Teller County commissioners have approved an abatement request from PK Enterprises for an adjustment of the actual value of Highlands Plaza in Divide. For the tax years 2017 and 2018, the adjustment from $2,048,079 to $1.3 million resulted in a tax refund of $24,333.73 to the company.
The adjustment was based on a report by Bearing Commercial Appraisers for Vectra Bank Colorado and submitted to the office of Colt Simmons, Teller County Assessor.
As a result, the assessor’s office recommended approval of the abatement.
Highlands Plaza, at the intersection of U.S. 24 and CR 5 in Divide is a 25,407-square-foot multi-tenant retail/office property built in 1992 on 1.73 acres.
The adjustment related to the capitalization of the leases within the plaza that indicated the market value of the property, said Mike Akana, deputy assessor, speaking to the commissioners at the meeting Feb. 6.
The adjustment considered the income approach as well as the market approach, Akana said, adding that the assessor’s office rarely gets information from property owners about the income approach.
“So looking at the sales-comparison approach and reconciling it with the income approach to appraisal, the amount of $1.3 is pretty reasonable and credible, based on market evidence,” Akana said.
Commissioners Marc Dettenrieder, Bob Campbell and Norm Steen unanimously approved the adjustment.
In other business, Steen reported that a bill, HB 1271, to appeal the bill known as the Red Flag Law, is one of 450 bills currently in the Colorado Legislature.
“It’s good to see; there are changes in definitions,” he said. “So there’s some hope out there that the bill was not assigned to the kill committee but to the judiciary. We will watch to see how it goes and take advocacy for Teller County.”
Also, concerning the lawsuit against Sheriff Jason Mikesell by the ACLU, the county has filed an appeal to dismiss. The hearing is at 10 a.m. Feb. 27 in Teller County District Court in Cripple Creek.