North Dakota Agricultural Land Values Soar, Impacting Real Estate Taxation.
The North Dakota Land Valuation Model for 2015 estimated average land values by county based on crop and non-crop production. The average value of all agricultural land in North Dakota increased by 7.22% from 2014 to 2015, with cropland value up by 7.69% and non-cropland value up by 4.1%. The capitalization rate change increased land valuations by 4.85% in all counties, while the cost of production index decreased land values by 6.17%. The increase in values was mainly due to higher crop production values, with some counties seeing up to a 16.33% increase in cropland valuation. Non-cropland values increased by 4.1% due to higher prices for calves and cull cows.