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<br />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 /> <br /> Owner: Love’s Travel Stops & Country Stores <br />Parcel: 01-8411-00011-000 Appellant: Grant Thornton Tax Advisors Address: 3220 39th St S Property Class: Commercial – Truck Stop Value: $7,523,000 Requested Value: $4,000,000 <br />Summary: Grant Thornton Tax Advisors are appealing the value of Love’s Travel Stop after receiving a notice of increase to the valuation this year. The appellant submitted a cost analysis, using Marshall & Swift as well as some recent vacant land sales that they felt were comparable. Love’s was constructed in 2010 for <br />$7,052,030. Review: When reviewing the cost approach submitted by the appellant, it was found that they misclassified the <br />subject property as a convenience store as opposed to the correct classification as a truck stop. This led to the appellant’s requested valuation being understated. A review of their comparable land sales used by the appellant are mostly agricultural or zoned industrial, which again, leads to an understated consideration of value. <br /> I reviewed the city of Fargo’s methodology and the consideration they gave to comparable sales of both vacant land and similar competing properties. It should be noted that a large part of the increase this property received was due to an addition to the tire center and a reappraisal of the land value. <br />It’s worth noting that the appellant’s requested valuation is less than what the current market is supporting for vacant land in the area. The city of Fargo’s valuation was upheld at their local board of equalization. Conclusion: I was not able to find sufficient evidence to support the applicants requested value. The Fargo assessment office demonstrated that the value is supported through both the cost and sales comparison approach. They also provided support that the property is equitable amongst similar competing properties. Recommended Motion: <br />Retain the current value for the subject property.