QuikTrip argues for fair assessment of land near Monroe Expressway

In a recent Board of Equalization and Review meeting held on May 21, 2025, in Union County, North Carolina, a significant discussion centered around the valuation of a vacant parcel of land owned by QuikTrip (QT). The property, purchased in 2023 for $175,000, is located near the Monroe Expressway and is considered landlocked, raising questions about its market value.

Ryan Cundiff, representing QuikTrip, argued that the assessed value of the property should remain at the purchase price, citing its recent transaction as a fair market value. However, county officials countered this claim, stating that the property was sold below market value due to its landlocked status and lack of access. They emphasized that similar parcels in the area had been sold for significantly higher amounts, with one neighboring property appraised at nearly $540,000 per acre.

The county's assessment team highlighted the ongoing development in the vicinity, including a new project called The Ridge At 601, which will feature townhomes, apartments, and commercial spaces. This growth in the area contributes to the desirability of the land, leading the county to propose a higher valuation of $270,000 for the QT parcel.

Cundiff maintained that if the land were sold individually, it would likely fetch closer to the original purchase price, given its current landlocked condition. The board ultimately acknowledged the complexities of the situation, with discussions indicating a potential reevaluation of the property’s worth based on both market trends and the ongoing developments nearby.

As Union County continues to grow, the outcome of this valuation dispute could set a precedent for future property assessments in rapidly developing areas. The board is expected to deliberate further on the matter before reaching a final decision.