Property Values Reduce From Last Year

News
Property Values pkg_1491354630659.jpg

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.

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Recent Videos

High School Basketball

Beulah Boy's Basketball

MLK Day

Vaccine Scam

KX Convo: Rep. Kelly Armstrong

Long-term Care Bill

KX Storm Team Full Evening Forecast w/Tom Schrader 1/18

Drinking Bill

Tobacco Bill

Quilting Group

ATW: Deonte Martinez

ATW: Cale Ibach

ATW: Dave Zittleman

After the Whistle: Inside the Play

Amber's Monday Morning #OneMinuteForecast 1/18

Light & scattered snow today and tonight

NDC JAN 18

After the Whistle: Jocelyn Julson

Plays of the week

Dickinson Gymnastics

More Video

Don't Miss

More Don't Miss

KX News Trending Stories

Latest Stories

More Local News