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Home My WebLink Aboutbocc.res.068.2021 PETITION FOR ABATEMENT OR REFUND OF TAXES County:Pitkin Date Received (Use Assessor's or Commissioners'Date 'GEIVED Section I: Petitioner,please complete Section I only. AUG 1 8 2021 Date: August 18 2021 Month Day Year M(II KIN COUNTY ACPSSOR Petitioner's Name:FITZ SSM 520 LLC Petitioner's Mailing Address: CO/ Sterling Property Tax Specialists,Inc. 950 S.Cherry Street,Suite 320 Denver CO 80246 City or Town State Zip Code SCHEDULE OR PARCEL NUMBER(S) PROPERTY ADDRESS OR LEGAL DESCRIPTION OF PROPERTY R000261 520 E.Cooper Ave.Unit C-2 R000262 520 E.Cooper Ave.Unit C-3 Petitioner states that the taxes assessed against the above property for the property tax year 2020 are incorrect for the following reasons: (Briefly describe the circumstances surrounding the Incorrect value or tax. Attach additional sheets If necessary.) Please see attached. Petitioner's estimate of value: $8,015,800 (2020 ) Value Year Petitioner requests an abatement or refund of the appropriate taxes. I declare,under penalty of perjury in the second degree,that this petition,together with any accompanying exhibits or statements,has been prepared or examined by me,and to the best of my knowledge,information and belief,is true,correct,and complete. Daytime Phone Number f ) P tlonees nature By Daytime Phone Number( 303 )757-8865 Age Ignature• By Kendra Goldstein f terling Property Tax Specialists,Inc. Email Address: ninaasterlingpts.com *Letter of agency must be attached when petition Is submitted by an agent If the board of county commissioners,pursuant to section 39-10-114(1),or the property tax administrator, pursuant to section 39-2-116,denies the petition for refund or abatement of taxes In whole or In part,the petitioner may appeal to the board of assessment appeals pursuant to the provisions of section 39-2-125 within thirty days of the entry of any such decision,§39-10-114.5(1),C.R.S. Section II: Assessor's Recommendation (For Assessor's Use Only) Tax Year Actual Assessed Original Corrected Abate/Refund ❑Assessor recommends approval as outlined above. No protest was filed for the year: (If a protest was flied,please attach a e `the NOD.) •, ❑ • Assessor recommends denial for the following reason(s): 4 I/£JA • r J Assessor's or Deputy Assessor's Sig re 15-DPT-AR No.920-ss/08 FOR ASSESSORS AND COUNTY COMMISSIONERS USE ONLY (Section III or Section IV must be completed) Every petition for abatement or refund filed pursuant to section 39-10-114 shall be acted upon pursuant to the provisions of this section by the board of county commissioners or the assessor,as appropriate,within six months of the date of filing such petition,§39-1-113(1.7),C.R.S. Section in: Written Mutual Agreement of Assessor and Petitioner (Only for abatements up to$1,00o) The commissioners of County authorize the assessor by Resolution No. to review petitions for abatement or refund and to settle by written mutual agreement any such petition o r abatement or refund in an amount of one thousand dollars or less per tract,parcel,or lot of land or per schedule of personal property,in accordance with§39-1-113(1.5),C.R.S. The assessor and petitioner mutually agree to the values and tax abatement/refund of: Tax Year Tax Year Actual Assessed Tax Actual Assessed Tax Original Corrected Abate/Refund Note:The total tax amount does not include accrued interest,penalties,and fees associated with late and/or delinquent tax payments,if applicable. Please contact the county treasurer for full payment information. Petitioner's Signature Date Assessor's or Deputy Assessor's Signature Date Section IV: Decision of the County Commissioners Resolution No. 068-2021 (Must be completed If Section III does not apply) WHEREAS,The County Commissioners of Pitkin County,State of Colorado,at a duly and lawfully called regular meeting held on 10 /27 /2021,at which meeting there were present the following members: Month DayYear Commissioners Kelly McNicholas Kury,Patti Clapper,Steve Child and Greg Poschman with notice of such meeting and an opportunity to be present having been given to the taxpayer and the Assessor of said County and Assessor Deb Bamesberger (being present—not present)and Name petitioner Fitz SSM 520 LLC (being present—not present),and WHEREAS,The said Name County Commissioners have carefully considered the within petition,and are fully advised in relation thereto, NOW BE IT RESOLVED,That the Board(agrees—does not agree)with the recommendation of the assessor and the petition be(approved—approved in part—denied)with an abatement/refund as follows: Year Assessed Value Taxes Abate/Refund Year Assessed Value Taxes Abate/Refund 777ZZ74a/ Chairperson of the Board of County Commissioners'Signature Julia Ely County Clerk and Ex-officio Clerk of the Board of County Commissioners in and for the aforementioned county,do hereby certify that the above and foregoing order is truly copied from the record of the proceedings of the Board of County Commissioners. IN WITNESS WHEREOF,I have hereunto set my hand and affixed the seal of said County this 3 day of November , 2021 . Month Year JItL County Clerk's or Deputy County Clerk's ignature Note: Abatements greater than$1,000 per schedule,per year,must be submitted in duplicate to the Property Tax Administrator for review. Section V: Action of the Property Tax Administrator (For all abatements greater than$1,000) The action of the Board of County Commissioners,relative to the within petition,is hereby ❑Approved ❑Approved in part$ ❑Denied for the following reason(s): Secretary's Signature Property Tax Administrator's Signature Date 15-OPT-AR No.920-66/06 HEARING OFFICER DETERMINATION PITKIN COUNTY ABATEMENT HEARING Property Owner's Name: Fitzgerald Family Partnership Schedule No. R000261 , 262 TAX YEAR: 2020 VALUATION DATA COLLECTION PERIOD: Property Address: 520 E Cooper Ave, C2-, C-3 Legal Description: Hearing Date: 10/12/2021 Hearing Time: 10 a.m. Assessor's Representative: Sterling property Specialists, Inc. Assessor's Valuation: $8,825,100 Owner(s) Requested Value: $8,015,800 Owner(s) Justification for Appeal: Petitioner seeks the use of a higher Cap rate than the 4% used by the Chief Appraiser. Petitioner also uses a higher NOI Assessor's Justification for Valuation:Assessor correctly notes the valuation is governed by Regis Jesuit Holding 829 P.2d 1319 for long term below market leaseholds Classification Code: Land: Improvements: Total: TO BE FILLED OUT BY HEARING OFFICER: Petitioner Present: yes X no Comments/Remarks: See attached If more room is needed continue on back page Property Owner Present: X Yes No Determination: No Change X Stipulation The following Change: Present Value: $8,825,100 Adjusted Value: $8,825,100 Classification Code: Land: Improvements: Total: $8,825,100 M Ireland d/�. Hearing Officer: Hearing Office Signature Recommendation 10/12/21 520 Cooper C2 and C3 Aspenhof 520 E Cooper Avenue Three issues are presented: Application of the "Unit "rule (Regis 829p. 2d 1319.That rule requires valuation of an existing long-term lease using an appropriate Cap rate together with a discounted valuation of the difference between the market value of such a lease and stated terms. Cap rate:The cap rate represents the ROI an investor would require on an investment in the property, a lower cap rate reflecting less risk. NOI:The net operating income, lease payments net of allowances for vacancy and expenses. The Chief Appraiser for the assessor Places a value on the property of$8,825,000 using a 4%cap rate. In downtown "A" location properties,the Cap rate has been estimated between 4.0% and 5.0%. Hearing Officer choses the 4.0% rate as appropriate because 520 Cooper is in the heart of the A zone and the property has a 17-year lease making it very low in risk.The owner, in the event of a default,would have access to much higher lease rates. Chief Appraiser declines to place a higher value on the property under the unit rule and, instead,values the property using$103 per square foot rather than the market rate of$175 per square foot without incorporating the unit rule. The NOI assumptions for vacancy rates, uncaptured expenses and replacement reserves are very typical for Aspen commercial property at 2%for vacancy, management expenses not passed through and 2% for replacement. The value of the property on the valuation date on June 30, 2018, given the Cap rate and NOI would be $8,881,550. However, the appraiser declines to increase the value beyond the value previously assigned, $8,825,100 and the HO finds that valuation appropriate. 95o S.Cherry Street Suite 32o RECEIVED , I cr4D T T -.- I Denver,CO 80246 RED 303.757.8865 PROPERTY TAX SPECIALISTS. INC. fax3o3.757.7691 AUG 1 8 2021 www.sterlingpts.com ►i 4 JN'GOUN(Y ASSFSSOR Sent Via Email August 18,2021 Pitkin County Board of County Commissioners do Deb Bamesberger Pitkin County Assessor 530 E. Main Street, Suite 204 Aspen, CO 81611 Dear Commissioners: Enclosed please fmd a 2020 Petition for Abatement or Refund of Taxes for Schedule Numbers: R000261 R000262 Please sign and either fax or email a copy of this letter to acknowledge the receipt and filing of this abatement. Our fax number is 303-757-7691 and my email address is barbararufsterl ingpts.com. Sincerely, GeN41) Barbara Gonzales Assistant to Barry J. Goldstein, Esq. &Kendra L. Goldstein, Esq. Above referenced Petition(s)received and filed: Date: L \ LU Z 1 Signed: Pi • Cffunty