Frequently asked questions about estimated market values

1. Why has my value gone up?

Property values are based on market values which fluctuate with general economic conditions such as interest rates, inflation rates, supply and demand. By North Dakota state law, as property values change in the market place, those changes must be reflected in the assessor's estimated market values.

2. How does the assessor determine the estimated market value?

It is based on an assessment date of February 1st of each year. The City of Minot Assessor's office uses a mass appraisal process for estimating market values. This system involves the comparison of properties with actual market sales from the same neighborhoods or similar neighborhoods. All sales information collected by the assessor's office is closely analyzed. The assessor's office adjusts market values by comparing properties that sold with properties that have not sold. This sales comparison provides the basis for the assessor's estimated market value.

3. Does the estimated market value increase at the same rate on all properties?

No, it does not. There are differences between individual properties and between neighborhoods. In one area the sales may indicate a large increase in value in a given year. In another neighborhood there may be very little or no change in value. Different types of property within the same neighborhood may show different value changes. There are numerous factors to be considered in each property, which will cause value changes to differ. Some of the factors that can affect value are location, condition, size, quality, number of baths, basement finish and garages.

4. Can my estimated market value change even if the assessor has not been inside my property?

Yes. The assessor keeps records on the physical characteristics of each property in the City. Even though the assessor may have been unable to go through your property, the estimated market value will still be reviewed based on existing records and sales of similar property. The Assessor's Office tries to physically review properties geographically every 7 years.

5. What will happen to my estimated market value if I improve my property?

Generally speaking, improvements that increase the market value of a property will increase the assessor's estimated market value. The following are typical improvements that will increase the estimated market value of your property:

* Added rooms or garages

* Substantial modernization of kitchens or baths

* Porches and decks

* Fireplaces

* Extensive remodeling to include interior or exterior

Extensive remodeling may qualify for a 3 year exemption for improvements. Call the Assessor's Office for information and forms.

6. Will my estimated market value go up if I repair my property?

Good maintenance will help retain the market value of your property. Generally, your estimated market value will not be increased for individual minor repairs such as those that follow. However, a combination of several of these items could result in an increase in your estimated market value.

* Repairing or replacing roof

* Repairing original siding

* Painting/decorating entire house

* Replacing plumbing or electrical fixtures

* Replacing most or all of the windows

* Replacing outdated basement finish with modern finish

7. What can I do if I think the estimated market value is too high?

You have the right to appeal the estimated market value. See item number 8  under General Information
http://minotnd.org/assessor/assessments_general_info.html.