02. Reconvene County Board of Equalization

Equalization Department Box 2806 Telephone: 701-241-5616 211 Ninth Street South Fax: 701-241-5729 Fargo, ND 58103 assessor@casscountynd.gov Owner: Ashwood Apartments, LLP Parcel: 01-0100-01280-000 Appellant: Patrick Vesey Address: 1614 11th Ave N Property Class: Commercial – Apartment Value: $503,200 Requested Value: N/A Summary: Mr. Vesey is appealing 18 various commercial properties in his portfolio. I met with Mr. Vesey and the Fargo assessment office to review those that needed an inspection and further discuss Mr. Vesey’s concerns in his appeal. The subject property is a 7 unit apartment constructed in 1977. Review: In all of Mr. Vesey’s appeals, I reviewed the findings of city staff and verified that any recommended value is equitable within the market and amongst similar competing properties. This involved analyzing the city’s implementation of their modeled cost approach across numerous comparable sales throughout the metro. City staff provided a detailed write-up summarizing the recommendation along with an expansive work-file which final conclusions were derived. Although no physical items of support were presented from Mr. Vesey, he took the time to discuss the current state of the market and how expenses and vacancies are affecting many of his properties and the metro as a whole. He also provided an excellent insight into potential changes we may see throughout 2023. Aside from any onsite inspection, to attain appropriate quality and condition, the only sources of data I had to review were that of the city of Fargo. Conclusion: I support the city of Fargo’s recommendation for this property as I feel the final conclusion of value is modeled equitably amongst similar competing properties. This conclusion is supported by my review of the city’s cost, sales, and income approaches to value. Recommended Motion: Reduce the value to $383,000.