Property taxes in Minot have dropped approximately 8% from last year.
Alexus Arthur has more.
Residents in Minot have even more housing options under the 200,000 dollar level.”
“Right now there’s good inventory of houses to look at and this is a good time to be a buyer.” said Blake Krabseth.
Property values have gone done. Last month, there were 136 properties with values under 200,000 dollars.
“The majority of assessments have dropped off.” said Kevin Ternes.
That compares with only 94 properties in March 2016.
“The average homeowner will see a decrease in that 4-5 percent decrease in their assessed value.” said Ternes.
If you’re in the market to buy a home, now could be the right time.
“The prices are down a little bit, so it does save them, it hurts the seller a little bit.” said Krabseth.
“We believe the real estate market has come down about 5%.” said Ternes.
For motels and apartments, the valuation decreased between 20-30 percent.
“It reflects what we felt was happening in the market.” said Krabseth.
For now, the city assessor doesn’t believe that there is much to worry about because the change is gradual.
“What we don’t know is what our property taxes will be until all the taxing jurisdictions are done with their budgets.” said Ternes.
“Each market is unique and each market goes up and down. If our market goes back up then we price them higher, if it goes down we’ll price them lower.” said Krabseth.
The assessments coming down isn’t maybe going to affect property owners that much but it is a number that we use and it will be the number on their tax statement this December.” said Ternes.
In Minot, Alexus Arthur, KX News.
The annual report will be presented at the Board of Equalization next Tuesday.