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Date:   6/27/2004                        COMPTROLLER OF PUBLIC ACCOUNTS - PROPERTY TAX DIVISION                         Page:      1
Time:     20:15                                      2003 Property Value Study                                          Rpt: VAL7000
                                                     Confidence Interval Detail
                                                        168-901-168 Colorado

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                                                              (1)                         (2)
  (1)                  (1)                        (1)       Stratum         (1)         Sample
Stratum              Category                 Local Value    Ratio      State Value      Size
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  1      A  - Single-family Residences         10,596,642     .8824      12,008,887        9
  2      A  - Single-family Residences         10,592,180     .9146      11,581,216       10
  3      A  - Single-family Residences         10,618,951     .9183      11,563,706        9
  4      A  - Single-family Residences         10,583,257     .9156      11,558,822       12
  5      D  - Rural Real                       19,730,430     .9435      20,911,955       19
  6      F  - Commercial Real                   3,250,089     .9662       3,363,785       10
  7      F  - Commercial Real                   3,311,206    1.0594       3,125,548        6
  8      F  - Commercial Real                   3,235,149    1.1168       2,896,802        6
  9      F  - Commercial Real                   3,106,123    1.0685       2,906,994        3
 10      G  - Oil, Gas, Minerals               13,334,881    1.0285      12,965,368       12
 11      L  - Commercial Personal               1,848,604     .9499       1,946,104        8
 12      L  - Commercial Personal               1,891,324     .9669       1,956,070        6
 13      L  - Commercial Personal               1,797,340     .9551       1,881,834        5
 14      L  - Commercial Personal               1,840,837    1.0425       1,765,791        3

Random Totals:                                 95,737,013               100,432,882      118
 Cat J Exception Values:                       27,661,403                28,815,877
 Cat D1 Exception Values:                      15,483,075                17,075,044
 Other Exception Values:                        6,274,059                 6,124,069
Exception Totals(3):                           49,418,537                52,014,990
Test Values(4):                               145,155,550               152,447,872

Margin of Error Percent:                                    5.0000000
Margin of Error Value:                                      7,622,394
Confidence Interval Values:
  State Lower Limit:                                      144,825,478  (State Test Value Minus Margin of Error Value)
  Local Test Value:                                       145,155,550  (Within Confidence Interval Limits)
  State Upper Limit:                                      160,070,266  (State Test Value Plus Margin of Error Value)
Value Assigned (5):                                       199,810,232  (See ISD Summary Worksheet)


Sources:

(1) See Stratified Ratio Detail Report VAL7214.
(2) Number of parcels sampled by staff.
(3) Exception value includes, if tested, D1, the J sample, and any parcels in A,B,C,D,F1,G or L1 marked as exception properties.
(4) Unstudied categories and sub-categories were not included in the test values.
(5) Includes local value of unstudied property categories and sub-categories.