02. Reconvene County Board of Equalization

Parking Lot 512 Northern Pacific Ave N Parcel Number: 01-2150-00340-000 Owner: Buck Properties II, LLP Information provide above is a summary of the analysis conducted. Full analysis is provided in the Assessment Department’s work file. Appeal of Assessment for Year: 2023 Name of Applicant: Patrick Vesey Assessed Value(s) 2023 88,200 +28% 2022 69,000 Applicants Requested Value(s) N/A N/A General Property Information Property Type Ancillary Parking Lot Paving Area 4,400 3.00 / sf Land Area 4,521 16.59 / sf Paving & Land Value / SF 4,400 20.05 / sf Fargo Assessor Recommendation 88,200 0% Summary Appellant has not specified an indicated market value. The subject property is an ancillary parking lot which supports the adjacent Bell Bank building. City of Fargo staff increased land values throughout the downtown area for 2023 as part of a general reappraisal effort. Paving values also received slight increases in value. Staff researched the parcel, land sales, and surrounding parcel valuations. It appears that the paving area is overstated by roughly 400 square feet. Correcting this figure to the corrected size (4,400 sf) and applying the 2022 prices per square foot would decrease the improvement value by $1,200. However, using current 2023 pricing would increase the value by $1,800. In general, the value is supported by the few arm’s length sales we are able to locate. More importantly, land values are equalized in the downtown area as part of the overall value model. We recommend retaining the 2023 value as-is. Comparable Sales Summary Property Name/Type Address Lot Size Paved? Sale Date / Assess Year Sale Price / Assess Value $/SF $/SF Land Only Parking Lot 7 6 ST S 3,854 Yes 09/2019 143,700 37.29 35.21 Parking Lot 911 1 AVE S 4,000 Yes 08/2019 75,000 18.75 16.75 Bare Lot 1208 1 AVE N 6,440 No 10/2021 54,800 8.51 8.51 Bare Lot 1019 1 AVE N 16,050 No 10/2018 755,700 47.08 47.08 Subject 512 Northern Pacific Ave N 4,521 Yes 2023 88,200 20.05 16.59 Competing Properties (Assessed Values) Summary We studied all land values located in and adjacent to Northern Pacific 2nd block A-4. We chose to include parcels north of the BNSF railroad tracks. We found land values per square foot ranged from $15.59 to $18.25 per square foot. The median assessed value was $16.50 per square foot. Parcel Number Address Land Value Lot Size $/SF 01-3508-01220-000 20 4 ST N 903,000 49,470 18.25 01-2150-00340-000 512 NORTHERN PACIFIC AVE N 75,000 4,521 16.59 01-2150-00330-000 508 NORTHERN PACIFIC AVE N 152,000 9,191 16.54 01-2150-00265-000 502 NORTHERN PACIFIC AVE N 1,530,000 92,752 16.50 01-2150-00375-000 15 BROADWAY N 278,000 16,863 16.49 01-3508-01391-000 13 BROADWAY N 768,000 48,020 15.99 01-2150-00350-000 23 BROADWAY N 101,000 6,480 15.59