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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 />Owner: Preylock Fargo, LLC (Amazon) <br />Parcel: 01-8760-00100-000 Appellant: James Poliyanskiy Address: 3737 44th Ave N Property Class: Commercial – Mega Whse Value: $107,284,500 Requested Value: $101,433,400 <br />Summary: <br />James Poliyanskiy, Real Estate Tax Manager for Amazon is requesting the land value of Amazon be reduced to $4,680,900 which equates to $1.00 per square foot. This would result in a true and full value of $101,433,400. <br />Review: <br />This appeal was heard at the local board of equalization and the city of Fargo submitted vacant land sales over 10 acres ranging from $2.10 per square foot to $3.75 per square foot. The Amazon site is much larger <br />than any of the comparable sales and the appellant is requesting a size adjustment. <br />Finding comparable sales of this size are limited and are typically raw land, which understates the sale price as platting, zoning, and improvements are often not in place. I reviewed the minutes from last year’s state board of equalization meeting and they supported that the land was valued equitably amongst it <br />neighbors. Since last year, the Fargo assessing office performed a reappraisal of industrial land which led to the land value increasing to $2.25 per square foot. <br />I also had Mr. Poliyanskiy provide an updated cost estimate of the property which he provided on June 7th. <br />Conclusion: <br />While size is a common adjustment that can be given to larger tracts of land, due to economies of scale, it’s hard to quantify if it is needed in this case, as the property maintains a superior location to any of the <br />comparable sales and many of the neighboring properties. It is my opinion that deciding on an appropriate size adjustment would be arbitrary as the limited sales don’t provide an appropriate conclusion. Furthermore, I feel it would lead to the overall value being understated. <br />Recommended Motion: <br />Retain the current value for the subject property.