Board of Tax Appeals

Board of Tax Appeals Wednesday, August 7, 2024, 1:00 PM, Bushor Conference Room 1st Floor, City Hall **IN PERSON ONLY** 1. Agenda Subject 1.1. Motion to adopt agenda Meeting August 7, 2024 - Board of Tax Appeals Organizational Meeting - Wednesday, August 7, 2024, 1:00 PM, Bushor Conference Room 1st Floor, City Hall **IN PERSON ONLY** Category 1. Agenda Department Council and Board Type Action Procedural Recommended Action Motion to adopt agenda 2. Elections Subject 2.1. Chair, Vice Chair and Clerk Meeting August 7, 2024 - Board of Tax Appeals Organizational Meeting - Wednesday, August 7, 2024, 1:00 PM, Bushor Conference Room 1st Floor, City Hall **IN PERSON ONLY** Category 2. Elections Department Council and Board Type Action Recommended Action approve the Chair, Vice Chair and Clerk for the Board of Tax Appeals 3. Rules Page 1 of 19  Subject 3.1. Hearing Procedures Meeting August 7, 2024 - Board of Tax Appeals Organizational Meeting - Wednesday, August 7, 2024, 1:00 PM, Bushor Conference Room 1st Floor, City Hall **IN PERSON ONLY** Category 3. Rules Department Council and Board Type Information 4. Approval of Forms Subject 4.1. Educational Brochure, Notice of Hearing, Authority of Representation, Waiver of Site Visit and Official Notice of Decision Meeting August 7, 2024 - Board of Tax Appeals Organizational Meeting - Wednesday, August 7, 2024, 1:00 PM, Bushor Conference Room 1st Floor, City Hall **IN PERSON ONLY** Category 4. Approval of Forms Department Council and Board Type Action Recommended Action approve forms 5. Approval of Subpoenas Subject 5.1. Approval of Subpoenas Meeting August 7, 2024 - Board of Tax Appeals Organizational Meeting - Wednesday, August 7, 2024, 1:00 PM, Bushor Conference Room 1st Floor, City Hall **IN PERSON ONLY** Category 5. Approval of Subpoenas Department Council and Board Type Action Recommended Action approve subpoenas 6. Establishment of Panel and Schedule Subject 6.1. Establishment of Panel and Schedule Meeting August 7, 2024 - Board of Tax Appeals Organizational Meeting - Wednesday, August 7, 2024, 1:00 PM, Bushor Conference Room 1st Floor, City Hall **IN PERSON ONLY** Category 6. Establishment of Panel and Schedule Department Council and Board Type Action Recommended Action establish panel and schedule 7. Conflicts Page 2 of 19  Subject 7.1. Main Street Family Housing Limited Partnership, 278 Main Street, Unit 2; 100 BANK LLC, 100 Bank Street; Prelco, Inc., 11-17 Church Street; Bigger Boat, LLC, 37-43 Church Street; William Fellows, 362-364 South Union Street Meeting August 7, 2024 - Board of Tax Appeals Organizational Meeting - Wednesday, August 7, 2024, 1:00 PM, Bushor Conference Room 1st Floor, City Hall **IN PERSON ONLY** Category 7. Conflicts Department Council and Board Type Information 8. Other Business Subject 8.1. Verbal Comments Meeting August 7, 2024 - Board of Tax Appeals Organizational Meeting - Wednesday, August 7, 2024, 1:00 PM, Bushor Conference Room 1st Floor, City Hall **IN PERSON ONLY** Category 8. Other Business Department Council and Board Type Information 9. Adjournment Subject 9.1. Motion to adjourn Meeting August 7, 2024 - Board of Tax Appeals Organizational Meeting - Wednesday, August 7, 2024, 1:00 PM, Bushor Conference Room 1st Floor, City Hall **IN PERSON ONLY** Category 9. Adjournment Department Council and Board Type Action Procedural Recommended Action Motion to adjourn Page 3 of 19 WHAT IS THE BURLINGTON BOARD “fair market value” please review A HOW ARE HEARINGS CONDUCTED? OF TAX APPEALS? Handbook on Property Tax Appeals A panel of at least three members of the available at BOTA will conduct the de novo hearing. The Burlington Board of Tax Appeals https://outside.vermont.gov/dept/sos/Munici The hearing is quasi-judicial, but informal. (BOTA) is a seven member quasi-judicial pal%20Division/tax_appeal_handbook_200 The panel chair will explain the process, board that hears appeals of Assessors’ 7.pdf introduce the members, swear in all who grievance hearing decisions. Members are will testify and conduct the hearing. You volunteers trying to ensure that all taxable The Assessor’s Office has information on will have up to 10 minutes to present your property is assessed at its equalized fair recent property sales within Burlington. You case. You have the burden of proof to market value. Members of the BOTA are 7 must file five copies of written materials you demonstrate that your opinion of the Burlington residents appointed by the City wish to use at the hearing in the City Clerk’s property’s fair market value is correct. Council with Mayor presiding. The appeals Office at least 14 days before the hearing. After your presentation, the Assessor will are heard de novo, or "anew," by a hearing Material given to the Assessor is not have up to 10 minutes to present evidence panel consisting of at least three members. forwarded and must be given by you directly supporting his opinion of the property’s In making its decision the BOTA may to the BOTA. The BOTA may subpoena assessed value. The panel, appellant and the increase, decrease or leave your assessment information it finds material to the appeal. Assessor may ask questions. Any unchanged. You must provide subpoenaed information documentation used at the prior Assessor’s to the City Clerk by the date set by the grievance hearings may be used at this HOW DO I WITHDRAW MY APPEAL? subpoena or your appeal will be deemed hearing if properly submitted. All hearings withdrawn and no further appeal will be are recorded. You may withdraw your appeal at any time. available. You can get copies of material Send, or otherwise deliver, a written being submitted by the Assessor in support DO I NEED TO HAVE AN ATTORNEY withdrawal request to the City Clerk’s of his valuation of your property from the OR APPRAISER AT THE HEARING? Office. The current assessed value will be City Clerk’s Office after 3 p.m. seven days your most recent property assessment if you before the hearing. If you provide the City No. You may use an attorney or a real withdraw the appeal. Clerk with an email address, the material estate professional to support your case, but will be sent to you electronically. if you decide to authorize someone to WHAT SHOULD I DO TO PREPARE represent you, you must inform the City FOR MY APPEAL HEARING? WHAT SHOULD I DO IF THE BOTA Clerk’s Office in writing when you submit SCHEDULES MY HEARING WHEN I your written materials at least 14 days You may visit the Assessor’s Office to get AM NOT ABLE TO APPEAR? before the hearing. information on your property and other properties for comparison. You will be The BOTA will reschedule one time only WILL A SITE VISIT BE NECESSARY? expected to provide an opinion of the fair for good cause shown, if notice, with a market value of your property, which detailed description of good cause, is Site visits are required by law, unless may be your opinion or the opinion of a provided to the City Clerk’s Office the day waived by all the parties, including the person assisting or retained by you, and before the scheduled hearing unless there is BOTA panel. Inspections will be scheduled to present evidence supporting your a bona fide emergency, then no later than after the close of the evidentiary portion of opinion. For assistance with understanding 10:00 am on the day of the hearing. your hearing. Page 4 of 19 WHEN WILL I BE NOTIFIED OF THE RESULTS OF MY BOTA HEARING? FOR MORE INFORMATION REGARDING THE TAX APPEAL The BOTA has until December 31st to issue PROCESS its decisions. The panel will render its Burlington Board opinion of assessed value after the hearing Contact Lori Olberg at 865-7136 in the City and site visit, if any. The BOTA will send Clerk’s Office. You may also review prior of Tax Appeals its decision by certified mail to the property written decisions issued by the BOTA which owner. are located in the vault at the City Clerk’s office in City Hall. CAN THE BOTA’S DECISION BE APPEALED? FOR INFORMATION ON THE Yes, if either the appellant or the Assessor is ASSESSOR’S VALUATION aggrieved by a BOTA decision. There are two alternatives: Contact the Assessor’s Office at 865-7114. 1. An appeal may be made to the Director of Property Valuation and Review within 30 IF YOU DON'T DISPUTE YOUR days of the BOTA decision being mailed. ASSESSMENT BUT CAN'T AFFORD -or- TO PAY YOUR TAXES 2. An appeal may be made to the Vermont Superior Court within 30 days of mailing. For an appeal to either Property Valuation That is a different process than this one. If this is the case, contact the City Clerk's 2024 Office and ask about the Property Tax and Review or the Vermont Superior Court, Abatement process. you must: a. File a notice of appeal with the City Guidelines for Appealing Clerk within 30 days from the date the decision was mailed to you. Your Property Tax b. Pay the $295 filing fee for filing with Assessment the Superior Court, or $70 if the appeal is to the Director of Property Valuation and Review. Page 5 of 19  CITY OF BURLINGTON, VERMONT NOTICE OF BOARD OF TAX APPEALS HEARING Notice is hereby given that the Board of Tax Appeals of the City of Burlington will meet on «Hearing_Date», at «Hearing_Time» at Burlington City Hall, 149 Church St, Burlington Vermont, to hear the grievance of: «Owner_Name_» for the property located at: «Property_Address», Parcel ID: «Parcel_ID» who is aggrieved by the action of the Board of Assessors and filed a written grievance with the City Clerk/Treasurer. * A brief statement of the grounds for appeal is required by law and is essential to efficiently deal with appeals received each year. You must submit 5 copies of the statement and any documents or written evidence to be submitted to the Board at least fourteen (14) days before the hearing, or such documents may not be considered at the hearing. If you submitted documents online with your appeal request, you do not need to resubmit them, but you will need to submit a statement of the grounds for your appeal. The Board may subpoena documents it deems material to the appeal; the failure to provide requested records in response to a subpoena shall result in the dismissal or deemed withdrawal of this appeal and no further appeal shall be available. * A Hearing Panel of at least three board members will hear the appeal. Property owners will have up to 10 minutes to address the panel, explaining the reasons for the appeal and an opinion of the fair market value of the property. The City Assessor will also have up to 10 minutes. Please refer to the enclosed brochure for more details on the hearing. * At the close of the hearing, the parties will decide whether or not a site visit will be held. A site visit is mandatory unless waived by the property owner(s), the Assessor, and the Panel. If the property owner(s) refuses to allow an inspection of the property, the appeal shall be dismissed and no further appeal shall be available. * The Board of Tax Appeals will issue a written decision no later than December 31, 2024. You will receive a corrected tax bill once the Board makes a decision if there is any change. You should continue to make payments as billed until then. * Please arrive early. Your hearing will be held in the _____________________ Room at City Hall. If you are unable to locate the hearing room, please consult the City Clerk's office. Burlington Board of Tax Appeals By: ___________________________ Lori Olberg, Clerk Burlington Board of Tax Appeals 802 865-7136 Date of mailing: Page 6 of 19  City of Burlington Board of Tax Appeals AUTHORITY FOR REPRESENTATION I, _______________________________________________, do hereby authorize __________________________________________ to represent me in my appeal of the assessed value of my property located at _____________________________________________________________ identified in the Grand List as parcel identification number: ________________________ Please fill out the following contact information: Representative Property Owner Mailing Address Mailing Address City, State, Zip Code City, State, Zip Code Phone Number Fax Number Phone Number Fax Number Representative’s Signature Property Owner’s Signature Date Date If the representative is a hired professional, please complete the questions below. Profession: Job Title: Page 7 of 19  Index: «Index» Panel: «Panel» City of Burlington Board of Tax Appeals WAIVER OF SITE VISIT Name(s) of Appellant(s): «First» «Last» Date Appeal Filed: «AppealDate» «Second» Name(s) of Property Owner(s): «Owner_Name_» Address of Property: «Property_Address» Parcel ID: «Parcel_ID» The parties to this appeal hereby voluntarily and knowingly waive the inspection of the subject property, having presented and heard sufficient evidence at the appeal hearing. Signed: ______________________________ ______________________________ (Appellant) (Appellant) _____________________________________________ _____________________________________________ Joseph Turner City Assessor BOTA Panel Chair Page 8 of 19  OFFICIAL NOTICE DECISION OF BURLINGTON BOARD OF TAX APPEALS APPELLANT NOTIFIED BY CERTIFIED MAIL ON: ______________________ To: «Second» «First» «Last» «Mailing_Address» «City», «ST» «ZIP» Your appeal to the Board of Tax Appeals concerning the assessment of property identified on the Grand List as being owned by «Owner_Name_», located at «Property_Address», identified as Parcel ID «Parcel_ID», has been given careful consideration. The Board of Tax Appeals has rendered the following decision: 2024 Grand List Assessed Value set to: $ Homestead Allocation: $ Date Appeal Filed: «AppealDate» BTA Hearing Notice Date: «Notice_Sent» Date, Place of Hearing: «Hearing_Date» at Burlington City Hall Date of Site Visit: Waived BTA Panel: , Chair , Member , Member Board’s Decision with Reasons: See written decision attached CERTIFICATE: I hereby certify that this is a true record of the action taken on this appeal by the Board of Tax Appeals of the City of Burlington. ___________________________________ Chair, Board of Tax Appeals Filed in the City Clerk’s Office on _______________________, 2024, at __________ a.m./p.m. to be recorded in the Grand List Book of 2021. Attest: _______________________________________ Chief Administrative Officer Katherine Schad «Index» «Panel» Page 9 of 19 Pursuant to 32 V.S.A. §4461, a person aggrieved by a decision of the Burlington Board of Tax Appeals may appeal either to the Director of the Division of Property Valuation and Review, 109 State Street, Montpelier, VT 05609-1401, or to the Vermont Superior Court, Chittenden Unit, Civil Division, 175 Main Street, Burlington, VT 05401. An appeal to the Superior Court or to the Director shall be taken by filing with the Burlington City Clerk, within thirty (30) days of the date of the mailing of this decision, a notice of appeal in the manner provided in Rules 3 and 4 of the Vermont Rules of Appellate Procedure. Upon the filing of the notice of appeal, the City Clerk shall provide to the appellant a list of all interested parties, with instructions to serve notice upon them as provided in Rule 3(b) of the Rules of Appellate Procedure. The notice shall then be served by the appellant upon the Clerk of the Superior Court or the Director of the Division of Property Valuation and Review and upon each of the interested parties in accordance with that rule. The appeal to the Superior Court shall be accompanied by a $295.00 fee for each individual property being appealed that is separately listed in the Grand List; the fee is $70.00 per property on appeal to the Director. Appeals to the Director must also be filed with thirty (30) days of the mailing of this notice. «Index» «Panel» Page 10 of 19  Burlington Board of Tax Appeals 149 Church Street Burlington, VT 05401 (802)865-7136 State of Vermont Chittenden Country, SS In re: Appeal of Prelco Inc. (Name of Property Owner) Hans G. Huessy, Esq. (Representative) 044-4-010-000, 11-17 Church Street (Parcel ID & Address) SUBPOENA Greetings: Hans Huessy representative for Prelco Inc., owner of 11-17 Church Street, Burlington, VT Parcel ID: 044-4-010-000 ___________________________________________________________________________ (Taxpayer Name, Address, and Parcel ID Number) Pursuant to Section 92(b) of the City’s Charter, you are hereby commanded to provide the Burlington Board of Tax Appeals the following records which are material to a determination of a property owner’s appeal: The current rent roll and IRS Schedule E or Form 8825 for the years 2021-2022, along with any professionally conducted property appraisals in last three years. Please provide comparable properties listed in appeal and fill out the attached income and expense form from the Burlington City Assessor’s Office. (Description of Records Being Requested) Such records are to be delivered to the Clerk of the City of Burlington, City Hall, 149 Church Street, Burlington, VT 05401 by August 23th, 2024, and will be regarded as confidential and used only for the purpose of deciding the appeal. Failure to provide the requested records by the specified date will result in the Board deeming that the appeal is withdrawn or dismissed and no further appeal shall be available to taxpayer. Any request for an extension must be in writing; the BTA may grant an extension if good cause is shown. Dated in Burlington, Vermont this 7th Day of August, 2024. Burlington Board of Tax Appeals By Its Attorney /s/: Erik Ramakrishnan Erik Ramakrishnan Esq. Assistant City Attorney Page 11 of 19  OFFICE OF THE ASSESSOR City of Burlington ________________________________________ City Hall, Room 17, 149 Church Street, Burlington, VT 05401 Voice (802) 865-7114 Fax (802) 865-7116 www.burlingtonvt.gov/assessor MailAssessor@burlingtonvt.gov Apartment Income and Expense Survey PROPERTY ADDRESS: _____________________________ PARCEL ID: ______ - __ - ______ - ______ Owner Name (Principal if business): _____________________________________ Business Name (if applicable): _____________________________________ Mailing Address: _____________________________________ Form Prepared by / Title _____________________________________ Telephone Number: ___________________ Information provided will be used for assessment purposes only and will not be made available to the public Income Data Unit Floor Apartment Monthly Total Rooms/ Included in Rent Additional # Level Square Base Rent Total Bedrms/ Heat Hot Annual Income feet Total Baths Water ($) Laundry Parking Fees Storage Vending Other Unit # - If unit is vacant provide assumed lease amount and typical lease terms. Parking - If parking is additional income, put the income amount in the box. Utilities - Heat and hot water. Please indicate Yes or No. Parking Available to tenants: ___________ Total Spaces Total Annual Gross Income $____________ Page 12 of 19  Parcel ID #__________ Assessor Office Use Only Annual Operating Expenses (tax not included) 1. Building Insurance $ _____________ 1. __ 2. Trash Removal $_____________ 2. __________________ 3. Grounds (lawn & snow) $ _____________ 3. __________________ 4. Utilities 4.___________________ a. Sewer & Water $_____________ b. Electric, Oil & Gas $_____________ 5. Management $ _____________ 5. __________________ (Includes advertising, accounting, Legal & commissions if applicable) 6.__________________ 6. City Inspection Fees $ _____________ 7.__________________ 7. Repairs & Maintenance $ _____________ (Repair expenses necessary to keep the property operating) 8. Replacement & Reserves $_____________ 8.__________________ (replacement of short-lived items such as roof covers, heating systems, refrigerators, floor coverings, etc.) OR 9.__________________ Replacement & Reserves Account $______________ (amount annually set aside) 9. Other Expense: $______________ _________________________ TOTAL $___________ (description) Total Operating Expenses $ ___________ Comments: ____________________________________________________________ Signature Date Page 13 of 19  Burlington Board of Tax Appeals 149 Church Street Burlington, VT 05401 (802)865-7136 State of Vermont Chittenden Country, SS In re: Appeal of Bigger Boat LLC. (Name of Property Owner) Hans G. Huessy, Esq. (Representative) 044-4-005-000, 37-43 Church Street (Parcel ID & Address) SUBPOENA Greetings: Hans Huessy representative for Prelco Inc., owner of 37-43 Church Street, Burlington, VT Parcel ID: 044-4-005-000 ___________________________________________________________________________ (Taxpayer Name, Address, and Parcel ID Number) Pursuant to Section 92(b) of the City’s Charter, you are hereby commanded to provide the Burlington Board of Tax Appeals the following records which are material to a determination of a property owner’s appeal: The current rent roll and IRS Schedule E or Form 8825 for the years 2021-2022, along with any professionally conducted property appraisals in last three years. Please provide comparable properties listed in appeal and fill out the attached income and expense form from the Burlington City Assessor’s Office. (Description of Records Being Requested) Such records are to be delivered to the Clerk of the City of Burlington, City Hall, 149 Church Street, Burlington, VT 05401 by August 23, 2024, and will be regarded as confidential and used only for the purpose of deciding the appeal. Failure to provide the requested records by the specified date will result in the Board deeming that the appeal is withdrawn or dismissed and no further appeal shall be available to taxpayer. Any request for an extension must be in writing; the BTA may grant an extension if good cause is shown. Dated in Burlington, Vermont this 7th day of August, 2024. Burlington Board of Tax Appeals By Its Attorney /s/: Erik Ramakrishnan Erik Ramakrishnan, Esq. Assistant City Attorney Page 14 of 19  OFFICE OF THE ASSESSOR City of Burlington ________________________________________ City Hall, Room 17, 149 Church Street, Burlington, VT 05401 Voice (802) 865-7114 Fax (802) 865-7116 www.burlingtonvt.gov/assessor MailAssessor@burlingtonvt.gov Apartment Income and Expense Survey PROPERTY ADDRESS: _____________________________ PARCEL ID: ______ - __ - ______ - ______ Owner Name (Principal if business): _____________________________________ Business Name (if applicable): _____________________________________ Mailing Address: _____________________________________ Form Prepared by / Title _____________________________________ Telephone Number: ___________________ Information provided will be used for assessment purposes only and will not be made available to the public Income Data Unit Floor Apartment Monthly Total Rooms/ Included in Rent Additional # Level Square Base Rent Total Bedrms/ Heat Hot Annual Income feet Total Baths Water ($) Laundry Parking Fees Storage Vending Other Unit # - If unit is vacant provide assumed lease amount and typical lease terms. Parking - If parking is additional income, put the income amount in the box. Utilities - Heat and hot water. Please indicate Yes or No. Parking Available to tenants: ___________ Total Spaces Total Annual Gross Income $____________ Page 15 of 19  Parcel ID #__________ Assessor Office Use Only Annual Operating Expenses (tax not included) 1. Building Insurance $ _____________ 1. __ 2. Trash Removal $_____________ 2. __________________ 3. Grounds (lawn & snow) $ _____________ 3. __________________ 4. Utilities 4.___________________ a. Sewer & Water $_____________ b. Electric, Oil & Gas $_____________ 5. Management $ _____________ 5. __________________ (Includes advertising, accounting, Legal & commissions if applicable) 6.__________________ 6. City Inspection Fees $ _____________ 7.__________________ 7. Repairs & Maintenance $ _____________ (Repair expenses necessary to keep the property operating) 8. Replacement & Reserves $_____________ 8.__________________ (replacement of short-lived items such as roof covers, heating systems, refrigerators, floor coverings, etc.) OR 9.__________________ Replacement & Reserves Account $______________ (amount annually set aside) 9. Other Expense: $______________ _________________________ TOTAL $___________ (description) Total Operating Expenses $ ___________ Comments: ____________________________________________________________ Signature Date Page 16 of 19  Burlington Board of Tax Appeals 149 Church Street Burlington, VT 05401 (802)865-7136 State of Vermont Chittenden Country, SS In re: Appeal of William Fellow and Tshen Shue (Name of Property Owner) William Fellows (Representative) 049-4-216-000, 362-364 South Union Street (Parcel ID & Address) SUBPOENA Greetings: William Fellows, owner of 61 Elmwood Avenue, Burlington VT Parcel ID: 044-4-049-001 ___________________________________________________________________________ (Taxpayer Name, Address, and Parcel ID Number) Pursuant to Section 92(b) of the City’s Charter, you are hereby commanded to provide the Burlington Board of Tax Appeals the following records which are material to a determination of a property owner’s appeal: Any professionally conducted property appraisals in last three years. Please fill out the attached income and expense form from the Burlington City Assessor’s Office if the property is currently producing income. (Description of Records Being Requested) Such records are to be delivered to the Clerk of the City of Burlington, City Hall, 149 Church Street, Burlington, VT 05401 by August 23, 2024, and will be regarded as confidential and used only for the purpose of deciding the appeal. Failure to provide the requested records by the specified date will result in the Board deeming that the appeal is withdrawn or dismissed and no further appeal shall be available to taxpayer. Any request for an extension must be in writing; the BTA may grant an extension if good cause is shown. Dated in Burlington, Vermont this 7th day of August, 2024. Burlington Board of Tax Appeals By Its Attorney /s/: Erik Ramakrishnan Erik Ramakrishnan, Esq. Assistant City Attorney Page 17 of 19  OFFICE OF THE ASSESSOR City of Burlington ________________________________________ City Hall, Room 17, 149 Church Street, Burlington, VT 05401 Voice (802) 865-7114 Fax (802) 865-7116 www.burlingtonvt.gov/assessor MailAssessor@burlingtonvt.gov Apartment Income and Expense Survey PROPERTY ADDRESS: _____________________________ PARCEL ID: ______ - __ - ______ - ______ Owner Name (Principal if business): _____________________________________ Business Name (if applicable): _____________________________________ Mailing Address: _____________________________________ Form Prepared by / Title _____________________________________ Telephone Number: ___________________ Information provided will be used for assessment purposes only and will not be made available to the public Income Data Unit Floor Apartment Monthly Total Rooms/ Included in Rent Additional # Level Square Base Rent Total Bedrms/ Heat Hot Annual Income feet Total Baths Water ($) Laundry Parking Fees Storage Vending Other Unit # - If unit is vacant provide assumed lease amount and typical lease terms. Parking - If parking is additional income, put the income amount in the box. Utilities - Heat and hot water. Please indicate Yes or No. Parking Available to tenants: ___________ Total Spaces Total Annual Gross Income $____________ Page 18 of 19  Parcel ID #__________ Assessor Office Use Only Annual Operating Expenses (tax not included) 1. Building Insurance $ _____________ 1. __ 2. Trash Removal $_____________ 2. __________________ 3. Grounds (lawn & snow) $ _____________ 3. __________________ 4. Utilities 4.___________________ a. Sewer & Water $_____________ b. Electric, Oil & Gas $_____________ 5. Management $ _____________ 5. __________________ (Includes advertising, accounting, Legal & commissions if applicable) 6.__________________ 6. City Inspection Fees $ _____________ 7.__________________ 7. Repairs & Maintenance $ _____________ (Repair expenses necessary to keep the property operating) 8. Replacement & Reserves $_____________ 8.__________________ (replacement of short-lived items such as roof covers, heating systems, refrigerators, floor coverings, etc.) OR 9.__________________ Replacement & Reserves Account $______________ (amount annually set aside) 9. Other Expense: $______________ _________________________ TOTAL $___________ (description) Total Operating Expenses $ ___________ Comments: ____________________________________________________________ Signature Date Page 19 of 19