLLLLLLL 000 r N N N N n a ."- g e 'N.' ▪ PP 8888§g88888 n > W N _O�i N- • N r 8 8 8 § ti Nm m�Neti 8 8 8 E 88d8§8888§g r L r pN0 W W8$TIg88 8 g 888888888E 4 V�g8 10 ang N 'D In ' 88o • 8 8 8 E 88888888888 N ytNJ N N N NYN N N N NNNN NA N N Nr P y. A yp� Epp {W W �p ., N gypp. pppp ppTp W p▪ N SS P N mm1 N W O O N O W~ * O O O O O m m 8 r p V 4 p a C a r 8 SS888888§8§g$88888 888 888 y� y� N Un Al N A L P P - O 'C i 40,W °° 9'8� y� /� V� In Q pT 50�0 Opp 5P� 8 8 8 8 8 8 8 8 li O 8 `O O O i g O 8 g O g 8▪ 88 2 Via 2 Y 3 K i iY_ t i. L s A A g z A' 4 N 0 W Y o' s N y� N „.„..A.„....A W A r N r r pppp pppp�� pp1p A W O O O ip S O O �+ g g 88888888g8 w�p N Oo �0 2-, • 8 1,I W N'NO r 8 8 8g888gg8g8g Y T K S o a o- •a A w a x a n O 0 e Y S a 65 9/51 PITION COUNTY ASSESSOR 506 East Main Street, Suite 202 Aspen, CO 81611 Phone (970) 920-5160 Fax (970) 920-5174 2014 VALUATION FOR ASSESSMENT STIPULATION TAXPAYER: f /(214/vl .?pc/ C 5peL2sJ sT SCHEDULE NUMBER: R 67 WI Li PROPERTY DESCRIPTION: Veil R-ev kJ (J' 1 'T (D The Piticin County Assessor and the above mentioned Taxpayer stipulate to the value noted below for the 2014 Valuation of Assessment of the noted property. The agreed upon value will be binding for only 2014 as 2015 is the start of the next statutory valuation cycle. STIPULATED VALUE: $ / / C5-0 Taxpayer's Ad4f — (LlivG CJAui2 Assessor Rpresentativ -71,s lPi Date 9 Date PITKIN COUNTY ASSESSOR 506 East Main Street, Suite 202 Aspen, CO 81611 Phone (970) 920-5160 Fax (97C) 920-5174 2014 VALUATION FOR ASSESSMENT STIPULATION TAXPAYER: L��EWt(� FFn f tSp ,�A a S 3 LLC. 1 At SCHEDULE NUMBER: t'%Z.7_ PROPERTY DESCRIPTION: 6c,i &AA `\Gt,so C,?t at4 Firm" t IS\o c\c %O I o-S % � 1t , k -(' The Pidcin County Assessor and the above mentioned Taxpayer stipulate to the value noted below for the 2014 Valuation of Assessment of the noted property. The agreed upon value will be binding for only 2014 as 2015 is the start of the next statutory valuation cycle. STIPULATED VALUE: $ k, ZSO 000 t Ass DateI Hi "71 Z<'1 4 Date HEARING OFFICER DETERMINATION PITKIN COUNTY BOARD OF EQUALIZATION 2014 oit °e t TO BE FILLED OU97., T BY ASSESSOR'S OFFICE: Q Property Owners Name: LeW15) /4 alg{�Yl Schedule No. �6v Property Owner's Representative (If applicable) area Car aon Property Address: 517 [Ai, (forth `4-veep` Legal Description: C++y of Asper) , Le4 £t b e. d 3;t,5 , 1�\k 4 (WeS+ 6h013 Hearing Date: lfa2I 14- Hearing Time: Owner(s) Requested Value: ' 3 2-50,00 Owner(s) Justification for Appeal: Sates 3us-Fi5y reclud±LTA in UaLLte, Assessor's Representative: Cken1( ttressetovir3Assessor's 2014value • S 5,.325,30O Assessor's Justification for Valuation: 66e56 or reties63 Inferior i napeci-ion , (Oaf Was fist allowed, $u*ed ov' eui-ev`Tor ir,spec4ion ..j gm 5.° lestbil 40ei us\-rrret r 4o J514.15. (L.0L 45352 IImps1 r,230,000) G,trvfVu-t f� $ � 5i3 85 goo _Classica Classification Land: Improvements1l k� � Total TO BE FILLED OUT BY HEARING OFFICER: LI,1f t offerB Only issue was interior quality.. Assessor not able to access for inspection. Built 2001 effective year. Interior is high quality durable materials. Given Institute bought by.family nearby sold for $13.8 million as a scraper. Petitioner argues equalization requires using incorrect nearby property values as comparable and equalizing to those values. This is not the case law, see Bishop et al v. BAA, 899 P2d. 251. The valuation is set at the Assessor's offer of $4.75 Million Property Owner Present: Yes X No Determination: No Change The Following change: $635,800 Classification: Present Value:$5.385 Million Adjusted Value: $4.75 Million Land: Improvements: 'Hearing Officer: M. Ireland Hearing Office Signature Total: Stipulation: Michael C.irelir HEARING OFFICER DETERMINATION PITKIN COUNTY BOARD OF EQUALIZATION 2014 ":*0 BE FILLED OUT BY ASSESSOR'S OFFICE:: Property Owner's Name: &01 VVest4afloi. koU rtSchedule No. Property Owner's Representative Of applicable) Gr€'q Gordon, Property Address: 20! Uf 1 au 1 � Q pvi 5 " Legal Description: 4t4- f ° kpf n I Rj k 56, bit l West- En�� Hearing Date: II 2_B 120 R+ Hearing Time: • Owner(s) Requested Value: Si -met lot 4i e are inannvo pvio e , An o4judwev ' 4or lit- -size, Drawl ai3v61wre4 -tO✓' ivwpvovevneicF not b&li, skota1d to-e- made, Assessor's Representative: Ckevyf 1\a554vin Assessor's 2014 value 11 7j 1,O61) Assessor's Justification for Valuation: COINto u5 I' * 2- ave nexk door "% C. 1 Sub'ec' avnd cure vevy 6ivnilatr jV1 5'Ixe 4r-ctaatity. �t-dte-t S ,u5i _car don St*C °via tinApYD.1'e "6iZC cave's-J-00.66,rod apprcJ64 �,illi0tl, plruc-�i��- tsildiv+i kvvvuk t.tl�d - v '4 Classification gr_Sjd� tau\ Land: S3,7WJ,OO✓7 Improvements 3,937r/000 Total rl/ / 17, obb TO BE FILLED OUT BY HEARING OFFICER: Assessor Comps 1 and 2 are strong and need very little adjustment. Petitioner correctly notes that lot size and improvement are separate issues. However, the adjacent comps are very strong and dispositive. 55, f SO, 000 owner(s) Justification for Appeal: Property Owner Present: Yes _X No Determination: No Change X The Following change: Stipulation: Classification: Present Value: $7.717 Million Adjusted Value: Land: Improvements: Total: ''Hearing Officer: M. Ireland Hearing Office Signature Mncnnd c.,reiv: HEARING OFFICER DETERMINATION PITKIN COUNTY BOARD`OF EQUALIZATION 2014 TO BE FILLED OUT BY ASSESSOR'S OFFICE: /,� Property Owner's Name: 717gPr /raray A fir// /{WSchedule No. / 7 6-9 Property Owner's Rep//resentative (If applicable) fla/ ib t�%' `Z /(I� v ..frei Property Address: /t 2 �2 &c) �ctG/(L�//� )f�dlt>�fyVL�CSc (/1) l�/l/( (v Legal Description:)-/�/4L /)V+7 �1691T ;, 1.4 /O QC Hearing Date: ll3v PLY Hearing Time: . / .6 Th Owner(s) Requested Value: 0,060 ec)C7 Owner(s) Justification for Appeal: OC(5)VI S led /I Cab( ttrn/,f alailt f &fiC/05611C .)-i ,M'i" G JDl l l%ivr-'1 •Wi%Zt Ad 27ILDV aoc%Oe / t/wt._ ' �/ n Assessor's Representative: 9(D! I Cl7C(L�I'lV�� Assessor's 2014 value 3/0.9 ?i /(k) / Assessor's Justification for Valuation: Si)/ 3 l�li /U-{'. /� ('1 h�( and Sc)�d jgce IA) Ilk, ,819--A , le/ /il iev coil-vi (o a/J/Jla1 p B40- /Mot .- >tI ! f is La Am ti %l7 opicr5hatte 54ni Stipulation entered owner represented by phone. If more room is needed continue on back page Property Owner Present: Yes X. No Determination: No Change 'X1 The Following change: Stipulation: $3,073,100 Classification: Present Value: Adjusted Value: Land: Improvements: Total: Hearing Officer: M Ireland Hearing Office Signature MINailClrtla HEARING OFFICER DETERMINATION PITKIN COUNTY BOARD OF EQUALIZATION 2014 TO BE FILLED OUT BY ASSESSOR'S OFFICE: • Property Owner's Name: 4-1 inita Ca^rLLC-- Schedule No. -3 (43 Property Owner's Representative (If applicable) Property Address: A i AenrOtCe Legal Description: t-ilk_yi, Poci Y' Iv [J Hearing Date: 16A/H Hearing Time: Owner(s) Requested Value: \ .?P1 Owner(s) Justification for Appeal: S 600 Assessor's Representative: 12^.S , Assessor's 2014 value J boo • - Assessors Justification for Valuation:Q �L F9"', R I �% v 1 �Du�p� vtit aou. LI, iivt e)00, Ugh -Lc t,��l-I� , v o H 2eI4 Nifi Vag Classification SCV Land: 2Sn Improvements I`�M Total TO BE FILLED OUT BY HEARING OFFICER: This property went to binding arbitration where the hearing officer was upheld. No changes. Owner's request for $1.8 million is backed only by one comp. However, two comps on the same street and branch thereof (Bennett Place) are close by and support the $3.5 Million upheld in 2013. The views are superior to the Comps 1 and 2 chosen by the assessor. With these relatively old properties, land value is controlling. If more room is needed continue an back page Property Owner Present: Yes X No Determination: No Change X The Following change: Stipulation: Classification: Present Value: $3.5 Million Adjusted Value: Land: Improvements: Total: Hearing Officer: M. Ireland Hearing Office Signature o Nhaci c ird r PITION COUNTY ASSESSOR 506 East Main Street, Suite 202 Aspen, CO 81611 Phone (970) 920-5160 Fax (970) 920-5174 2014 VALUATION FOR ASSESSMENT STIPULATION TAXPAYER: G-ote..nti Cetm aoia Trks7' SCHEDULE NUMBER: Wbsti PROPERTY DESCRIPTION: MS f\ keen Sk4S 1- LAig The Pitkin County Assessor and the above mentioned Taxpayer stipulate to the value noted below for the 2014 Valuation of Assessment of the noted property. STIPULATED VALUE: S i /3 O l&Ofl Taxpayer Cie /44/1 Date i/a5ON Assesso ' epre:entative Date PITKIN COUNTY ASSESSOR 506 East Main Street, Suite 202 Aspen, CO 81611 Phone (970) 920-5160 Fax (970) 920'5174 2014 VALUATION FOR ASSESSMENT STIPULATION TAXPAYER: MA-61I; v. Cc/A i T e S LC SCHEDULE NUMBER: I,L5 PROPERTY DESCRIPTION: Ik.M\-e tto f5 R SAr. INs i cc\Ct L LD* 3 The Pitkin County Assessor and the above mentioned Taxpayer stipulate to the value noted below for the 2014 Valuation of Assessment of the noted property. The agreed upon value wilt be binding for only 2014 as 2015 is the start of the nett statutory valuation cycle. STIPULATED VALUE: $ (S -V1° Z06 tese- 7payer'5 i16er Date sessor Re 4 e tentative 71zsli 1 Date Hearing Date: 7I atj 20 14 Hearing Time: r. Owner(s) Requested Valut (3,b04000 Owner(s) Justification for Appeal: nwa blf, 5a\e6 atria 691,1a.iibo..fter t,. 4-t, I'II10 (zoo UJ, 44llQrn 5S) Su•S9eck i HEARING OFFICER DETERMINATION PITKIN COUNTY BOARD OF EQUALIZATION 2014 4 TO BE FILLED OUT BY ASSESSOR'S OFFICE: roperty Owner's Name: Lewis, Iona4ban Schedule No. R ®0 2001 Property Owner's Representative (If applicable)Gveg Gordon , �rt4y, Property Address: 'figI1, .-5t S4 vee_h Legal Description: CAI of kipat, 56, LA'S Lc1 .Old Paepek.e gd'oa(-C Clow? La lc e. Assessor's Representative:cht�'°ai) Its°`^i Assessor's 2014 value �I, 761,C 1 Assessor's Justification foeValuation: Tbws i ern ��aid %Wei ke— g a � aPea WtM cos. kciS .5Papte—V;O ^ ' e$L °n i W1 L0kCr, 7taMRe-b5 ID,�00.Sc. et 1��4(y¢v® Q33iov • Ociwall .1A�tl� 5u)twwvin_s ?coif lavtd&r9aviarta A-uri+nel Svtu upev- .Ova ks , riet\libivneet w6wovd1rP4, Classification .Resit s\ Land: ' 5,oio,o00 Improvements °+b2l' W00 Total 41T t160® re.ee websiit : evotvnann- grci-uteci-uv-e,.. ConnMb6, CF}ivate L6ouse4 '0 BE FILLED OUT BY HEARING OFFICER: BOE Comments/Remarks: • Only issue was interior quality. Assessor not able to access for inspection. Website shows some -evidence of interior finishes, noted above. Built 2001 effective year. Interior is high quality durable materials. This house overlooks ACES and Hallam Lake. Nothing on Lake Avenue and this area is close to the assigned value, all are above. Given Institute bought by family nearby sold for $13.8 million as a scraper. Petitioner argues equalization requires using incorrect nearby property values as comparable and equalizing to those values. This is not the case law, see Bishop et al v. BAA, 899 -P2d. 251. The valuation is upheld at the Assesor's offer of $11.751 Million Property Owner Present: Yes X No Determination: No Change X The Following change: Stipulation: Classification: Present Value: $11.751 Million Adjusted Value: 11/717/&Of Land: .... . . Improvements: Total: ... Hearing Officer:.. M. Ireland Hearing Office Signature Michael C. Irely P9TKIN COUNTY ASSESSOR 500 East Main Street, Suite 202' Aspen, CO .81611 Phone (970) 920-5160 Fax (970) 920-5174 2014. VALUATION FOR ASSESSMENT STIPULATION scllEnu� N�iv113,R. :Ro u t n 7 I. PROPERTY 1T SCRIP`i'IOiN: +k i n Chan 5uWiunsion,. The: ['akin County Assessor and the above mentinited TUpe}er stipulate, to the vulne"noted, below (pi the 2014'yali±ation of Assessment iof the rioted properly The agr'_ee3 upon value will' be btnduig:for only 2014 as 2015 is the stun of the next sizitilt6tyr valioation cycle. A Ft HEARING OFFICER DETERMINATION PITKIN COUNTY BOARD OF EQUALIZATION 2014 firzTO BE FILLED OUT BY ASSESSOR'S OFFICE: rroperty Owner's Name:el/fl (6tri.d0 iG4L IY & LLSchedule No. Ra d 3d ri Property Owner's Representative (If applicable)) (277 7 /7 //a l Property Address: / cCLLi,CteilL W, el , (2) / Legal Description: C?W�- Crete Kapet of 1,6 // !7 / Hearing Date: (/ %`7 Hearing Time: ��) Owner(s) Requested Value: Me.) Justification for Appeal: 72C57re dP r(s t2c- a.614 0 S i'2 f fin elez uu(1 cci t wvp r4 , i (s a C >'- 12) o L2)4 10���'� /(� 1lkee/t croir3?,{Loti)Aatg, ��ti �1�V�c,�9°/t/L(PS L�l/lsSu L�ue�Assessor's Representative: tC1V`/L, %Assessor's 2014 value i ad 0 Assessor's Justification for Valuation: %Jr/LL7t't/ d7ICS Ov /1a11 I Id L1 add f CL( 11P)se L°)11.\ p fi° 5175-6 � �. dVid a rrevi .lt paves .Iles free" ((�i S , fl e i1 11 U,Ps ;�'c�R I OeSl (?�/litto C� - HIP S* J e4io 17O L' 3e l 1 h e— pp Classificiatio f���//��-1,01 tee, Land: //S'1S &%) Improvements ND,e 96) Total %r.716- C»U • BE FILLED OUT BY HEARING OFFICER: The property was under contract for $800,000 in 209, closing in 2012. Buyer undertook obligation to renovate the historic Stapleton Farm House and received 5,750 in additional square feet, the — standard Pitkin County LUC allowance in rural areas. This property is adjacent to the owner's _ other property and thus is worth a premium. Petitioner argues to some effect that the deal is complicated and carries risk for buyer that the approvals would not be given (they were) and — requires renovation. Hearing officer noted that the SFH historic Stapleton Farm could be rented for substantial amount. Comps range from $1.6 to $2.4 M. Hearing officer sets value at minimum — comp price, $1.6 Million. Developable with TDRS) across the road went for $3.6 M. Value offered by petitioner is not supported by comps. Property Owner Present: Yes X No Determination: No Change _ _ The Following change: $115,000 Stipulation: Classification: Present Value::. $1:715 Million . Adjusted Value: $1.6 Million Land: Improvements: -•aring Officer: M. Ireland Hearing Office Signature Total: HEARING OFFICER DETERMINATION PITKIN COUNTY BOARD OF EQUALIZATION 2014 TO BE FILLED OUT BY ASSESSOR'SiOFFICE: rProperty Owner's Name: L +ham, t"t t I�1'1Schedule No. R'a rbf 1 3 (5 I Property Owner's Representative (If applicable) ate3 Cowl DV1 0411 Property Address: 11-'0 '. S()r i n q 5+ 44 2 1 Legal Description: Ri-V.4 1 Rota.) toj.ankann e cd 05 -& 2-- Hearing Date: 7(210 1)4 Hearing Time: Owner(s) Requested Value `tar18c' 3.0� Owner(s) Justification for Appeal: R►eA- Per 5' j' 'v3hear- kiftan Covtdo 5 ►v°, -tke_ Cott .e 4- keooileg inFltteffICe4 by irks ale. es Pitk;n RotA 140. OJas t f g tedu Ceti 4ot3,9 Assessor's Representative: l/�tftevil f eit5e6''njssessor's 2014ttvalue i Assessor's Justification for Valuation: eOWWS Sufptw+ 11616e, t\i ecI -% use 4, nu t IQ v -bt34tone.. Ate 5 , liorwvcln nn*he. Pavk '►e (Drab complex no Views af spot tYikn. R'niepavio t0a6law ameAD ilea bn Mit 40 aeajles 04464 Sailleee Was Itacl Classification Gortlo,Re5Land: Improvements$3d t Total`519. 0 BE FILLED OUT BY HEARING OFFICER: BOE Comments/Remarks: Petitioner relies on comps using Monarch on the Park condominium values arguing that closer to downtown is more valuable. However, that generalization is not applicable to all units. In this case a close by unit that is a townhome is a better comp and sold for $4.995 in the time period in the same complex. Adjusted at protest to $3.9 million. Property Owner Present: Yes X No Determination: No Change X The Following change: Stipulation: Classification: Present Value: $3.9 Million Adjusted Value: Land: Improvements: Total: Hearing Officer: M. Ireland Hearing Office Signature Michael C. Irel HEARING OFFICER DETERMINATION PITKIN COUNTY BOARD OF EQUALIZATION 2014 TO BE FILLED OUT BY ASSESSOR'S OFFICE: Property Owner's Name: r?,„,t+,o',`. (.o Schedule No. \330 C t, �1 Property Owner's Representative (If applicable) `>G.Uc i- Property Address: 44'- A v(Y,AN\ z V&A ' ' , 61.n4 tDC;nnil y Hearing Date: A t 1 1 C Legal Description Owner(s) Requested Value: 1f/iw C o ,, r514c>s >tr Hearing Time: ID `- ' , c Z OC i U t Owner(s) Justification for Appeal: IhS�S hn r1 kr-) /� 1 (eto rl c, 6V4;6 i i/Ll s U'Ak '2 1utti C� vro1Ji`�P!'� L rec, Crn- oi-Draicte \ C1..AAA CY, A\r(Ti/�_ r 1 5 Assessor's Representative: r \\c Assessors 2014 value 'Ou 0�t( ) Assessor's Justification for Valuation: I t;.h't' n,. ' ' "-Uv 1 `k 1 1 c�� u e ; et; u Aer�i�S s � 1n k) cwi ��c, .,r tnD� c' p,,e\ fio �ts;�c y rTUrc<�dfP fit vvi re ccecGurG-t I. }� fv� in 2 1A';(w`��' � �� +. �� `C�`P %!.Lr1()i� CZ 't-o Classification Land: Improvements Total TO BE FILLED OUT BY HEARING OFFICER: BOE Comments/Remarks: This 9 acre parcel appears to have been subdivided by donation of a Right of Way, Parcel 15293, to the Town of Basalt. This may increase development rights in Pitkin County. Basalt has aggressively .annexed lands within its Master Plan and has encouraged high density subdivision as in the Southside subdivision across the road. Petitioner's argument that the parcel should be valued on a per sq. ft. basis -is not compelling: the real value is derived from its likely ability to annex to Basalt and develop along the lines of the 2007 plan that reached sketch plan approval. Thus, the value of one acre of land adjacent to a successful subdivision where small, raw lots of about 6,000 sq ft are commanding $200,000. This (parcel is thus appropriately valued at $1,000,000, contrary to both Petitioner and Assessor's estimates. Property Owner Present: Yes x No Determination: No Change _x The Following change: $+400,000 Classification: Present Value: $600,000 Stipulation: Adjusted Value: $1,000,000 Land: Improvements: Total: Hearing Officer: M Ireland Hearing Office Signature Nlmud C.lreln HEARING OFFICER DETERMINATION PITKIN COUNTY BOARD OF EQUALIZATION 2014 TO BE FILLED OUT BY ASSESSOR'S OFFICE: Property Owner's Name: 1i (4,04 rI Co Schedule No. Property Owner's Representative (If applicable) \)Q.\j e 2.,'#i; c rr" nn�� tt' Property Address: Iti` ii V A( t(.n Hearing Date: `i) I 1 \ 14 Hearing Time: \O .5 B Owner(s) Requested V( lue: t 0 `i O t) Owner(s) Justification for Appeal: P en?'+2 a 11 kt�e 4/ c rotor,. k�,? (A-s5 ,-; RA i kJ/Au,g o& 11Le ��ry- plvCC C` \-0 \--Le ,c„tt�n� StL.P c �<S prir(_e { Assessor's Representative: VIA- P Assessor's 2014 value 500 00 O Assessor's Justification for Valuation: (ksurY •r ;iejtAe s\ 5 illOn crir4CA L le �^ 7 9 �, 1 I (0 j Wl CK rJv N t" - AS VV it 1h y f c- C:_rc r AAi : i n ,p �' P 9 -i ; 0-AA fir c IMP kC. ns 1 n :yu r, S QL, C III vl.D' it t-Tey-t-vk t IA lc A LI, 6(...-(LA ti 1 SG (C C Land: Improvements Total Classification t 1 r t Legal Description: TO BE FILLED OUT BY HEARING OFFICER: BOE Comments/Remarks: This small parcel is adjacent to Basalt and the Roaring Fork Bike Trail by the high school. Basalt has aggressively annexed lands within its Master Plan and has encouraged high density subdivision as in the Southside subdivision across the road. Petitioner's argument that the parcel should be valued on a per sq. ft. basis is not compelling the real value is derived from its likely ability to annex to Basalt and develop along the lines of the 2007 plan that reached sketch plan approval. Thus, the value of one acre of land adjacent to a successful subdivision where small, raw lots of about 6,000 sq ft are commanding $200,000. If more room is needed continue on back page • Property Owner Present: Yes x No Determination: No Change x The Following change: Stipulation: Classification: Present Value: $500,000 Adjusted Value: • Land: Improvements: Total: Hearing Officer: M Ireland Hearing Office Signature HEARING OFFICER DETERMINATION PITKIN COUNTY BOARD OF EQUALIZATION 2014 TO BE FILLED OUT BY ASSESSOR'S OFFICE: Property Owners Name: ir't//N!i 4/2 U'4-/ICJ >�'tn'�P Schedule No_ C / 9- 2 LIL Property Owner's Representative (If applicable) et'o, (< Li✓ IA.j Property Address: 23 i .57v OMi. Mi}55 C!) SN' to'in 1-`>S , CC). Legal Description: Pi 1 /14 5Mbt✓/444 e CY( 66:K Hearing Date: .7I3 (-2/ 't Hearing Time: / O /9-rvi Owner(s) Requested Value: sciOwner(s) Justification for Appeal: Assessor's Representative: `> �= ,4 /t (t c Assessor's 2014 value Irf �, Assessor's Justification for Valuatti(o(nn: Co M I/CA," R., L �G o f - G ,n 5Cy2 vt,5 The property know as Windstar is subject two Conservation Easements ("CEs") and a BOCC Resolution. The CEs limit development to 25,000 sq ft of non profit space on the Northern 30 acres for use as staff housing in addition to existing office structure built by RMI: "... IN]ot to exceed 25,000 sq ft in size and to be located in the immediate vicinity of the existing office building ...- The property was purchased for $8.2 million. The hearing officer sees and the parties concede at least two possible uses for the property with commercial or residential value: A. Residential use which would be quite valuable but would require a release of the CEs by the grantees Aspen Valley Land Trust and Pitkin County. There is precedent for such releases but such a release is uncertain. B. • Use for another non profit willing to locate in a rural, off grid location and possibly in need of affordable housing for staff. Neither alternative is totally speculation. The neighbors might well rally behind a residential use to avert a more impactive commercial use. Wildcat Ranch, for example, paid the county $1 million years ago to prevent the creation of affordable housing within the subdivision. The hearing officer rejects the notion that the current lease encumbers future commercial uses on the 30 acres, the lease expires in two years and an owner could lease the entire 30 acres with limitations on development as spelled out in the CE A $50,000 a year lease for existing buildings and the right to house 20 employees is not out of the question and would require no release of any CE. Using a 5% cap rate yields a value of $1,000,000. The 25.6 acres is properly under Ag classification is worth $18,900, the ag classification is not disputed and the total ag land value is $144,500. Buildings left by RMI are valued at $381,600. Property Owner Present: Yes X No Determination: No Change The Following change: -S1,634,000 Classification: Present Value:$3,197,300 Stipulation: Adjusted Value: $1,545,000 Land: $1,163,400 Improvements: _$381,600 _ Total: $1,545,000 Hearing Officer: M Ireland Hearing Office Signature STIPULATION CONCERNING AGRICULTURAL LAND CLASSIFICATION This Stipulation Concerning Agricultural Land Classification is entered into on July 28, 2014 by and between Pitkin County and Owl Creek Meadows LLC, a Colorado limited liability company (hereinafter referred to as "Owl Creek"). RECITALS A. Owl Creek is the owner of Lots 1 through 14, Owl Creek Meadows Subdivision, County of Pitkin, State of Colorado as created by that certain 35 Acre Exempt Subdivision Plat recorded in Book 51, Pages 97and 98 of the real property records of Pitkin County. Such Lots are hereinafter referred to as the "Owl Creek Meadows Lots", and such recorded 35 Acre Exempt Subdivision Plat is hereinafter referred to as the "Subdivision Plat". B. The Owl Creek Meadows Lots, which cumulatively comprise approximately 532.432 acres, have previously all been classified as "agricultural land" by Pitkin County. C. Pursuant to the Pitkin County Assessor's Notices of Determination dated June 30, 2014, the Pitkin County Assessor has re-classified Owl Creek Meadows Lots 7 through 12 as "vacant land" for the tax year 2014. D. The Pitkin County Assessor has continued to classify Owl Creek Meadows Lots 1 through 6 and Lots 13 and 14 as "agricultural land". E. Owl Creek has contended that all of the Owl Creek Meadows Lots are operated as a single unified agricultural operation, and that a classification of all of the Owl Creek Meadows Lots as "agricultural land" is needed for the continuation of the agricultural operations on the Owl Creek Meadows Lots. 2 F. The parties wish to resolve the classification of Owl Creek Meadows Lots 7 through 12 in accordance with the terms and conditions set forth below. AGREEMENT In consideration of the mutual covenants contained herein, the parties hereby agree as follows: 1. Vacation of Existing Subdivision Plat. In order to provide adequate assurances to Pitkin County that all of the Owl Creek Meadows Lots are operated as a single unified agricultural operation and are not being held for individual development purposes, Owl Creek hereby agrees to: a. Vacate the existing Owl Creek Meadows 35 Acre Exempt Subdivision Plat, b. Eliminate Lots 1 through 14 of the Owl Creek Meadows Subdivision; and c. Re -plat Owl Creek Meadows Lots 1 through 14 as one (1) single parcel of land comprising approximately 532.432 acres (hereinafter referred to as the "Revised Plat"). Owl Creek shall diligently proceed to prepare the Revised Plat, and shall record such Revised Plat no later than December 31, 2014. 2. Agricultural Classification. Based upon Owl Creek's agreement to eliminate the existing fourteen (14) Owl Creek Meadows Lots and re -plat such Lots as one (1) single parcel of land comprising approximately 532.432 acres as required above, Pitkin County hereby agrees to classify Owl Creek Meadows Lots 7 through 12 as agricultural land for the tax year 2014, and agrees to classify the Re -Platted 532.432 acre single parcel as agricultural land in subsequent years so long as Owl Creek continues its existing agricultural use (or other qualifying agricultural use) on such property. 3. Captions. The captions in this Stipulation are inserted only for the purpose of convenient reference and in no way define, limit, or prescribe the scope or intent of this Stipulation or any part thereof. 4. Counterparts. This Stipulation may be executed in multiple counterparts, each of which shall constitute an original, but both of which taken together shall constitute one and the same document. 5. Binding Effect. This Stipulation shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors, and assigns, as the case may be. 6. Governing Law. The laws of the State of Colorado shall govern the validity, performance, and enforcement of this Stipulation. Should either party institute legal suit or action for enforcement of any obligation contained herein, it is agreed that the venue of such suit or action shall be in Pitkin County, Colorado. -2- 7. Attorneys' Fees. Should this Stipulation become the subject of litigation to resolve a claim of default in performance by either party, the party who is determined to be in default shall pay the attorneys' fees, expenses, and court costs of the non -defaulting party. 8. Integration and Modification or Amendment. This Stipulation contains the entire understanding of the parties. There are no representations, warranties, covenants, or undertakings other than those expressly set forth herein. This Stipulation may not be modified or amended except by a writing signed by both parties hereto. Owl Creek Meadows LLC, a Colorado limited liability company By: Owl Holdings LLC, a Colorado limited liability company ,hlard A. Knezevich, Manager Pitkin County By: Tom Isaab, Pitkin t ounty Assessor 1 STATE OF COLORADO ) sp. COUNTY OF PITKIN ) This Stipulation Concerning Agricultural Land Classification was acknowledged before me by Richard A. Knezevich, as Manager of Owl Holdings LLC, a Colorado limited liability company, as manager of Owl Creek Meadows LLC, a Colorado limited liability company on July 25, 2014. Witness my hand and official seal. My commission expires: ,S • \1 .1,6 Notary Publi [SEAL] STATE OF COLORADO ) ) ss. COUNTY OF PITKIN ) This Stipulation Concerning Agricultural Land Classification was acknowledged before me on behalf of Pitkin County by Tom Isaac, as Pitkin County Assessor on July 28,.2014. Witness my hand and official seal.. My commission expires: //c7 / /Ir; -4- L a tte_, Notary Public 77 [SE `/ 7] I-. V N 01 'R17234 S F+ V N W 73 I-1 J N N A F+ V N I-, A I-' J N 0 'Account Returning these accounts to agricultural classification from vaca 'The attached stipulation affects the following accounts F1 N F' I-, 10 lb CO J r 0 1* W VI W SU 137.1 ac 4,000,000 37.3 ac 4,000,0001 35.7 ac 4,000,000 36.4 ac $4,000,000 37.1 ac $4,000,000 'Land Size Current Value BOE Appeal 4,000,0001 I-1 N 0 0 F-a W 0 0 I- W 0 0 F-1 N 00 0 I--` W 0 ~ 0 0 Stipulated Value nt land classificatic HEARING OFFICER DETERMINATION PITKIN COUNTY BOARD OF EQUALIZATION 2014 I ay .r.BE FILLED OUT BY ASSESSOR'S OFFICE: �' rroperty Owner's Name: �--,unp�V_7�r/: iSt���- s��j,';'I��:,wSchedule No. !L�%< Property Owner's Representative (If applicable) Litcj eca\ f 9 L��di. Property Address: cZ7,. � ,��� li� � lla. ei t . fts 3161 f Legal Description: sl-sAn (�daiiv s (ALL, P, /0(,:2w — Block_ i U Hearing Date: Hearing Time: Owner(s) Requested Value: LI (i 1, 50 U Owner(s) Justification for Appeal: Assessor's Representative:2 a Assessor's Justification for Valuation: Ae �.o Qaiu�• *643 kenvas t (� / 7 �,, `�L'c— Secl � '� �j. Vic;//'-''t, .� 5� 1, U/t,PL,a_ �rn.:ec�-e�,l �i-rr�rit 3. wig), :Fair (�uvua5 0.T1a ej {{ �I a ssification'7B_S;Gl Land: 4 f 2G uO_ Improvements I, 33�i Mr) Total 3, zo4, 3C BE FILLED OUT BY HEARING OFFICER: Only two townhomes in Highlands available as comps. Splitting the difference on their valuation yields $3.2 million. The signle family house offered by Petitioner appears to have been a distress sale. In any event, townhomes are better comps. Assessor made an adjustment at protest. 11 I I IVIO , UV. ,, ,J , IGGV V V vV „V1,uv vi Assessor's 2014 value 4. 3 , "C> 11 , 3On Property Owner Present: Yes X No Determination: No Change X The Following change: Stipulation: Classification: Present Value: $3,204,300 Adjusted Value: Land: Improvements: Total: ?aring Officer: M Ireland Hearing Office Signature HEARING OFFICER DETERMINATION PITKIN COUNTY BOARD OF EQUALIZATION 2014 r TO BE FILLED OUT BY ASSESSOR'S OFFICE: Property Owner's Name: '315 F berm,. 11.s4oC_ Schedule No. V141{5- Property Owner's Representative (If applicable) Grej ((har o-n Property Address: 3 K. Y O Zwvt 4. - 5i Rls) ri,f ` 4 I Legal Description: I srv. Qci, .�nr t Clw� 4 ttnte\ , Itn s (Jwtit Hearing Date: tk g 13 ` ZO14 Hearing Time: Owner(s) Requested Value: 1{t1 \tl j 4DO Owner(s) Justification for Appeal: C 1, t.4+C,T e bit t 1 p uf^Aue \a,seX onCrevt.S'().Rnr!„`1,t t1 :"lti 0� +y A ?p(1y`8tz.C.C.c‘ 'rn pikc Assessor's Representative: }e Assessor's 2014 value "61'1C1 ZOO Assessor's Justification for Valuation: -\l.e 51n�rAn, ySb r l R I ZRI 70o1A 1N1450 000 arni tNasMvse-A- 4,, }oQ .L \ninlan f 0Uti1;e-v• r ti N 11 ' . P rw,; kg ‘c.,, eces4 nl 1 th . Classification Land: Improvements Total. rThis property was purchased for $68 million plus a pledge to put in $20 million in improvements. That may not be an arrns length sale as seller retained a management contract, thus wanting the improvements and asking a lower cash sale price. The issue is what portion of that pledge constitutes a payment in addition to the $68 million. Both parties agree that some portion of that pledge represents on going necessary upgrades and thus is not truly an obligation in addition to the $68 million. The hearing officer assumes that a luxury resort hotel would make annual improvements and that thus the life of upgrades would be, at best 20 years. Thus, the listed $500,000 in annual maintenance over 20 years would be $10 million and the additional $10 million would be an "upgrade" beyond maintenance. Thus $68 million plus $10 million is $78 million, the cost to buyer. The gross revenue on the property is $22 million in 2009, $21.3 M in 2010, $15.4 M during renovation (2011) and $22 million in 2012. Property Owner Present: Yes X No Determination: No Change _ The Following change: $5 Million Stipulation: Classification: Present Value:_$81.717 Million Adjusted Value: $76.717 Million f1 7i77 9-00 Land: Improvements: Total: Hearing Officer: _M Ireland r _Hearing Office Signature ot; HEARING OFFICER DETERMINATION PITKIN COUNTY BOARD OF EQUALIZATION 7453Z9 2614 TO BE FILLED OUT BY ASSESSOR'S OFFICE: t� �-y Property Owner's Name: n&1 .L. 4 Gay le- Schedule No. t70 I9146 Property Owner's Representative (If applicable) Cre3 Gv otons At4Y, Property Address: '285 Relay f'ci Legal Description: at 4 sin, goad �U.0 Hearing Date: 71a.5 I I4 `1 Hearing Time: Owner(s) Requested Value:4154,00,00C) Owner(s) Justification for Appeal: 471416 ties -Wan eregldirahaDPva/ues•, Pedi{ronerr 9ueslhans zh7 -40cable- Values o-r-ier Camps awe nwcdrlme an -4ps. Assessor's Representative:C%v! LL sGeIJ,rnnq Assessor's 2014 value Assessor's Justification for Valuation: k5Sc5sor )q5 sPf-es'fl an o f 1 » l 4 /' 000, b61 / baevd DY7 antparaiole ai`eSs hiee4 it a, non-IVIfe rra( ad! P , SD an acqus¢- i s Jaen +o t comps, J Host- etal ,'5 (ooro �,"I4f7� a3•241360 Classification ttrI/ Ke6 Land: Ai `A.11 0Improvements i Total 3 BE FILLED OUT BY HEARING OFFICER: BOE Comments/Remarks: - Extreme luxury home. Adjustment warranted because lower level is really basement space, not garden level. Under law, only part of the acreage is residential. After some discussion the parties agree to a value of $18 million Property Owner Present: Yes X No Determination: No Change _ The Following change Classification: Present Value: Land: Improvements: Greos (orlon Stipul Reduction 5.2493 M $23,249,300 /Fearing Officer. M. Ireland Hearing Office Signature Adjusted Value: $18 Million Total: N Icbnfl C. Irelai HEARING OFFICER DETERMINATION PITKIN COUNTY BOARD OF EQUALIZATION 2014 TO BE FILLED OUT BY ASSESSOR'S OFFICE: Property Owner's Name: M/)LM/t'n /LLD/Vtc Schedule No. ) o2 7 Property Owner's Representative (If applicable) L L' C t 4 / 2 rP4/ Property Address: S 6 /�/<<5 C/2 e-e/< I>> Legal Description: C/f3"/ ^/ /22 oUn/.-%4t/iv ivG» %/9'72Cct / Hearing Date: -7/3 , ! 2/9 Hearing Time: `1 Owner(s) Requested Value: / Owner(s) Justification for Appeal: IV C&��%S'I i`/C// I L N Assessor's Representative: 5.7eVG r17IC <��Assessor's 2014 value n 6 2 3/ 3 C o Assessor's Justification for Valuation: A 5rcc 7a Gfl it 7C CzYs if- c/9'Ti o Z 5 L. 7 P //it.ci tii L' /J .A i Stipulation entered If more room is needed continue on back page _ /Z one Property Owner Present: Yes 'X No Determination: No Change The Following change: Stipulation: $1,300 Classification: Present Value: Adjusted Value: Land: Improvements: Total: Hearing Officer: M Ireland Hearing Office Signature HEARING OFFICER DETERMINATION PITKIN COUNTY BOARD OF EQUALIZATION 2014 1 -Z TO BE FILLED OUT BY ASSESSOR'S OFFICE: Property Owner's Name: ,\0.h 1l.) Schedule No. C'2125 Property Owner's Representative (If applicable) C e v (.1 Property Address: 5o 5 • \U4)rt chi" tc7 Legal Description: 1 ctYX GNo5S_ n� /A- I Ce"^Do f Hearing Date: -fig— '1 Hearing Time: Owner(s) Requested Value: 3, ,930 Owner(s) Justification for Appeal: Assessor's Representative: Z �5 Assessor's 2014 value �) 2)41) y� Assessors Justification for Valuation: 4,''nel` 1'n�r I� 2D 13f inalOtizaCk rM do 13 c ,LNzt. U�I� c-Ortov7W 2914 ; 1AO-P-22. \-c �Uve-Aeot; tAi n cD -- Cs✓�0t "to t �SFk • Classification a", �n Land: Improvements Total 1)21%lb° TO BE FILLED OUT BY HEARING OFFICER: The Assessor's values are well under any other comp in the neighborhood, downtown is not similar. Comps from Monarch are condo, not good for comps. Downtown proximity isn't always dispositive of value. Mountain facing, sunny with.good views. This unit has been appealed previously to biding arbitration. The assessor prevailed and the hearing officer ruling was upheld at $3 million. Listed after remodel at $5.7 million. Actual size is 4,565 not 4,065 sq ft. per TRUE DIMENSIONS report. Property Owner Present: Yes X No Determination: No Change X The Following change: Stipulation: Classification: Present Value: $4,214,900 Adjusted Value: Land: Improvements: Total: Hearing Officer: M. Ireland Hearing Office Signature HEARING OFFICER DETERMINATION PITKIN COUNTY BOARD OF EQUALIZATION 2014 BE FILLED OUT BY ASSESSOR'S OFFICE: opertyOwner's Name: 6t-ft. itory �etteIL Schedule No. era 21© 5D Property Owner's Representative (If applicable) h Property Address: 9{) Cczc744•D0; t r 33 Legal Description: l.-G j{oct�., -� LCy,k(E C<clun't--V- 3311 01323 Hearing Date: Hearing Time: Owner(s) Requested Value: 4 37 on 0 Owner(s) Justification for Appeal: Assessor's Representative: • l )caul Assessor's Justification for Valuation: JJ /f''lecu:\ C, �s k • ren-b n ry t classification C Ovt.CiJ Land: Improvements 484,det: Assessors 2014 value l it 3 CoZ.K, . 44, .5 e u r OCCL4/letatillfaA GC�.-1, l/;.t.hn� ;Owner defaults. Must be present to win. Attempted to contact at two numbers. Property Owner Present: Determination: No Change X The Following change: Stipulation: Classification: Present Value $484 000 Adjusted Value: • Land: Improvements: Total: Yes X No Total /18d, tCa aring Officer: M Ireland Hearing Office Signature „i€t J Ireln 45( HEARING OFFICER DETERMINATION PITKIN COUNTY BOARD OF EQUALIZATION 2014 rTO BE FILLED OUT BY ASSESSOR'S OFFICE: Property Owner's Name: J 1n1 V PN.tS ( Schedule No. Property Owner's Representative (If applicable) Glrr t. G erA e^— Property Address: 30 1 (C. ,�ll FV.; vs S / Legal Description: 13b% k ft k��i.,$ l.Gr /J o , Z% 14'6 1 LL&. Hearing Date: .1I 1C 14 Hearing Time: 11 11 Owner(s) Requested Value:_ 1 5 ci M00 —Owner(s) Justification for Appeal: �Si�vinC..Fe 10 II n \1rAtie I ter; 1,' 't 4 ci 4 4.1 TN Co-tMe air hnN Assessors Representative: CtC Assessor's 2014 value. (AO !IS Ct-. Assessor's Justification for Valuation: ti 5S <cc try re( LMWi eartr,1 n.3 GtNv Classification Land: Improvements Total rro BE FILLED OUT BY HEARING OFFICER: Assessor agrees to $35 per sq ft and 5.5% cap rate with a resultant value of $2.2 million, $574 per square foot consistent with available comps. Petitioner does not have contradictory comps. Determination: No Change _ The Following change:-$468,000 Stipulation: Classification: Present Value: $2.68 Million Adjusted Value: $2.2 Million Land: Improvements: Total: Hearing Officer: M. Ireland Hearing Office Signature_ r Mklmcl C trda HEARING OFFICER DETERMINATION PITKIN COUNTY BOARD OF EQUALIZATION 2014 TO BE FILLED OUT BY ASSESSOR'S OFFICE: Property Owner's Name: ) \f j %j P� .}tu{t'_ 5 Property Owner's Representative (If `atpplicable) Property Address: 50 c Y t} ei AL.; vs. i ff j'' t({G��. 1 A \O\ Legal Description: -�t� s N lln �e �r� i 1 \ t Hearing Date: 1ii V`6 ? 14 Hearing Time: r� Owner(s) Requested Value: CC-5 t) !)O) Owner(s) Justification for Appeal: YS tivin6.. f'' (( .. ` ` r t�,>c \l�tine inn Iar.c;,v-a `i1, �� '4�:�, i^� i v� C1J-t,.�.,G r�� f-�^,SrCX� I f letO / Schedule No. r,1V61 hrcC_ ('1 fy('2 6w b It Assessor's Representative: V8't"•C Assessor's 2014 vapplue C, `tii` f, LOC i :n rr e^ tirvt Assessor's Justification for Valuation: �\ , , 2s r t re( 5 Mtrti n rt 4 '.n C- ct H ` e y i ) NJkl\ur r:� 2. l� �)6t) tn�..G.8't,.) \\kCZrt d&&A VI"01i.+nti Mi Cv��. t 4 S .t u� I. i i t( :2 . Li l i aV'\ 1.si,-��(re- . t 4 tt a 5 s2 Classification Land: Improvements Total Assessor agrees to $55 per sq ft for this level with 5.5% cap rate. Petitioner does not contest cap rate. This creates a value of $2.4 million per petitioner's request. $55 per sq ft is backed by comps. 'If more room is needed continue on back page Property Owner Present: Yes X No Determination: No Change The Following change: $460,000 reduced Stipulation: Classification: Present Value:_ $2 86 MUl+en justed Value: _$2.418 Million _ a Y5-t6,06 Land: - - - Improvements: -- I - • ' Total: Hearing Officer: M. Ireland _ Hearing Office Signature_ #9 HEARING OFFICER DETERMINATION PITKIN COUNTY BOARD OF EQUALIZATION 2014 TO BE FILLED OUT BY ASSESSOR'S OFFICE: Property Owner's Name: Uti!\-611Ow\�7 y UCvref t- Schedule No. \a1 U Property Owner's Representative (If applicable)) firer ('Vr r Ov Property Address: SrA) L e 44y �r+w\ I I. ,1 1 I p 1 y ` p Legal Description: C; SA,n� '"irW-v-•4tr k e lk Mai„,, to esel SOU kov le?, I OCs It --� ii 1 t Hearing Date: \ Inl N\ —X% 1 74)01 Hearing Time: p Owner(s) Requested Value: ��4,c10 i LOOC Owner(s)s)Justificatioon for Appeal: KC bled, �ll`b0 /rh bftce � ,A\e ok r 1,32. C_R5- � kai.S -• Pn - Vb.ltL. Shou\A ino� �cwe .iv.Ore 4cd L-Dtnr\ ZUVS IeJ1 cC VociRe Assessor's Representative: a< Assessor's 2014 value ih‘Z{tk non Assessor's Justification for Valuation: UtA\ t ,r.4ore&6.Cea L tot4 `'.)ASCol 0-pr^ r 94't U5 S •�KY Pd p4Mi/Csn- ; alio\ UIId. A143-v. U4( crtrun ' r (nv t i) p�ak- A e e ccCvrA; o _[ _wtf►- r *J In e S I" 6-44-4 & Lycries 4t',(orM,e Classification Land: Improvements 1 / Total The removal of the condominium restriction in creases th value of the property because large units sell at a premium, the whole is often more valuable that the parts. Certainly the downtown has seen a rsing number of super sized condos being asked or developed, There are not many opportunities in the CC and C1 as the rezoning in 2013 limits heights and residential uses. This unit also enjoys an approval to add square footage. The $75 per sq ft and $40 per sq ft for the ground floor are reasonable given the increased focus on Spring Street area. If more room is needed continue on back page Property Owner Present: - Yes X No Determination: No Change X The Following change: Stipulation: Classification: Present Value: $6.214 Million Adjusted Value: Land: Improvements: Total: Hearing Officer: M. Ireland Hearing Office Signature_ N11chnel C. Trela HEARING OFFICER DETERMINATION PITKIN COUNTY BOARD OF EQUALIZATION 2014 TO BE FILLED OUT BY ASSESSOR'S OFFICE: Property Owner's Name: ah ; Property Owner's Representative (If applicable) ("fee, ' Property Address: (3 t 5v s w i6,1do ,A Zo Legal Description: Hearing Date: 1) 7 S 1 11 • - Hearing Time: Owner(s) Requested Value:t\ \ ,% \ V`i`6 Owner(s) Justification for Appeal: --ST:a.C&A e fer ca.. L tn Schedule No. Z t%1 b Goni o-y\ let Assessors Representative: CA.0 11ll Assessor's 2014 value \ 1361 u10() Assessor's Justification for'Valuation: UG�tke <Air v"sYRA lJ � (rra.f rprev e cc%)C5 eciv,X,ht Die C.vterdA ,Pi. , Classification Land: Improvements Total (. The assessor's value of $45 per sq ft is supported by comps. Using cap rate of 5.5% yields value of $1.869 million. Was listed at $50 sq ft, two other units at 200 Spring Street are listed at $710 and $1,163 per sq ft respectively compared to the $739 for this unit. Petitioner's choice of Main Street North facing space is not as good as a comp at $35 per sq ft. More downtown, south facing vierws merit $45 per sq ft. If more room is needed continue on back page Property Owner Present: Yes X No Determination: No Change X The Following change: Stipulation: Classification: Present Value:_$1,869,400 djusted Value: Land: Improvements: Hearing Officer: M. Ireland Hearing Office Signature_ Total: HEARING OFFICER DETERMINATION PITKIN COUNTY BOARD OF EQUALIZATION 2014 TO BE FILLED OUT BY ASSESSOR'S OFFICE: Classification \latQyik- Land: l :412- 1,7fSfilanprovements - Total 1 f O T!1 OC CII I C11nl IT OV IJC A DII.If ncclrco• Petitioner purchased three lots on the USFS property at 7th at auction a year after the close of the valuation period on June 30, 2012 for almost $3 million. Petitioner asserts that the properties may be subject to GMQS requirements for housing and impact fees. Both parties agree that application of the GMQS rule to newly subdivided property will cost the developer of any Tots up to $250,000 in housing and other impact fees. The city's position is that the lots are subject to subdivision by virtue of the change in lot lines since USFS acquisition. The lot lines are different from platting that existed at the time of acquisition. Since the USFS changed the lot lines by subdivision, GMQS applies. Petitioner was aware of GMQS possibility at purchase. Whether the ultimate developer can make payment in lieu or must use more expensive options is at the discretion of city council, which council has not been inclined toward payment in lieu. The issue then what adjustment should be made to vacant lot comps in the West End not subject to GMQS. Lots are also encumbered by traffic issues. easements and adjacent USFS dormitory and housing. Lots will not be entitled to `"monster homes" under existing FAR. Though the sale of the lots was outside the time frame, there was not a lot of movement in prices during that year and outside time frame may be used when good comps are not available. Appropriate value is thus $1.4 million for Lot 1 R021882 and $1.5 million for Lot 2 R021883. Though the sale of the Tots was outside the time frame, there was not a lot of movement in prices during that year and outside time frame may be used when good comps are not available. Determination: No Change The Following change:Decrease $754,000 Stipulation: Classification: Present Value:$1.874and $1.78M Adjusted Value:$1.5 and $1.4 M Land: Improvements: Total: , Gain Nos t2N€a Property Owner's Name: dT. G r3c Vt Ipllnelt chedule No. t t •-1 o Property Owners Representative (If applicable) �'rV a�✓t -e bu to4i j^ Property Address: 1rL ` f 2 Ran ' I `-jbn 'uh4.iU►S\an Legal Description: tr aceIN:sr Lane Ratngey �'T yT�fat'� Sul 6uhP`4443 Hearing Date: 1( 30 I I4 • Hearing Time: { it)D 4� Owners) Requested Value: �I, 1001)0 C7 C OC Owners) Justification for Appeal: P2 �' ttC✓ re3urdtn3 GMQS ,processes 4- CosA-s 1 kikjok. /p( ,y I — 1, 874,ao0 Assessor's Representative:e-YIty'-1� 1ktu4ovllnssessor's 2014 value Lot``a. '- SI, 785,000 Assessors Justification for Valuation: Mt IC5FS tin C SAGAVC k5in costs, e- Onl\I �i.tct ieinc¢� OnAlkeset lr 'vs a prooxl `4 00000 ki ex- ►�T -tNLtn nVe. \\ou S1nq kArVj `\4* Y� r ec5 , W I J I S COY f}eY -ki?‘itch` J 1-01- l� I,B74 coo _ Lail- 1, 7Y tAouG a -1785pV Hearing Officer: M Ireland Hearing Office Signature >ntnnvi c. trem, PITKIN COUNTY ASSESSOR 506 East Main Street, Suite 202 Aspen, CO 81611 Phone (970) 920-5160 Fax (970) 920-5174 2014 VALUATION FOR ASSESSMENT STIPULATION TAXPAYER: V 1,5 / 1 ` L L- C SCHEDULE NUMBER: P 73Persona)<{/ ( ! A / / / PROPERTY DESCRIPTION: R'011 e 'h4 c AcC gill 2 * The Pitkin County Assessor and the above mentioned 'taxpayer stipulate to the value noted below for the 2014 Valuation of Assessment of the noted property. The agreed upon value will be binding for otily 2014 as 2015 is the start of the next statutory valuation cycle. STIPULATED VALUE: $ /Ol %ill') 1QAJ1 _- Assessor Represep we Date 714,1___ 'Ng P. [ITKIN COUNTY AS 'SSESSOR 506 East Main Street; S tyite 202 Aspen, CO 8161 11 Phone (970)920-5] 1160 Fax (970) 920-515 (74 2014 VALU1 WTION FOR ASSESSMI LENT STIPULATION T IAX•PAYER: EI t v S (CHEDULE NUMBER: P !IROPERTY DESCRIPTi T Phe Pitkin County Assessor U slow for the 2014 Valuatior b e binding for only 2014 as 2 S ce:er Lit L[ 00 9.3E6 IIION: Ter 'ona.i' �"ro / jlQkate Pi) L e cl/ and the above mentioned 'Taxpayer stipulate to the of Assessment of the note( 11 property. The agreed upo B015 is the start of the next st aatutory valuation cycle. TIPULATED VALUE: /' Date (1\ 9 %/a ?- 7k Kssessor Represent. • 'e Date walue noted nn value will HEARING OFFICER DETERMINATION PITKIN COUNTY BOARD OF EQUALIZATION 2014 TO BE FILLED OUT BY ASSESSOR'S OFFICE: Property Owner's Name: tfi:.D -16 ri n r',rs) . 0 Schedule No. ij /0 2 c % en Property Owner's Representative (If applicable) �= r ece �r > clef Property Address: C5.� L l)G ��t (4'7 f tic vl, l `o f) Legal Description: u-, 4• ��ry %)-i i •? . i,/,-% % J4 .AI A- A 17°too (A Hearing Date: ..-7 % _,) / 11 Hearing Time: Owner(s) Requested Value: (5 17-x ervv1:0-1 Owner(s) Justification for Appeal: crcti 7eyob pro1)iivim c• V -{ Q L-i j5 Assessor's Representative: I �/ 7 ri i')�1't( »P x P Cif ri r r i,l- n--Jf '�� Av,�S'L7P s`essor's2014value D)e)1 fic�.7� Assessor's Justification for Valuation: 1 h e / (, ,c},,:,o-' f5l�-.tvvr J7� e*/ Y/ ,-,1 o/� 13,-sor7%. J v 4" '.��i' / 1(-t vL:.21 , /.ill i'1. F �!! -. ��• _ �-%E'' �n Fi PCJ. L U�` ? v' N ( �'t / I ti (�'(�-Pr I I '� .'j (•.(l V•:✓r'r; f (r'..frrf�✓: IA' "Oh Al /// , `['�-1.1.1" Yy.- cc7-r1 CC_5 c� r• e �i / Classification / Land: Improvements otal The Colorado Constitution provides an exemption for personal property. Such exemptions are to be strictly construes. The Constitution does not createtaxation authority but grants the Legislature the power to enact statutes exacting taxes. The Constitution Section 3(1)(c) exempts property not used for profit from taxation. The Constitutional exemption is adopted by the stature as follows: § 39-3-103. Personal effects - exemption • Personal effects which are not used for the production of income at any time shall be exempt from the levy and collection of property tax. The question here is whether this property is "used for the production of income at any time." Petitioner concedes the property has been offered as part of a rental and is currently advertised. Offering for rental shifts the burden to Petitioner to show there has never been rental use of the property. If petitioner could show that the property has not been rented, perhaps by production of Tax Sch E or the business returns for the partnership, the exemption would be upheld. In the absence of such evidence, the claim is denied. Property Owner Present: Yes x No Determination: No Change x The Following change: • Stipulation: Classification: Present Value: I $210,025 Adjusted Value: Land: ' Improvements: - Total: Hearing Officer: M. Ireland Hearing Office Signature_ Nicbnd CVreI, — HEARING OFFICER DETERMINATION PITKIN COUNTY BOARD OF EQUALIZATION 2014 v}c TO BE FILLED OUT BY ASSESSOR'S OFFICE: t,l� SSo Property Owner's Name: 7) .0 y2t 5S Schedule No. Property Owner's Representative (If applicable) Property Address:a 5 e1 Legal Description: 1 Vl tit/.J4-1.-irm-i 5 14D Ph-jf)s 4,1!ad lu}I C1 lc ✓ �� 21-11C.?Sf (/ri�'i Co Hearing Date: 7 fir) (/ / Hearing Time: ''N(if 69./4 Owner(s) Requested ValLi: 'Ca-) 0C9<i Owner(s) Justification for Appeal:' P /6S1.753-0 V ) P1/- L )rr ire Assessor's Representative )(-1n_r7\ 5 ke° Assessor's 2014 value )j Yf/ c, Ago Assessor's Justification for Valuation: --WI 1 5 n, rr' /r /�.j,k,,,70„/ -�., y Th P. 1e+-!rier 1-4- 4.),--r-1/1A i- ,J6�T/� (ce),--c. /f ¢7neO4y. + / !r.-P l�Ct,.! a CIi<81l"C,Y� (I t 1// J�{ C. �PL� Classification Land: Improvements Total Administrative denial granted per request. If more room is needed continue on back page Property Owner Present: Yes X No Determination: No Change X The Following change: Stipulation: Classification: Present Value: $1,490,100 Adjusted Value: Land: Improvements: Total: Hearing Officer: M Ireland Hearing Office Signature Nlichicd. Cie Oa 111 HEARING OFFICER DETERMINATION PITKIN COUNTY BOARD OF EQUALIZATION 2014 TO BE FILLED OUT BY ASSESSOR'S OFFICE: Property Owner's Name: «rV17,1 Property Owner's Representative (If applicabll) Property Address: Legal Description: )l. i-ic)L,,4,-, . Hearing Date: 0 7 3C / N Owner(s) Requested Valu : ,) 5 (i ()CDC:). 1-5.€15.1I31.,' 0 (! a b" L i /.; e ,y/ 7030 U�tJ'rr'sf Schedule No. •(� `7 / )7 / C 1 rn-P4'h 0 5 C € , Hearing Time: 1.31()(i) Owner(s) ustification for Appeal: e(g-1d)fr Assessor's Representative: Assessor's Justification for Valuation: ' �{ Classification Administrative denial kir;t:27Assessor's 2014 value / 1- er AV'r7:�i\/ .,%P - L/and: Improvements If more room is needed continue on back page Property Owner Present: Yes X No Determination: No Change X The Following change: Classification: Present Value: $596,300 5-7<" 3(Q Land: Improvements: Hearing Officer: M Ireland Hearing Office Signature Total Stipulation: Adjusted Value: Total: \II[4 .r_Tsai