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Holiday Station 1020 19 Ave N <br />Parcel Number: 01-2057-00041-000 Owner: Cass Oil Co <br />Information provided above is a summary of the analysis conducted. Full analysis is provided in the Assessment Department’s work file. <br /> <br />Appeal of Assessment for Year: 2023 <br /> <br /> Name of Applicant: Christine Strange <br /> Representative: Sally Paul, Delta Property Tax Advisors <br />Assessed Value(s) 2023 1,790,000 0% <br /> 2022 1,790,000 <br /> <br />Applicants Requested Value(s) 1,270,699 -29.0% <br /> <br /> <br />General Property Information <br />Property Type Convenience Store <br />Year Built 2001 <br />Building Area (Total Above Grade) 9,795 sf 182.75 / sf <br />Land Area 55,500 sf 6.00 / sf <br /> <br /> <br />Summary <br />Appellant provided a valuation using the cost approach to value. Cost data was provided by Marshall Valuation Service. We have concerns <br />regarding the technical application of the appellant’s analysis. Appellant fails to recognize the correct climate classification, condition of <br />improvements, and market depreciation. Appellant also omits the underground tanks from the analysis, and adjusts the land value -10% <br />without support. <br /> <br />Staff analysis indicates the reconstruction cost new provided by Marshall Valuation Service needs a 125% adjustment to match what <br />contractors are declaring here in Fargo. Since 2015, there have been six convenience markets built in Fargo. The average cost declared to <br />construct these buildings was $448.09 per square foot. We feel the appellants provided analysis drastically understates the reconstruction <br />cost new, and thus is unsupported. <br /> <br /> <br />Declared Construction Costs, Convenience Markets, 2015 - 2020 <br />Property Type Address Building Name Bldg Size Year Built Declared Building Cost Cost / SF <br />Convenience Market 3202 43 St S Casey’s 4,462 2016 2,500,000 560.29 <br />Convenience Market 5168 38 St S Holiday 4,230 2015 2,225,000 526.00 <br />Convenience Market 2701 University Dr S Casey’s 5,407 2016 2,600,000 480.86 <br />Convenience Market 2902 13 Ave S Casey’s 6,029 2020 2,415,890 400.71 <br />Convenience Market 5651 36 Ave S Holiday 7,400 2020 2,778,969 375.54 <br />Convenience Market 5168 38 St S Holiday 6,367 2020 2,197,617 345.16 <br />Average 448.09 <br /> <br />Competing Properties (Assessed Values) Summary <br />We studied current assessments of all convenience markets for equalization. <br />Values per square foot can be extreme for this property type. This is due the <br />size of certain buildings (<400 sf), or a high amount of physical depreciation. <br /> <br />The 2023 true and full value sits between the 25th percentile and median of the <br />data set. We find no equalization issues with the subject property. <br /> <br /> <br /> <br />Recommended Action(s): <br />Retain the value of $1,790,000 for the 2023 tax year <br /> Value /SF Total Value /SF Impr Only <br />Maximum 8681 3009 <br />90th Percentile 535 292 <br />75th Percentile 379 247 <br />Median 256 179 <br />25th Percentile 182 132 <br />10th Percentile 151 103 <br />Minimum 66 46 <br /> Subject 182.75 148.75 <br />