Petition for Abatement or Refund of Taxes
Account # R018360, Owner EPR Holdings LLC, Address 323 Hot Springs Blvd, Abatement in the amount of $2,893.56.
I am before you because this Abatement amount exceeds the $2500 limit authorized for me to sign off on. In 2019 EPR Holdings and myself signed to a stipulation agreement that set the value for this parcel for 2019 and 2020 at $10,776,490. In November of 2019 EPR Holdings pulled a building permit with the Town of Pagosa Springs and 481 sq ft of covered open porch was converted to base (it was enclosed and basically became heated area similar to the rest of the interior of the hotel. That change resulted in a value increase of $152,650, soley based on that change. However, it does not appear that the construction was totally complete by Jan. 1 2020 and we were denied access to this project and at least one other for inspections so we just put it as complete. Technically we don't have to abate this as per the stipulation, if the property characteristics are changed, the stipulated value may change. It does not appear that there were any additional rooms available for rent and that the improvement may not necessarily increase the revenue stream of the business. On commercial properties, all 3 approaches to appraisal are used, market, income, cost (vs the 1 for residential, market, as required by statute), so for 2020 there is no evidence for or against that the improvement would have increased the value. I am asking for your approval to abate the $2,893.56 for this parcel.
- Natalie Woodruff
- Presentor's Title