Agricultural and Biological Sciences
4 years ago

North Dakota Agricultural Land Values Increase, Impacting Real Estate Taxation.

Results Of The North Dakota Land Valuation Model For The 2007 Agricultural Real Estate Assessment
Dwight G. Aakre, Harvey G. Vreugdenhil

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The North Dakota Land Valuation Model for 2007 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 0.79% from 2006 to 2007, with cropland values up by 0.36% and non-cropland values up by 5.17%. 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.