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Amazon Fulfillment Center 3737 44 Ave N <br />Parcel Number: 01-8760-00100-000 Owner: Preylock Fargo LLC <br /> <br /> <br />Appeal of Assessment for Year: 2023 <br /> <br /> Name of Applicant: James Poliyanskiy, Amazon <br /> <br />Assessed Value(s) 2023 107,284,500 +2.3% <br /> 2022* 104,494,500 <br />*Value ordered by State Board of Equalization <br />Applicants Requested Value(s) Unspecified <br /> <br />General Property Information <br />Property Type Mega Warehouse <br />Year Built 2020 <br />Building Area (Total Above Grade) 1,079,631 sf 99.37 / sf <br />Gross Building Area (w/mezzanine) 1,330,129 sf 80.66 / sf <br /> <br />Land Area 107.46 ac 2.25 / sf <br /> <br /> <br />Summary <br />Appellant contacted our office on April 27th, 2022. The 2022 value was reduced to $104,494,500 by the State Board of Equalization. Land <br />values in the surrounding industrial area were equalized for 2023. The result was a 2.3% increase. <br /> <br />Subject is a mega-warehouse with ancillary structures. It was constructed in 2020, and completed in late 2021. The contractor declared a <br />total construction cost of $156,706,089 on permit applications. Of that, we estimate $141,854,693 as taxable. This excludes the land <br />acquisition. Our office requested full breakdowns on the cost of construction in April 2022. It was not provided by the appellant. <br /> <br />Property sold on December 10, 2021 for $202,147,000 in a sale-leaseback transaction. The price was uniquely affected by the lease-in place <br />at the time of sale. Terms and personal property included in the sale are unknown. In April 2022, our office requested terms of sale, lease <br />information, and value of personal property included in the sale. It was not provided by the appellant. <br /> <br />We support the 2023 value with the cost approach. One of the issues in contention between our office and the appellant is the grade (or <br />quality) of the structure. Staff maintains the building is a blend of average and good quality. The appellant maintains it is an average quality <br />build. We compiled cost approaches to value with both qualities, using the most current available cost data, with standard adjustments and <br />procedures per Marshall Valuation Service. The estimated value via the cost approach was $134,948,000 and $154,508,000 respectively. <br />Both estimates overwhelmingly support the 2023 assessed value. We recommend retaining the value for 2023. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Recommended Action(s): <br />Retain the value of $107,284,500 for the 2023 Tax Year <br />