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<br />Bldg. 6 = $147,000 or $18.15/sq ft <br />Bldg. 7 = $ 94,000 or $19.26/sq ft <br />Slab/8 = $ 23,000 or $2.02/sq ft <br />Bldg 9 = $ 96,000 (proposed for 2008 $290,00 = $30.13/sq ft) <br /> <br />TOTAL VALUE:..........$2,347,100.00 <br />TAXES:... ............... ...... ......... ...... ...... .$53,870.65 <br /> <br />CHANGES FROM 2006 TO 2007 TAX STATEMENT: <br /> <br />LAND VALUE: <br /> <br />$435,000.00 to $762,000.00, <br /> <br />AN INCREASE OF $327,000 OR 75% INCREASE!! <br /> <br />IMPROVEMENT VALUE: <br /> <br />$1,164,800.00 to $1,585,100.00 <br /> <br />AN INCREASE OF $420,300.00 OR 36% INCREASE!! <br /> <br />TOTAL INCREASE: <br /> <br />$747.300.00 OR 47% !I! <br /> <br />CITY ASSESSMENT: <br /> <br />1. Please explain methodology for increase in Land Value? [City of Fargo appraiser could not give <br />explanation, saying it was not him who did valuation.] <br /> <br />2. Please explain methodology for increases in Improvement Values? [City of Fargo appraiser said <br />based on their numbers - construction costs and other sources.] <br /> <br />3. Please explain why Bldg. l's value per square foot is almost twice that of the owner's similar <br />properties -$32.59/sq ft versus Bldg 4 at $17.13/sq ft, which is identical, except for size? [City of <br />Fargo appraiser said that Bldg 1 had concrete($2.sqft) and pavement ($1.60/sqft)included within <br />its value, which is understandable and accepted.] <br /> <br />4. Please explain why other storage buildings are so varied in values per square foot when they are <br />the same basic construction? [City of Fargo appraiser explanation was smaller buildings cost <br />more per square foot...please construction costs under Justification for Re-evaluation, Section <br />E.] <br /> <br />5. Please explain why Climate Control building projection for 2008 is almost 20% higher than <br />comparable climate control properties. [City of Fargo appraiser said comparable property has <br />cold storage including in total square footage (approx 45%), calculations re-done are acceptable. <br /> <br />6. Please explain how to justify a commercial property owner's increases of such magnitude when <br />commercial property values are decreasing because Capitalization Rates are rising? [City of <br />Fargo appraiser said they look at the income/expense and a cap rate - the City's numbers are <br />not realistic, Rocking H's actual income/expense is lower - copies will be provided per meeting.] <br />