01. Reconvene Board of Equilization
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01. Reconvene Board of Equilization
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Equalization Department <br />Box 2806 Telephone: 701-241-5616 <br />211 Ninth Street South Fax: 701-241-5729 <br />Fargo, ND 58103 assessor@casscountynd.gov <br />Staybridge Suites <br />Parcel: 01-7840-00100-000Address: 4300 20th Ave SValue: $4,227,100 <br />Synopsis: <br />O’Connor & Associates Tax Reduction Experts, represented by Shedrick Lewis, is appealing on behalf of Staybridge Suites in Fargo. They are requesting a value reduction to $3,499,742 based on future projections from a Discounted Cash Flow (DCF). <br />Review: <br />After submitting his appeal information, Mr. Lewis has not responded to my request for review of this property. DCF analysis has no bearing on mass appraisal assessments and will not be considered in my <br />review. The applicant did include Income and Expenses for the three trailing years however the value the appellant arrived at through the income analysis only represents 2020, which was obviously affected by Covid and does not represent a stabilized value. <br />Conclusion: <br />Since the appellant did not allow me to review the property it would be difficult to support any request for change. Further analysis using the appellants income and expenses over a stabilized three-year period supports a higher value on this property. The current value is also supported when reviewing the comparable sales summary submitted by the City of Fargo, which shows it is equitable, although slightly <br />on the low-end. <br />Recommended Motion: <br />Retain the current value for the Staybridge Suites. <br />Page 6
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