Agricultural and Biological Sciences
4 years ago

North Dakota Agricultural Land Values Soar, Impacting Real Estate Taxes.

RePEc: Research Papers in Economics
RESULTS OF THE NORTH DAKOTA LAND VALUATION MODEL FOR THE 2006 AGRICULTURAL REAL ESTATE ASSESSMENT
Dwight G. Aakre, Harvey G. Vreugdenhil

Paper Summary

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The North Dakota Land Valuation Model for 2006 estimated average land values by county based on production from cropland and non-cropland. The average value per acre of all agricultural land in North Dakota increased by 6.68%, with cropland values up by 6.4% and non-cropland values up by 7.76%. The formula capitalization rate used was 8.3% due to being below the minimum set by the State Legislature. Market data from the County Rents and Values survey were also considered for comparison.