01. Convene County Board of Tax Equalization
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01. Convene County Board of Tax Equalization
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<br />18 | Page <br /> <br />greater than 1.00, then owners of lower-value properties are paying a greater amount <br />of tax relative to the owner of a high-value property. Conversely, if the PRD is lower <br />than 1.00, the opposite is true. <br /> <br />• Coefficient of Dispersion: The most generally useful measure of variability is the <br />coefficient of dispersion (COD). It measures the average percentage deviation of the <br />ratios from the median ratio or how far from the median point, most of the property <br />falls. The tighter the range the better and more equalized your property valuations are. <br /> <br /> <br />EXEMPTIONS EXPLAINED <br /> <br />There are two types of exemptions allowed under North Dakota Statue. They are discretionary and <br />non-discretionary. To better understand the dollar effect that exemptions have on a political <br />subdivision, it is best to understand the difference between discretionary and non-discretionary <br />exemptions. <br /> <br />DISCRETIONARY <br /> <br />Discretionary exemptions are those exemptions that a governmental body can chose to grant <br />or not grant. Jurisdictions throughout Cass County currently have the following discretionary <br />exemptions available to property owners: <br /> <br />1. Residential Exemption for New Construction, which offers up to a $150,000 reduction <br />of the building’s value on newly constructed homes for the first two full years after <br />completion of construction. The builder is also afforded a one-year exemption for <br />single-family homes up to $150,000 on five homes only. This exemption is filed upon <br />purchase of the home for the buyers and by February 1st of each year for the builders. <br />2. Remodeling Exemption for Improvements to Commercial and Residential Buildings <br />offers an exemption on only the new value added by the project. The exemption can be <br />for 3 or 5 years depending on the scope of the project. The property continues to pay <br />property tax on the existing value. The exemption must be filed for prior to February <br />1st of the year following the completion of the project. It is an exemption that is granted <br />to both residential and commercial projects. <br />3. New and Expanding Industry Exemption and the Payment In Lieu of Tax (PILOT) <br />programs offer businesses that are expanding an opportunity to forgo taxes or make a <br />payment in lieu on the project by meeting specific guidelines set forth by the city. This <br />program is used by businesses that have expanded the size of their facility or have built
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