2a. 2019 Report - Laserfiche WebLink

4 | Page 2018 Assessment Year Summary The 2018 market analysis showed a similar trend to 2017 as the average days on market (ADOM) dropped one day to sixty‐five. Cass County saw home values rise from $219,900 to $223,400 with rural Cass, excluding Fargo and West Fargo, seeing median home sales reach $255,900. The quantity of residential sales in rural Cass took a slightly dip in 2018, down 1% from 2017, which may be due to slight increases in interest rates and building costs. The Cass County Tax Equalization office completed the reappraisal of nearly 200 Farm Residences throughout 2018, which led to a slight dip in volume of reappraisal areas. With that said, our office still completed the reappraisal of the City of North River, Arthur, Argusville, Frontier & Prairie Rose, as well as Durbin & Walburg Township. Vanguard Appraisals, Inc. assisted with the City of Buffalo. The reappraisal represented a little over 10 percent of the non‐agricultural parcels in Cass County. Jurisdictions that previously lacked the work force to complete a reappraisal now have digitized property record cards with sound data and valuations representative of the current market. The reappraisal accounted for an increase in market valuation of $55,763,400, which is a 19% increase from last year. Much of the increase was due to land adjustments for both residential and commercial properties. These large increases were necessary to create an equitable level of assessment. To enhance transparency, the information developed throughout the reappraisal is on our website allowing property owners to review sales, detailed property information, and develop a better understanding of their assessed value. I encourage you to go to http://cass.northdakotaassessors.com/ to review the completed work. The biggest singular reappraisal that took place this year was the Tharaldson Ethanol Plant in Casselton Township. This property received a ten‐year Payment in lieu of tax (PILOT) that expired for the 2019 taxable year. The appraisal, completed by Vanguard Appraisals, Inc. brought the value of the property to $67,367,700. The 2018 value of the property was $11,679,700, after exemptions. Commercial sales in rural Cass County are seeing an increase in volume due to the attractiveness of the I‐29 Commerce district in Stanley Township and bedroom communities such as Horace, Casselton, and Mapleton; which are becoming desirable locations for commercial projects looking to establish a home for their business. Agricultural land still accounts for almost half of the valuation in Cass County and the average price per acre rose from $1,226.31 to $1,271.73. Our office wrapped up the assessment year by hosting roughly 40 local boards of equalization throughout the month of April, at which time we met with and discussed any concerns with property owners regarding their valuation. I have attached to the end of this report a list of adjustments made at the local level throughout Cass County.