2a. 2019 Report
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2a. 2019 Report
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<br /> <br />13 | Page <br /> <br />Appeal through the Board of Equalization <br /> <br />North Dakota law directs all real property in the state to be assessed as to its value on February 1st of each year. <br />Assessment officials around the state spend most of January, February, and March preparing these values by <br />studying costs to build new, the areas marketing of existing property, and how these factors affected the current <br />valuations. The assessor must notify the property owner whenever the true and full valuation increases by more <br />than 10 percent and $3,000 over the last assessment. The property owner shall receive a mailed written notice <br />at the property owner’s last known address at least 15 days prior to the local board of equalization. The notice <br />must provide the true and full values used by the assessor along with the dates, times, and locations of both the <br />Jurisdiction and the County Board of Equalizations. <br /> <br />Cities are required to hold the City Board of Equalization on the 2nd Tuesday in April and Townships are required <br />to hold the Township Board of Equalization on the 2nd Monday in April. The County Board of Equalization shall <br />hold its meeting within the first ten days of June. The State Board of Equalization meets the 2nd Tuesday in <br />August. <br /> <br />A property owner who has questions about their valuation should contact the Assessment Department. They <br />may appear before the Local Board of Equalization and the County Board of Equalization. Either of these boards <br />may reduce the assessment of the property. A property owner can only appeal to the State Board of Equalization <br />if they have appealed to both the local and county boards of equalizations. The decision of the State Board of <br />Equalization is final in this appeal process. <br /> <br />UNDERSTANDING YOUR ASSESSMENT <br /> <br />Most property owners are concerned about the rising property taxes. To express their concern <br />effectively, a property owner must understand the two parts of the property tax system: <br />TAXATION and VALUATION. <br /> <br />WHAT CAUSES PROPERTY VALUES TO CHANGE? <br /> <br />The most obvious reason is that the property itself has changed. An addition to the property, basement <br />finish, or rehabilitation of the property are some of the more common reasons. A less obvious, but more <br />frequent, cause of change is that there was a change in the market itself. If a major employer leaves the <br />area, property values can collapse, or if a once blighted neighborhood with good starter homes sparks <br />interest to young first‐time homebuyers, prices can start to rise. Additionally, larger and more expensive <br />homes may take longer to sell, resulting in reduced prices to allow for a quicker sale, while at the same <br />time more affordable housing in high demand creates an increase to value. In a stable neighborhood <br />without any undue influence from the market, inflation alone may increase property values. <br /> <br />PROPERTY OWNER MISCONCEPTIONS <br /> <br />The notion that a change to the assessed value of a property changes the property taxes at the same <br />percentage is one of the biggest misconceptions in property taxation. There are many parts that make <br />up the taxation process that can have as much, if not more, bearing on property tax calculations. <br />Assessors determine the total true and full value of a property using standards and practices set forth <br />by the state. This is the foundation of the property tax system. Assessment officials strive to set fair and
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