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Home My WebLink AboutR16-066 Assessor Generated Abatement Petition Commissioner Cam..i 0 — moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO Resolution No. 2016 - 006 RESOLUTION CONCERNING AN ASSESSOR GENERATED PETITION FOR ABATEMENT AND REFUND OF TAXES BEFORE THE EAGLE COUNTY BOARD OF COUNTY COMMISSIONERS WHEREAS, the Board of County Commissioners for Eagle County, Colorado (hereinafter referred to as the "Board") is responsible for hearing petitions for refund or abatement of property taxes pursuant to C.R.S. §§ 39-1-113 and 39-10-114; and WHEREAS, a petition for abatement has been submitted to the Board by the Eagle County Assessor (the "Assessor") for the purpose of correcting erroneous valuation for assessment, irregularity in levying, clerical errors and/or overvaluations discovered by the Assessor; and WHEREAS, the Board has considered the recommendation of the Assessor with respect to the abatement petition submitted by the Assessor, and such recommendation is attached hereto as Exhibit "A," and incorporated herein by this reference. NOW, THEREFORE,,BE IT RESOLVED by the Board of County Commissioners of Eagle County, Colorado, THAT, the Board hereby approves the recommendation of the Assessor for the schedule number, the tax year and the reason set forth in the Assessor's recommendation attached hereto as Exhibit "A" and enters an order with respect to the petition for abatement in accordance with such recommendation. THAT,for each order issued by the Board in which an adjustment to the respective Petitioners' valuation is indicated,subject to approval by the State Property Tax Administrator where required by the terms of C.R.S. §39-1-113(3),the Board directs the Assessor to adjust the valuation or take such other action as more particularly set forth in the recommendation set forth and attached hereto as Exhibit "A." . .. 6 re WORM B / ar % %I r, Eagle County A t.rnev's Office By: Eagle County Commissioners Office EAGLE COUNTY Agenda Summa ry Board of Commissioners OR Board,Authority August 23, 2016 Subject: Assessor Generated Abatement Petition Prepared By: Christina Hooper Department: Assessor Recommended Action: Approve Abatement Recommendation Expenditure Required: $54,967,76 Source Of Funds: Treasurer Strategic Plan Goal/Objective: Executive Summary: Assessor generated petition adjusting value due to lot size and use. See Ex, A. Attachment(s): Exhibit A—Assessor Recommendation and Stipulation Reviewing Attorney: Christina Hooper 1 MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado at its regular meeting held the'2a) day of_ i /2v J I _, 2016. COUNTY OF EAGLE, STATE OF (it 0 COLORADO, By and Through Its % BOARD OF COUNTY COMMISSIONERS ATTEST: 't 1LKl..IL Inn oc.-�l * By: Clerk to the"oard of %RIO° anne McQueene County Commissioners Chair-- Jr; AL a . Ryan r Kathy 0"J-idler-Henry Commissioner Commissioner �-ylo� seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: Commissioner McQueeney _" Commissioner Ryan Commissioner Chandler-Henry ,, This Resolution passed by / vote of the Board of County Commissioner of the County of Eagle, State of Colorado. 2 r i ABATEMENT RECOMMENDATIONS ASSESSOR GENERATED ® TAXPAYER GENERATED • To: Mark Chapin, Eagle County Assessor From: Sandy Skiles Date: 26-Jul-16 Owner: Borden Properties LLC Schedule#: R051913 Tax Parcel#: 2107-173-02-001 The appraisal section has completed its review of the referenced property as of this date and here submits it's findings and recommendations as stated below: _ Denial ® Approval as Submitted Abatement/Refund different than requested(Approval in part) Assessment Rate: 29.00% TAX YEAR 2015 TAX YEAR Tax Area: SC244 Mill Rate: 127.6390 Tax Area: Mill Rate: Actual Assessed Taxes Actual Assessed Taxes Orig: $2,062,500 $598,130 $76,344.72 Orig: Corr: $577,500 $167,480 $21,376.96 Corr: Abate: $1,485,000 $430,650 $54,967.76 Abate: $0 $0 $0.00 The basis of the recommendation is: The subject property is located in The Territories at Cordillera in Edwards,CO. The majority of the lots are 354 acres whereas the subject is 120.662 acres. All of the lots in The Territories,including the subject,have 5 acre"homestead" they can fence off, build a home,outbuildings and corrals. They can use the entire acreage for hiking,walking, horseback riding,etcetera, but they cannot fence the entire parcel. There are public trails going through the parcels also. I was unaware that the 5 acre"homestead"applied to all sites without regard to size until investigation for appeals in 2015. The sub'ect has had lar:e adjustments to account for extreme size for the nei:hborhood. In 2016 those adjustments were updated based on the above information. The 2015 value should reflect the same value as 2016. (Lase- $ee A44 o +acI Appraisal Manager Approval: Mj Al� Assessor Approval: A G:/DOCS/Abatements/2011/AbatementRealForm.xlsEXhi bit A Revised 4-20-11 MJK Addenda for R051913: Borden Properties LLC The Territories at Cordillera is mostly 35+/-acre parcels.It is the only area in Cordillera where you are permitted to have horses. All of the parcels,no matter the size,are permitted to build outbuildings, corrals and a home with a caretaker unit on a 5 acre"homestead". They can only fence the S acres. This concept has not taken off as expected. Until the last 5 or 6 years there was only one home built in The Territories. As of today there are four homes. Initial sales in The Territories took place between 1997 and 2001.The sales of the 35+/-acre sites ranged from$650,000 to$1,300,000 with the median being around$900,000. The sale of the subject (120+acres)sold for$1,950,000 in 2001. Based on the original sales the Assessor's office valued the 120 acre site much higher than 35 acre sites. That original market sales recognized more utility in a 120 acre site than a 35 acre site. Over the years the sales prices for vacant land in Cordillera have fluctuated but they have never resold anywhere near those original sales prices. This is especially true of sites in the Cordillera Summit and The Territories. Sites in the Summit that sold originally for over$400,000 have sold recently for as low as$45,000 likewise for the Territories there have been sales as low and$120,000. In 2015, due to an appeal, I found that all Territories lots were limited to the same 5 acre"homestead" no matter the size. For this reason the value of the subject was adjusted in 2016 to a fair market value of$577,500. This abatement is to correct the 2015 value. The subject is currently listed for sale at$695,000. The listing information is attached.