4. Tax Equalization Board reconvenes

Security Self Storage 402 25th St N Recommendation The taxpayer, Bruce Pantzke is appealing the increase in value from $1,094,300 to $1,376,200 on his mini-storage facility located at 402 25th St North (see exhibits I thr M). The Fargo Assessment Office has provided information showing recent sales of facilities and assessment information (exhibit N). Dana Pulfrey, Fargo property assessor, visited the property on June 23,2005. I did view the property and visited with the taxpayer. He expressed concen about the large increase in value. He felt that the value should be $17-$18.50 per sq ft or about $867,000 to $918,000 (see exhibits K & L) based on construction costs. According to the City of Fargo report, the entire property (land + improvements) is being valued at $25.01 per sq ft of total building area. The report also shows four sales of similar properties that sold between $21.55-$31.45 per sq ft oftotal building area. The Fargo report also shows the replacement costs. Marshall and Swift, a national cost service, estimates cost at about $17.50 for the structure portion only, for low cost quality construction. Based on the data presented, it is my recommendation to affirm the City of Fargo Assessment. Suggested Motion: "I move the the assessment of $1,376,200 on 402 25th St N be affirmed, as recommended by the City of Fargo Assessment Office and the Director of Equalization."