HomeMy WebLinkAboutbocc.res.072.2022Resolution No. 072-2022
Pitkin09282022
Commissioners Patti Clapper, Francie Jacober, Kelly McNicholas Kury, Steve Child and Greg Poschman
Deb Bamesberger
Bryce Henkels
2022
Julia Ely
5th October
Appraiser Recommendation for an Abatement
From: Wendy Schultz
Date: 05/26/2022
Petitioner: Front Four LLC
Schedule #: R017021
Parcel #: 273707481001
The appraiser has completed a review of the referenced property, as of this date, and hereby
submits a recommendation as stated below:
Deny
Approve as Submitted
Abatement/Refund Different than requested
Abatement for Year: 2021
Data collection period
for year #1:
07/01/2018 –
06/30/2020
Assessment Rate: 7.15%
Tax Area: 001
Mill Levy: 35.483
Actual Value this year: 7,364,200
Recommended value: 6,954,000
Assessed
Value
Tax Amount
Original value: 526,540 18,683.22
Corrected
value: 497,210 17,642.50
Refund: 29,330 1,040.72
Abatement for Year:
Data collection period
for year #2:
Assessment Rate:
Tax Area:
Mill Levy:
Actual Value this year:
Recommended value:
Assessed
Value
Tax Amount
Original value:
Corrected
value:
Refund:
The basis of this recommendation is:
For the 2021 values, we used sales that occurred from July 1, 2018 to June 30, 2020. These sales
were time adjusted to the appraisal date of June 30, 2020. This time trend was audited by the State
of Colorado and it was found to be in compliance. On September 21, 2018, the subject property sold
for $6,250,000 which time adjusted to $6,954,375. Other comparable sales support this value.
Appraiser recommendation: $6,954,000
August 15, 2021
Ms. Deb Bamesberger
Pitkin County Assessor
530 E Main St. - Suite 204
Aspen Colorado 81611
RE: 2021 Property Assessment Study Preliminary Report
Dear Ms. Bamesberger:
Based on the attached preliminary analysis, there is no compliance issue indicated
for Pitkin County as of the date of the report.
This preliminary report summarizes the results of the 2021 Property Assessment Study
conducted by Wildrose Appraisal - Audit Division for the State Board of Equalization.
The specific compliance items covered in this preliminary report are sales ratio studies,
market trending and the results of the analysis of the sold and unsold properties.
Additional areas of study are sales verification, economic area development, subdivision
discounting, agricultural land, agricultural outbuilding, personal property, natural
resources and possessory interest.
The preliminary report presents the conclusions on each of these areas as it relates to the
following major goals and objectives of the Property Assessment Study:
1. To determine whether each county assessor is applying correctly the
constitutional and statutory provisions and the compliance requirements of the
State Board of Equalization as well as the manuals published by the State
Property Tax Administrator to arrive at the actual value of each class of property.
2. To determine if each assessor is applying correctly the provisions of law to the
actual values when arriving at valuations for assessment of all locally valued
properties subject to the property tax.
The acceptable statistical standards allowed by the State Board of Equalization are:
ALLOWABLE STANDARDS RATIO GRID
Property Class Unweighted Median Ratio Coefficient of Dispersion
Commercial & Industrial Between .95 – 1.05 Less than 20.99
Residential Condos Between .95 – 1.05 Less than 15.99
Residential Between .95 – 1.05 Less than 15.99
Vacant Land Between .95 – 1.05 Less than 20.99
The results found for your county are:
RATIO GRID
Property Class
Number of
Qualified
Sales
Unweighted
Median Ratio
Price Related
Differential
Coefficient of
Dispersion
Time Trend
Analysis
Commercial & Industrial 37 1.001 0.970 4.5 Compliant
Residential Condos 476 0.999 1.019 8.3 Compliant
Residential 312 0.997 1.012 8.6 Compliant
Vacant Land N/A N/A N/A N/A N/A
The Sold/Unsold results are:
SOLD/UNSOLD RESULTS
Property Class Result
Commercial & Industrial Compliant
Residential Condos Compliant
Residential Compliant
Vacant Land N/A
Further results of the 2021 Property Assessment Study:
1) Sales Verification: The County has a compliant sales verification system in
place. The County has a satisfactory sales verification narrative.
Recommendations: None
2) Economic Area Development: The County has a compliant and satisfactory
economic area description and map in place.
Recommendations: None
3) Subdivision Discounting: The County is exempt from the Subdivision
Discounting study.
4) Agricultural Land: The County is in overall compliance with state guidelines
for agricultural land valuation. The County has complied with the Constitution,
statutes and DPT guide lines in the valuation of Agricultural Land.
Recommendations: None
5) Agricultural Structures: The County has complied with all of the recommended
procedures provided by the Division of Property Taxation for the valuation of
agricultural outbuildings. The County has complied with the Constitution,
statutes and DPT guide lines in the valuation of Agricultural Structures. The
County is in over-all compliance with Section 39-1-102(1.6)(a)(I)(A) C.R.S and
Section 39-1-102(1.6)(a)(I)B) C.R.S.
Recommendations: None
6) Agricultural Land Under Improvements study: The County has complied with
the procedures provided by the Division of Property Taxation for the valuation of
land under residential improvements that may or may not be integral to an
agricultural operation.
Recommendations: None
7) Personal Property: The County has a compliant valuation and audit system in
place.
Recommendations: None
8) Natural Resources: The County has a satisfactory system in place for natural
resource valuation. The County has complied with the Constitution, statutes and
DPT guidelines in the valuation of Natural Resources.
Recommendations: None
9) Possessory Interest: The County has a satisfactory system in place for
possessory interest discovery and valuation.
Recommendations: None
This preliminary report has summarized the results of the 2021 Property Assessment
Study. The more detailed report will be sent on September 15, 2021.
If there are any questions, please call me at (720) 350-4613.
Sincerely,
Harry J. Fuller
Audit Manager
Wildrose Appraisal- Audit Division
Account
Number
R017021 Comparable: R017021 Comparable: R021888 Comparable: R014806
Parcel Number 273707481001 273707481001 273707491002 273707379001
Situs Address 341 PARK AVE 341 PARK AVE 505 PARK CIR #B 855 GIBSON AVE #A
City ASPEN ASPEN ASPEN ASPEN
Sale Date 09/21/2018 11/15/2018 11/20/2018
Sale Price $6,250,000 $4,550,000 $8,549,000
Sale/SqFt $1,768 $1,610 $1,486
Time Adj. Price $6,954,375 $5,011,825 $8,549,000
VALUE ADJUST DESCRIPTION +(-)ADJUST DESCRIPTION +(-)ADJUST DESCRIPTION +(-)ADJUST
LAND Acres $0 $0 0 $0
LAND SQFT $0 $0 0 $0
LAND Land
Value Code
$0 $1,200,000 E/NE ASP DC $1,200,000
Actual Year
Built
1999 1999 $0 2013 $0 1994 $0
Effective Year
Built
1999 1999 $0 2013 ($550,000)2010 ($550,000)
Live Area 2956.0000 2956.0000 $0 2503.0000 $747,450 5754.0000 ($4,616,700)
Finished
Basement Area
977.0000 977.0000 $0 609.0000 $425,040 0.0000 $1,128,435
Construction
Quality
DUP CONDO -
V GOOD
DUP CONDO -
V GOOD
$0 DUP CONDO -
V GOOD
$0 DUP CONDO -
V GOOD
$0
FINISHED
GARAGE
HEATED
430 430 $0 462 $0 $0
FINISHED
GARAGE
$0 $0 473 $0
TimeAdjustedS
alePrice
0 $0 $0 $867,723
Value $7,364,200
Value/Sqft $1,872
Adjusted Sale $6,954,375 $0 $6,834,315 $1,822,490 $6,578,458 ($1,970,542)
wendys @ May 27, 2022 11:52:23 AM Page 1 of 4
Account
Number
R017021 Comparable: R022421 Comparable: R022512 Comparable: R021357
Parcel Number 273707481001 273707410003 273718171057 273707335016
Situs Address 341 PARK AVE 520 SPRUCE ST 332 N RIVERSIDE AVE 800 GIBSON AVE #B
City ASPEN ASPEN ASPEN ASPEN
Sale Date 08/15/2018 07/10/2019 09/21/2018
Sale Price $4,750,000 $6,400,000 $4,647,500
Sale/SqFt $1,786 $2,409 $1,515
Time Adj. Price $5,312,400 $6,768,640 $5,171,273
VALUE ADJUST DESCRIPTION +(-)ADJUST DESCRIPTION +(-)ADJUST DESCRIPTION +(-)ADJUST
LAND Acres $0 $0 $0
LAND SQFT $0 $0 $0
LAND Land
Value Code
$1,200,000 $1,200,000 $1,200,000
Actual Year
Built
1999 2018 $0 2018 $0 2006 $0
Effective Year
Built
1999 2018 ($950,000)2018 ($950,000)2015 ($800,000)
Live Area 2956.0000 1833.0000 $1,852,950 1583.0000 $2,265,450 2091.0000 $1,427,250
Finished
Basement Area
977.0000 1141.0000 ($189,420)1227.0000 ($288,750)1323.0000 ($399,630)
Construction
Quality
DUP CONDO -
V GOOD
DUP CONDO -
V GOOD
$0 DUP CONDO -
V GOOD
$0 DUP CONDO -
V GOOD
$0
FINISHED
GARAGE
HEATED
430 260 $25,000 $0 485 $0
FINISHED
GARAGE
$0 243 $25,000 $0
TimeAdjustedS
alePrice
0 $0 $0 $0
Value $7,364,200
Value/Sqft $1,872
Adjusted Sale $7,250,930 $1,938,530 $9,020,340 $2,251,700 $6,598,893 $1,427,620
wendys @ May 27, 2022 11:52:23 AM Page 2 of 4
Account
Number
R017021 Comparable: R022352 Comparable: R017294
Parcel Number 273707481001 273718119002 273718117124
Situs Address 341 PARK AVE 1195 RIVERSIDE DR 1395 RIVERSIDE DR #A
City ASPEN ASPEN ASPEN
Sale Date 09/13/2018 01/02/2019
Sale Price $7,100,000 $4,675,000
Sale/SqFt $1,847 $1,188
Time Adj. Price $7,900,170 $5,097,152
VALUE ADJUST DESCRIPTION +(-)ADJUST DESCRIPTION +(-)ADJUST
LAND Acres $0 $0
LAND SQFT $0 $0
LAND Land
Value Code
$500,000 $1,700,000
Actual Year
Built
1999 2017 $0 1999 $0
Effective Year
Built
1999 2017 ($900,000)1999 $0
Live Area 2956.0000 2530.0000 $702,900 2540.0000 $686,400
Finished
Basement Area
977.0000 1747.0000 ($889,350)1751.0000 ($893,970)
Construction
Quality
DUP CONDO -
V GOOD
DUP CONDO -
V GOOD
$0 DUP CONDO -
V GOOD
$0
FINISHED
GARAGE
HEATED
430 490 $0 462 $0
FINISHED
GARAGE
$0 $0
TimeAdjustedS
alePrice
0 $0 $0
Value $7,364,200
Value/Sqft $1,872
Adjusted Sale $7,313,720 ($586,450)$6,589,582 $1,492,430
wendys @ May 27, 2022 11:52:23 AM Page 3 of 4
wendys @ May 27, 2022 11:52:23 AM Page 4 of 4
ACCT#LEGAL DESCRIPTION NBHD SITE ADDRESS
HEATED
AREA QUALITY SALE DATE SALE PRICE
TIME ADJ SALE
PRICE
PRICE PER
SQ FT VALIDITY
R008521 PINE RIVER TOWNHOMES Unit: 2 DESC: AKA 314 422020 - RIVERSIDE,BCKWHT,ANDERS,&M&B314 RIVERSIDE AVE #2 2,669 23 - AVG 9/18/2019 3,500,000 3,663,800 1,373 Q/*
R017021 COLAS CONDO Unit: 1 422020 - RIVERSIDE,BCKWHT,ANDERS,&M&B341 PARK AVE 3,933 25 - V GOOD 9/21/2018 6,250,000 6,954,375 1,768 Q/V
R018443 ADAIR DUPLEX Unit: 1 422020 - RIVERSIDE,BCKWHT,ANDERS,&M&B128 PARK AVE 2,457 24 - GOOD 8/23/2019 3,700,000 3,893,140 1,585 Q/V
R022512 COOPER DUPLEX TOWNHOME CONDO Unit: A 422020 - RIVERSIDE,BCKWHT,ANDERS,&M&B332 N RIVERSIDE AVE 2,810 25 - V GOOD 7/10/2019 6,400,000 6,768,640 2,409 Q/V
R022513 COOPER DUPLEX TOWNHOME CONDO Unit: B 422020 - RIVERSIDE,BCKWHT,ANDERS,&M&B1154 E COOPER AVE 2,810 25 - V GOOD 12/2/2019 6,150,000 6,340,650 2,256 Q/V
R009098 PATRICIA Unit: 1 422021 - NORTH EAST ASPEN980 KING ST #1 983 23 - AVG 2/20/2019 2,300,000 2,495,040 2,538 Q/V
R014806 RIVERS EDGE Unit: A DESC: EAST UNIT 422021 - NORTH EAST ASPEN855 GIBSON AVE #A 5,754 25 - V GOOD 11/20/2018 8,549,000 9,416,723 1,637 Q/*
R021357 ASPEN VIEW RESIDENCES Unit: B 422021 - NORTH EAST ASPEN800 GIBSON AVE #B 3,414 25 - V GOOD 9/21/2018 4,647,500 5,171,273 1,515 Q/V
R021888 PARK CONDO Unit: B 422021 - NORTH EAST ASPEN505 PARK CIR #B 3,112 25 - V GOOD 11/15/2018 4,550,000 5,011,825 1,610 Q/V
R022421 SPRUCE STREET CONDO Unit: A 422021 - NORTH EAST ASPEN520 SPRUCE ST 2,974 25 - V GOOD 8/15/2018 4,750,000 5,312,400 1,786 Q/V
R022422 SPRUCE STREET CONDO Unit: B 422021 - NORTH EAST ASPEN522 SPRUCE ST 2,447 25 - V GOOD 3/11/2019 4,300,000 4,640,990 1,897 Q/V
R017294 RIVERSIDE TOWNHOMES CONDO Unit: A 422050 - EAST ASPEN SUBS1395 RIVERSIDE DR #A 4,291 25 - V GOOD 1/2/2019 4,675,000 5,097,152 1,188 Q/V
R022352 1190-1195 RIVERSIDE DRIVE CONDO Unit: A MINE: RIVERSIDE PLACER - 3905 SITUATED WITHIN RIVERSIDE PLACER 422050 - EAST ASPEN SUBS1195 RIVERSIDE DR 4,277 25 - V GOOD 9/13/2018 7,100,000 7,900,170 1,847 Q/V
R019827 MOORE TOWNHOMES CONDO Unit: A 422050.01 - EAST ASPEN SUBS/MTN VAL DUPLEX42553 E HWY 82 3,856 25 - V GOOD 4/26/2019 4,490,000 4,821,362 1,250 Q/V
R020788 93/95 WEST LUPINE CONDO Unit: A 422050.01 - EAST ASPEN SUBS/MTN VAL DUPLEX95 W LUPINE DR 3,643 25 - V GOOD 9/6/2019 4,990,000 5,223,532 1,434 Q/V
EAST ASPEN – DUPLEX CONDO SALES FOR 2021/2022
Appraisal date: June 30, 2020
Q/V = qualified valid sale
Q/* = qualified sale that has changed since date of sale (remodel, addition,..)