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What's Happening in Colorado


November 4, 2020

Election Impacts on the Industry
23 Stories about what may change post-election


Larimer Square For Sale

Iconic block is on the market for the first time in almost 30 years


Denver Warehouse Sale
Berkeley Partners lands $32M for 411,485 SF industrial property


Former Rite Aid Converts to Medical Office Condos
Fort Collins condos sell within one year of construction and listing


CALL US TO SEE HOW DEPAUL CAN HELP YOU EXECUTE YOUR PROJECT
DePaul Real Estate Advisors
4500 Cherry Creek Drive South, Suite 860
Denver, CO 80246-1521
303-333-9799
www.depaulrea.com
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Keep Daylight Saving Time in Colorado


October 16, 2020

Benefits of Extending Daylight Saving Time
  • Extending Daylight Saving Time provides Colorado citizens with a level of consistency. This is more important than ever in the wake of Covid-19 and the upheaval and immense change that we have all experienced.
 
  • The opportunity to enjoy time outside and capture more fresh air and vitamin D is an important physical and mental boost. This is especially true for children who are being homeschooled, and for everyone who has been spending more time at home and indoors. Extracurricular programs have been cut or limited for most children. Limited access to gyms and other forms of recreation make outdoor recreation all the more vital.
 
  • Extended daylight hours will benefit restaurants, as they would have the opportunity to extend outdoor seating. Retailers would also see a boost, as shoppers may shop later into the evening.
 
  • The extension of Daylight Saving Time is a no-cost stimulus that benefits everyone. 

If you would like to participate in the efforts to keep Daylight Saving Time, please send your comments to Governor Polis at https://www.colorado.gov/governor/share-comments
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1968 vs. 2020


September 29, 2020

1968 vs. 2020
 
 
I thought it would be enlightening to share some perspective on the world today vs. 1968. I looked back to 1968 and compared that year to 2020 so far. Pretty amazing similarities in a lot of regards. The biggest difference is how we are handling today's issues in our "modern way". In many respects, we have fewer substantive issues than what the USA and the world were dealing with in 1968. Take a look at the information that follows. My conclusion is that we will persevere and overcome the current obstacles. Calm, logical and direct resolutions can be attained. If nothing else, history lets us realize that others have endured similar and certainly worse situations. 

Best wishes to everyone. I hope and pray that you are healthy and happy.

Paul D. 

 
1968 2020
Global population: 3,551,600,000
36% living in urban areas
Global Population: 7,950,000,000
56% living in urban areas
U.S. Population: 200.7 million U.S. Population: 328.2 million
U.S. Population over age 65: 19,365,000, 9.5% of total population U.S. Population over age 65: 53,348,000, 16.4% of total population
Average Life Expectancy: 69.95 Average Life Expectancy: 78.93
1/2/1969 DOW Industrial Average: 947.73 1/2/2020 DOW Industrial Average: 28,830
10 Year U.S. Treasury Average Rate: 5.65% 10 Year U.S. Treasury Average Rate: 0.76%
USA Average Home Price: $24,700 USA Average Home Price: $226,800
USA Average Car Price: $2,822 USA Average Car Price: $36,718
U.S. auto sales: 9.1 million units with 8.2 million units being domestic models U.S. auto sales: 7.48 million units as of August with 2.8 million units being domestic models
Fortune 500 Top 5 Companies: General Motors, Exxon, Ford, General Electric, Chrysler Fortune 500 Top 5 Companies: Walmart, Amazon, Exxon, Apple, CVS Health Care
Hong Kong flu pandemic H3N2 kills over 1 million people globally and over 100,000 in the USA. Most deaths are individuals over age 65. H3N2 continues to circulate worldwide as a seasonal flu virus. Covid-19 pandemic has killed about 1 million people globally and over 200,000 in the USA. Most deaths are individuals over age 65.
Presidential Election: Nixon v. Humphrey Presidential Election: Trump v. Biden
TET Offensive and Vietnam War Limited conflicts in the Middle East
Global youth protests, Black Power Movement & Civil Rights Movement  Black Lives Matter Movement
Martin Luther King Jr. and Robert Kennedy assassinated
Olympic year; Olympics are held in Mexico City, Mexico Olympic year; Olympics are postponed until 2021 due to the Covid-19 pandemic

For additional facts and information about 1968 history, please visit The People History

Statistics are from sources deemed reliable. DePaul Real Estate Advisors makes no representation or warranty as to the validity or accuracy of these statistics. 
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Gallagher Amendment Review


September 23, 2020

What does the Gallagher Amendment do? 
  • Divides the state's total property tax burden between residential and nonresidential (commercial) property.
  • Further, the Amendment mandates that the assessment rate for commercial property, which is responsible for 55% of the total state property tax burden, be fixed at 29%. The residential rate, on the other hand, is annually adjusted to hold the 45%/55% split constant. 
How was the 45%/55% split set by the Gallagher Amendment determined? 
  • In 1982, residential property was responsible for 45% of the state's total property value, and the commercial property was responsible for 55% of the state's total property value. The authors of the Gallagher Amendment believed that the overall property tax burden should continue to reflect this split. As a result, with the passage of the Gallagher Amendment, the 45%/55% split was set in stone.
Why has the residential assessment rate gone down since 1982?
  • In 1982, the first year of Gallagher, the residential assessment rate was 21% (and the nonresidential property assessment rate was 29%, as fixed by Gallagher in perpetuity). However, the rapid escalation in residential property values, combined with the growth boom of the 1990s, led to the 45% share of property tax collected from residential properties being dispersed across more and more residences that were worth more and more money. Something had to give in order to maintain the 45%/55% split. 
  • In Colorado, in order to maintain the 45%/55% split, the residential property assessment rate has dropped from 21% in 1982 to the current level of 7.15% and an estimated rate of 5.88% for tax years 2021 and 2022.
Does residential property still account for 45% and commercial property 55% of the state's total property value?
  • NO, in the 38 years since Gallagher passed, increases in residential property values have significantly outpaced the increases in the value of commercial property. In fact, residential property, which made up only 45% of the state's total property value in 1982, today accounts for 75% of the state's total property value. However, due to the Gallagher Amendment, residential property is only responsible for 45% of the state's total property tax burden. Conversely, commercial property, which now accounts for only 25% of total property value in the state, is still responsible for 55% of the state's total tax burden. 
 
  • The ballot title for Amendment B is as follows:
"Without increasing property tax rates, to help preserve funding for local districts that provide fire protection, police, ambulance, hospital, kindergarten through twelfth grade education, and other services, and to avoid automatic mill levy increases, shall there be an amendment to the Colorado constitution to repeal the requirement that the general assembly periodically change the residential assessment rate in order to maintain the statewide proportion of residential property as compared to all other taxable property valued for property tax purposes and repeal the nonresidential property tax assessment rate of twenty-nine percent?"

Amendment B would repeal the Gallagher Amendment of 1982, which limits the residential and non-residential property tax assessment rates so that residential property taxes equal 45% of the total share of state property taxes and non-residential property taxes equal 55% of the total share of state property taxes. 


A Yes Vote on Amendment B (Gallagher repeal) means:
  • Repealing the Gallagher Amendment, which set residential and non-residential property tax assessment rates in the state constitution;
  • Allowing the Colorado State Legislature to freeze property tax assessment rates at the current rates (7.15% for residential property and 29% for non-residential property); and
  • Allowing the state legislature to provide for future property tax assessment rate adjustments through state law.
A No Vote on Amendment B (Gallagher repeal) means:
  • Maintaining the Gallagher Amendment, which requires a residential to non-residential property tax ratio of 45% to 55% and requires the state legislature to adjust the residential assessment rate to maintain the required ratio. Since 1982, the residential property tax assessment rate has dropped from 21% to 7.15% under the Gallagher Amendment. 

CALL US TO SEE HOW DEPAUL CAN HELP YOU EXECUTE YOUR PROJECT
DePaul Real Estate Advisors
4500 Cherry Creek Drive South, Suite 860
Denver, CO 80246-1521
303-333-9799
www.depaulrea.com
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What's Happening in Colorado


September 3, 2020

Strong Outlook for Denver Industrial Sectors
E-commerce provides a boost to the industrial market



Highpointe Park
Thornton apartment community trades for $53.6 million



Biopharmaceutical Company Buys 300K SF Boulder Plant
AGC Biologics to invest $100 million in the facility's transformation



Post-Pandemic Opportunity
Developers and investors spark conversion wave in new vacancies



CALL US TO SEE HOW DEPAUL CAN HELP YOU EXECUTE YOUR PROJECT
DePaul Real Estate Advisors
4500 Cherry Creek Drive South, Suite 860
Denver, CO 80246-1521
303-333-9799
www.depaulrea.com
Read More...