“When we fell in love with Lake City in 2003 and decided to move there, Jeff and Danielle helped us find and purchase our home. After 10 wonderful years when due to declining health and advancing age, it became time to move closer to family, they successfully helped us sell the house in a very short time.”
S. & C. Bettley, Allen, TX
June 5, 2014 By
“Hall Realty has been a part of our lives for over 20 years. We have used Annette for all of our summer rental needs during this time. When we finally made our purchase of our retirement home, here in Lake City, Annette, Jeff, and Danielle made it so easy and personal. Thanks again FRIENDS! Hall Realty is professional, friendly, and definitely the Realty Company to use in and around Lake City.”
S. & K. Dickson, Shreveport, LA
June 5, 2014 By
“When we inquired about buying a house in the Lake City area we were pointed to Hall by previous happy clients. I can see why. From the start to the finish it was thorough, professional, and fun. This is how realty should be but seldom is. Our hats off to Danielle and Jeff on their 36th”
Gunnison Country Association of REALTORS 4th Quarter 2013 Report
January 24, 2014 By
Overall 2013 proved to be a good year for housing. Home sales and prices were better than the previous year in Colorado and across much of the nation. Foreclosures in Colorado continued to decline, along with the number of homes for sale and the number of days it took to sell a home were also lower. Multiple-offer situations became commonplace again and prices in many areas rallied to multi-year highs. This, of course, varied by location and market segment, but the proverbial glass appeared to be more than half full throughout the year.
Within the 81235 (Lake City) zip code, New (residential) Listings increased by 27.8 percent and Closed Sales increased slightly by 4.8 percent. Median Sales Price for single family homes increased to $298,500 with Days on the Market also increasing to 303 days. The Percent of List Price Received remains virtually unchanged at 90 percent.
Housing is fortified by confident consumers and good jobs. 2013 was marked by a slowly improving labor market and a stock market up nearly 30 percent from this time last year. Interest rates remain low (but moving up and prices are still affordable). It’s no wonder that buyers were active in 2013. Here’s to more of the same in 2014.
Please note that the above information is based on residential properties. If you would like more detailed 2013 fourth quarter reports for all Gunnison County and Hinsdale County, please contact [email protected].
Happy New Year 2014
December 27, 2013 By
Wishing you a Happy, Healthy & Prosperous 2014! Hall Realty has been celebrating 35 years of service to our friends and neighbors in the Lake City area. Jeff & Danielle Worthen, Annette Anthony and Barbara Apfelthaler would like to take this opportunity to send a special thakn you to the community for your continuted support. 2013 was an incredible year for our business.
Press Release from the Discovery Network
December 27, 2013 By
The Discovery Channel Network is launching a new show called Destination America’s Buying Log Homes. The show premiers December 28, 2013 on DishTV channel 194 and DirectTV channel 286 at 7:30 pm MST. In the Lake City episode, a newlywed couple is looking to purchase in the Lake City area and see 3 premier log homes. Two of the homes seen are Hall Realty listings MLS#36718 and MLS#35299.
Modular versus Manufactured Homes
December 27, 2013 By
MODULAR: meets UBC (Uniform Building Code) guidelines. Basically, it is a stick built home that was prefabricated elsewhere – placed on a trailer and brought to the site. It is then removed from the trailer, and placed on the foundation. It can be compared to stick built homes on an appraisal and the same appraisal form is utilized for a modular home as for a stick built home. It will have all wood support beams, so if you crawl under it, the ONLY metal you would see would be possibly the center “I” beam. The rest of everything underneath the home should be wood. Remember “wood is good”. A unit of this type NEVER had a title, will not have to be purged, and never had wheels, axel, or a hitch.
MANUFACTURED HOME: meets HUD (Housing and Urban Development) guidelines. This is a “trailer house”. It is built on a metal trailer or Chassis. It was brought to the site and the wheels, hitch, and axel were removed, and it was placed right on the foundation – so the trailer becomes the subflooring. It will have ALL METAL underneath the unit. The hitch, wheels, and axel may or may not have been removed. There would be red metal HUD tags (about 3 inches by 5 inches) on each half of the unit at the time it was delivered, which may or may not still be present later at the time the property is resold. This unit has a VIN number just like a car, so that title must be “purged” so the house is then taxed as real estate along with the lot. There are also sometimes stickers present under the sink or by the furnace or hot water heater that would indicate that the unit is a manufactured home. The appraisal MUST be on a “manufactured home appraisal report” and all comparibles should be manufactured homes.
CAR Education Foundation
December 27, 2013 By
In 2013 the CAR (Colorado Association of Realtors) Education Foundation generously donated $20,000 to help fund the Carbon Monoxide Education campaign that is currently running. This collaborative effort of CAR Public Awareness Campaign, Education Foundation, Fox31 and the Kidde Corporation mission is to help raise awareness of the dangers of carbon monoxide and to help residents and visitors to Colorado protect themselves from harm.
As part of the campaign they asked teens to put together a :30 second PSA (Public Service Announcement) about the dangers of Carbon Monoxide. They had to touch on at least two of these points in the PSA:
- Carbon Monoxide is the leading cause of accidental poisoning deaths in America.
- Carbon Monoxide is a colorless, odorless gas produced by burning material containing carbon.
- Carbon Monoxide poisoning can cause brain damage and death. You can’t see it, smell it or taste it: but CO can kill you.
- Carbon Monoxide is produced by common household appliances we use every day. When not properly ventilated, CO emitted by these appliances can build up.
- Early symptoms of CO poisoning such as headaches, nausea and fatigue, are often mistaken for the flu because the deadly gas goes undetected in a home. Prolonged exposure can lead to brain damage and even death.
- You should annually inspect your home for hazards like your home heating system, your furnace and other appliances, such as gas ovens, ranges and cook tops are inspected for adequate ventilation.
- Do not burn charcoal inside your home (even in the fireplace). Have fireplaces inspected each fall to ensure the pilot light burns safely.
- Do not operate gasoline-powered engines in confined areas such as garages or basements. Do not leave your car, mower or other vehicle running in an attached garage, even with the door open.
- Do not block or seal shut exhaust flues or ducts for appliances such as water heaters, ranges and clothes dryers.
Visit the “Resources” tab at www.ColoradoREALTORS.com to learn more about the above benefits that include discounts on purchasing CO detectors.
Understanding Property Taxes in Colorado
August 7, 2013 By
Introduction
Property tax revenue supports public schools, county governments, special districts, municipal governments, and junior colleges. All of the revenue generated by property taxes stays within your county. Property taxes do not fund any state services.
The county assessor is responsible for discovering, listing, classifying, and valuing all property in the county in accordance with state laws. The assessor’s goal is to establish accurate values of all property located within the county, which in turn ensures that the tax burden is distributed fairly and equitably among all property owners.
Real property is revalued every odd-numbered year. Personal property is revalued every year. Property tax calculations consist of several components:
- property classification
- actual value of the property
- assessment rate
- assessed value
- tax rate
Property Classification
Property is classified according to its actual use on January 1. The property’s classification determines the rate at which the property will be assessed.
Actual Value of the Property
Residential property is valued using only the market approach to value. In this approach, the value of the subject property is based on an analysis of comparable sales. For tax years 2011 and 2012, the comparable properties must have sold between January 1, 2009 and June 30, 2010. However, if insufficient data existed during that time frame, data from each preceding six-month period (up to a period of five years preceding June 30, 2010) may be utilized.
Most non-residential property, including personal property, is a valued by consideration of the market approach, the cost approach, and the income approach to value. Please refer to the brochure entitled “Property Valuation and Taxation for Business and Industry in Colorado” for additional information regarding non-residential property.
Assessment Rate
For property that is classified residential, the current assessment rate is 7.96% of market value. The assessment rate for most other types of property, including personal property, is 29% of actual value.
Assessed Value
Multiplying the actual value by the appropriate assessment rate results in what is known as the property’s “assessed value”.
Actual Value $275,000 Residential Assessment Rate x .0796 Assessed Value $ 21,890 Tax RateEach year county commissioners, city councils, school boards, and governing boards of special districts determine the revenue needed and allowed under the law to provide services for the following year.
Each political subdivision calculates a tax rate based on the revenue needed from property tax and the total assessed value of real and personal property located within the political subdivision’s boundaries.
Revenue from Property Tax $1,398,000 Total Assessed Value $1,000,000,000 Equals .013980 or 13.98 MillsAll of the tax rates of the various taxing entities providing services in your tax area are added together to from the total tax rate
County Tax Rate 0.013980 City Tax Rate 0.008752 School District Tax Rate 0.052116 Water and Sanitation Tax Rate 0.000693 Total Tax Rate 0.075541Public notices of budget hearings are published in the local newspaper. The public hearings are usually scheduled in September or October. By attending budget hearings, taxpayers may participate in the budget process and become informed about the quality and cost of services provided in their area.
The assessor classifies and values property. The various taxing entities determine tax rates.
Actual Value $275,000 Residential Assessment Rate x 0.0796 Assessed Value $ 21,890 Tax Rate x 0.075541 Taxes Due $ 1,653.59Notice of Valuation
Real Property Notices of Valuation are mailed by May 1 of each year. Personal Property Notices of Valuation are mailed by June 15 of each year. The notices list the location, classification, the characteristics germane to value, and the actual value of the property for both the prior and current years.
The Hinsdale County Assessor may be reached at 970-944-2224.
(Please note that the above information was taken from a brochure prepared by the Division of Property Taxation Department of Local Affairs of the State of Colorado. For additional information please visit www.dola.colorado.gov/dpt.)
Colorado Water Dictionary
July 7, 2013 By
The definitions below are offered in simplified language to the best of the author’s ability and are by no means to be relied upon as a legal definition of such term. These definitions are merely offered as a public service to assist you in understanding some of Colorado’s most often used water terms. If you desire a legal definition, please contact a water attorney.
Absolute Water Right: A Water right that has been placed to a beneficial use. See definition for conditional water right.
Augmentation Plan: A way for junior appropriators to obtain water supplies through terms and conditions approved by a water court that protect senior water rights from the depletions caused by the new diversions. Typically this will involve storing junior water when in priority and releasing that water when a call comes on; purchasing stored waters from federal entities or others to release when a river call comes on; or purchasing senior irrigation water rights and changing the use of those rights to off-set the new users injury to the stream. These plans can be very complex and it is suggested that an engineering consultant be hired to allow for proper consideration of all hydrologic and water right factors.
Beneficial Use: Water in Colorado must be diverted for a purpose and used beneficially to get a water right. Beneficial use is the use of a reasonable amount of water necessary to accomplish the purpose of the appropriation, without waste. Some common types of beneficial use are: irrigation, municipal, wildlife, recreation, mining, household use.
Change of Water Right: Any change in the way a water right is used. Can be change in type, place or time of use, change in point of diversion, adding points of diversion, etc. It is not a change in use if a farmer changes the type of crop grown. Changes of water rights must be approved by the water court to assure that no injury occurs to other water rights.
Conditional Water Right: A right obtained through the water court which fixes the priority of the water right with a certain date, even though the appropriation has yet to be completed. It gives the holder of that right time to complete the appropriation as long as they diligently pursue completion of the project. Every six years the court reviews what progress has been made toward completion of the project (called “diligence”). Once the right has been perfected by use, the holder of the conditional right must then ask the court to make it an absolute water right (see definition for absolute water right).
Exempt Well: Small residential and livestock wells are considered to be exempt from administration. To obtain this type of exemption, strict criteria must be met as set forth by the legislature and administered by the State Engineer. For further information see Colorado Revised Statutes section 37-92-602.
Ground Water Commission: A twelve-member body created by the Legislature, nine of which are appointed by the Governor to carry out and enforce the state statutes, rules and regulations, decisions, orders and policies of the Commission, dealing with designated ground water (see section of this guide titled, “How Do I Obtain a Water Well Permit Withing a Designated Basin?” for more information.
Non-Exempt Well: A well allowed to be used for non-exempt uses.
Nontributary Ground Water
River Call: Usually a written document filed with the Division Engineer stating that as of a certain date and time, a water right holder is not receiving all of the water they are entitled to by decree and requesting that the Division Engineer shut down (curtail) all upstream water rights junior to them until their senior right is satisfied.
Subdivision: Or subdivided land, means any parcel of land in the State which is to be used for condominiums, apartment, or any other multiple-dwelling units, or which is divided into two or more parcels, separate interest, or in common, unless exempted.
Tributary Water: Water that is hydrologically connected to a natural stream system either by surface or underground flows.
Water Court: A District Court that hears matters related to water. To obtain a judicially recognized water right, change a water right or file an Augmentation Plan, persons or entities file applications requesting with one of these courts, and the court will issue a decree or order. There are seven water courts in the State located in each major drainage basin.
Well: Any structure or devise used for the purpose, or with the effect, of obtaining ground water for beneficial use from an aquifer. Additionally, any test hole or other excavation that is drilled, cored, bored, washed, fractured, driven, dug, jetted, or otherwise constructed, when the intended use of such excavation is for the location, monitoring, dewatering, observation, diversion, artificial recharge, or acquisition of ground water, or for conducting pumping equipment or aquifer tests.
This information is taken from the Colorado Division of Water Resources water terminology page at www.water.state.co.us/Home/Help/Pages/Water Terminology.aspx
