On Wednesday evening 4/29/2015, over 70 Denver apartment owners attended a private event hosted by Greg Johnson and Kyle Malnati, multifamily brokers with Madison & Company Properties. The “main event” for the evening was a detailed presentation by Denver County’s Assessor, Keith Erffmeyer. This exclusive event was flawlessly planned by Kyle and Greg’s teammates, Valerie Latham and Ana Malnati.

Tax Event – Sales Comp Book 4.29.15

Tax Event – Final Presentation 4.29.15

We recorded the event so that you could watch the presentation as you fill out your Denver County Property Valuation Protest forms. Our hope is that you can navigate the content of the video by using the following Table of Contents below:
– 02:45 – Celebrate the Denver Apartment Market
– 05:32 – Recap of sales during the last assessment period 2010-2012 ($73k/unit)
– 06:23 – 24 months of sales for this assessment 7/1/2012-6/30/2014 (74% increase)
– 09:28 – Introduction of Keith Erffmeyer, Denver County Assessor
– 10:30 – 2015 Revalution of Denver County Apartment Buildings
– 11:20 – Greg Feese, April Roybal, Jason Neary, and Kim Lust
– 12:00 – How is residential real property valued?
– 12:30 – “Base Year Concept” described for Denver apartment buildings
– 14:00 – Market Approach for Denver apartment buildings
– 15:15 – Date of Value = June 30, 2014
– 15:30 – Gallagher Amendment (Colorado 45%/55% value allocation statewide)
– 16:40 – Apartments are “residential (taxed at 7.96%)
– 17:00 – What is Mass Appraisal? (IAAO = International Association of Assessing Officers)
– 18:00 – Denver County sales verification process for apartment complexes
– 20:30 – Valuation Models: intended to mirror the motivations of Buyer/Seller
– 22:20 – Developing a Valuation Model: 3 different models for multifamily property
– 23:45 – Denver County Assessor HAS to time trend to date of valuation (6/30/1014)
– 25:00 – Testing a Valuation Model: evaluate model performance
– 26:00 – Model #1 described for Denver apartment buildings (2-4 units)
– 26:10 – Model #2 described for Denver apartment buildings (5+ units, not PBG)
– 28:20 – Multiple Regression Analysis
– 30:30 – Sample Model #2 coefficients for 2015
– 32:00 – Why is “CTERM” so important?
– 32:45 – Sample Notice of Valuation (N.O.V.)
– 35:00 – 2015 Median Changes (percentage change in actual value from 2013 to 2015)
– 38:00 – Denver County Assessment Cycle (Alternate Procedure)
– 41:30 – Protesting Suggestions
– 42:15 – Property Values and process of delivering tax bills
– 43:30 – Questions from the audience and answers from Keith Erffmeyer

BONUS: 8 Tips directly from the Denver Assessor if you’re going to protest your valuation
1. DON’T consider the current market
2. DO remember the date of value (6/30/14)
3. DON’T protest the taxes (you technically don’t know what they’re going to tax you)
4. DO consider the value
5. DON’T consider the rate of increase
6. DO review the property characteristics
7. DON’T simply say “the value is too high”
8. DO provide evidence: sales, photos, descriptions of issues negative to the property, estimates of cost to cure, rent rolls, etc.

~Kyle Malnati 303-358-4250
Greg Johnson 303-343-8333
Madison & Company Properties
Madison Commercial Properties
1221 South Clarkson Street, #300, Denver, CO 80210
http://www.DenverApartmentBuildingsForSale.com