2015 Routt County - Board of County Commissioners (BCC) Hearing Abatement Response

Transcription

1 Office of the Routt County Assessor BCC Hearing Appraiser Recommendation Petitioner: Account #: 2015 Routt County - Board of County Commissioners (BCC) Hearing Abatement Response TRAILHEAD EVER GLORY, LLC (John Schmlelze Managing Member) R Parcel #: Tax Years Petitioned: 2013 & 2014 Legal Description: CLUB UNIT, TRAILHEAD LODGE AT WILDHORSE MEADOWS Appeal History: Neither the property value nor the classification was appealed during the May 2013 & 2014 protest periods. Subject Description: Located near Mt. Werner Road, the subject is situated within the Trailhead Lodge at Wildhorse Condominium project. The subject unit is located on the main level and off the lobby at the south end of the building. The Club Unit measures approximately 5,106 square feet in GBA and consists of multiple rooms including a game room, workout area, lobby, snack area, restrooms and a main hallway. Built in 2009, the condominium project consists of eighty-nine (89) units. Eighty-six (86) units are residential, two (2) are commercial and one (1) is a Club Unit (Figure 2: Property Photos). Summary Comments Addressing the Petitioner s Request: The subject property is known as the Club Unit. Historically, the subject unit has been used as the community fitness/recreation center for the residents within the project (owners & members of the HOA). However, since the building has been placed on the tax roll, it has been classified as 2245 Commercial Condo which is levied at the 29% assessment rate. The petitioner is requesting that the property be reclassified as Residential with a 7.96% assessment rate. Position of the Assessor s Office: Due to the foreclosure of the subject unit in 2011, the developer did not retain ownership of subject property during Tax Years 2013 & 2014, rather ownership was transferred to an acquisition company. However, because the Wildhorse Meadows Master Owners Association was using the property for its intended purpose as a nonprofit community & recreation center at the time, the Assessor s Office agrees with the petitioner that the subject should be reclassified from a commercial use to a residential use during that period. In addition to the change in classification, it was determined during the abatement process that the Club Unit was incorrectly valued as office space when in fact it has never been finished or used as such. Instead, the unit should have been valued as Health Club/Gym Space. A total of eight (8) improved commercial properties sold in Tax Area 28 during the 2013RA data collection period. All eight sales were either newer office and/or retail space ranging in TASPs of $166/sf to $780/sf. None of the sales were larger than 1,354sf. The three largest sales ranged in size from 1,075sf to 1,354sf and ranged in price from $166/sf to $242/sf. rev 10/06/2015 Page 1 of 5 Commercial Property Abatement

2 Office of the Routt County Assessor BCC Hearing Appraiser Recommendation ACCT # 2013RA Improved Commercial Sales - Tax Area 28 TAX AREA DESCRIPTIO N LEGAL RECEPT# SALE PRICE ADJ SALE PRICE $/SF SALE YR TOTAL SF R Retail Condo UNIT C - 7 A STEAMBOAT GRAND $ 450,000 $225,000 $166 04/20/2012 1, G1 R Retail Condo UNIT C - 7 B STEAMBOAT GRAND $ 450,000 $225,000 $178 04/20/2012 1, G1 R Retail Condo UNIT C - 8 A STEAMBOAT GRAND $ 260,000 $260,000 $242 12/01/2010 1, G1 R Retail Condo UNIT C-A TORIAN PLUM PHASE II $ 200,000 $200,000 $308 07/19/ G2 R Retail Condo UNIT C-312 OSP $ 450,000 $450,000 $432 10/28/2011 1, G2 R Retail Condo UNIT C-311 OSP CONDOMINIUM $ 337,500 $337,500 $450 08/27/ G2 R Office Condo UNIT C - 3 STEAMBOAT GRAND $ 495,000 $495,000 $671 08/17/ G1 R Office Condo UNIT C - 2 STEAMBOAT GRAND $ 495,000 $495,000 $780 08/17/ G1 YEAR BUILT ZONING Note: The petitioner s agent, Coleen De Jong recently reported that a pending contract for $210,000 or $41.12/sf currently existed between Trailhead Ever Glory, LLC as the grantor and the Wildhorse Meadows Master Owners Association as the grantee. Once the HOA acquires ownership of the Club Unit, it will then be reclassified as tax exempt common area. Because the subject unit can only be used by the owners and guests and not the general public, the Assessor s office estimates the value to be approximately $487,560 or $98.49/sf. If approved, these changes will result in the following adjustments to the value & tax liability for Tax Years 2013 & 2014: Original 2013RA Classification & Valuation Corrected 2013RA Classification & Valuation Abstract Code: Abstract Code: 2245 Commercial Condominium 2244 Multi-Use Imps. Residential Valuation Method: Income Valuation Method: Market Building Use: 46 - Office Building Use: 25 - Health/Gym Calculated Value: $975,850 Calculated Value: $487,560 Recommendation: DENY the petitioner s request to lower the value to $200,000, but APPROVE the Assessor s recommendation to decrease the value from $975,850 to $487,560 and reclassify the subject property from COMMERCIAL to RESIDENTIAL. These changes result in an abatement refund of $11, for TY2013 and $11, for TY2014. Report Date: October 6, 2015 Appraiser: Kevin M. Krause Certified Residential Appraiser License # CR Routt County Assessor s Office Expiration 12/31/2016 (970) kkrause@co.routt.co.us rev 10/06/2015 Page 2 of 5 Commercial Property Abatement

3 Office of the Routt County Assessor BCC Hearing Appraiser Recommendation Figure 1: PROPERTY LOCATION MAP rev 10/06/2015 Page 3 of 5 Commercial Property Abatement

4 Office of the Routt County Assessor BCC Hearing Appraiser Recommendation Figure 2: PROPERTY PHOTOS Front Club Unit Main Hallway Workout Area Game Room rev 10/06/2015 Page 4 of 5 Commercial Property Abatement

5 Office of the Routt County Assessor BCC Hearing Appraiser Recommendation Figure 3 Sketch rev 10/06/2015 Page 5 of 5 Commercial Property Abatement

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