3. Tax Equalization Bd convenes - Laserfiche WebLink

Finally, Mr. McNair lists the ratio of our current value to the prices paid in six sale transactions in this complex. Units 301 & 306 are the two units I referred to that were purchased as a shell and construction completed as part of the transaction. On Unit 303, our value is currently 5% above the sale price seven years ago. Our current value for Unit 202 is within 1% of the sale price a little over one year ago. For Unit 302, our current value is 10% over the sale price four years ago. And, our current value is within one percent of the sale price one year ago for Unit 305. In summary, the difference in our appraised value and sale prices on the transactions Mr. McNair points out shows that we are very close in ratio of value to sale price on the most recent market sales. Further, a sales ratio analysis of the 15 sales since 2011 of downtown loft condominium units between 1,000 and 1,300 square feet indicates a median ratio of 97.6% of sale price. The measure of uniformity used in assessment is called the coefficient of dispersion. It represents basically the amount of fluctuation of individual ratios compared to the median. Industry standards consider a coefficient of 10 or less to be good for typical residential properties. Our coefficient on these 15 sales is 9.7. Even though it could be argued that the downtown loft condominiums are somewhat atypical residential properties, our uniformity measure is still within industry standards. In summary, I believe that our analysis and appraisal model which has been applied to 12 Broadway, Unit 203 and similar units, reflects the most reasonable estimate of current market value, 1 therefore, recommend supporting our current value of$266,400. Thank you for your consideration. Respect ly, Ben lIushka Fargo City Assessor