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Several factors may affect property taxes. The most common factors are changes in the market value and changes in the mill levies.
Property value changes may be a result of market trends, condition of the property, or remodeling and/or additions to the property.
Mill levy changes are determined annually by each political subdivision (city, county, school district, park district). These mill levies are then applied to the value of each property based on taxable value.
If your property is currently valued at or near market value, you should expect little or no change in the true and full value of your home. However, the property taxes you pay may also be affected if the mill levy changes as determined by the city, county, school district, or park district.
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Finding the market value or true and full value of residential property involves determining the most probable price expressed in terms of money that a property would bring if exposed for sale in the open market in an arms-length transaction between a willing seller and a willing buyer, both of whom are knowledgeable concerning all the uses to which it is adapted and for which it is capable of being used. The Assessing Division reviews sales of homes in the City to determine market valuation of properties.
Property value is reviewed and adjusted annually to reflect market changes in the City. In addition to market changes, values also change as a result of remodeling, additions, or changes in a property’s condition.
On-site inspections of properties that have sold and properties that have undergone changes assist our appraisers in determining values for each taxable parcel in the City. This is an ongoing process of gathering and reviewing information, measuring and listing new construction, and analyzing sales to provide accurate and current values annually.
All valuations are determined annually as of February 1st; also known as the assessment date.
The assessed value refers to a percentage of the market value, according to a state prescribed formula. In the State of North Dakota, assessed value is 50% of the market value.
The taxable value is determined by multiplying the assessed value by 9% for residential and 10% for all other property classes. Mill levy and property taxes are based on taxable value.
The City of Bismarck Assessing Division employs certified appraisers according to century code. Appraisers are trained to look for specific amenities such as style, size, location, condition, and other factors that affect value. Statistical analysis of current sales in your neighborhood as well as review of cost models are used by appraisers to estimate market values.
At times, the City also employs data collection personnel who are trained to inspect, measure, and list the property features that appraisal personnel will analyze in determining value.
The purpose of the on-site review is to update our records regarding the condition of a property and to list property features that affect its market value. It is important for the assessor to complete a thorough inspection of the interior and exterior of a property in order to make an accurate valuation.
Each property’s share of the property tax is based on the taxable value of the property. Although the work of the assessor does not determine the total amount of taxes paid, it does affect the uniform distribution of the property tax burden. The benefit of having the on-site review performed will ensure your market value is based on your home’s condition and property features, and not based on assumed condition or features.
Valuations are determined annually as of February 1st; this is called the assessment date. The tax statement you receive annually in December reflects the value placed on your property from the prior year. The tax statement received annually in December will reflect any tax changes that result from market value or mill levy change.
To calculate annual taxes for a property, the taxable value is multiplied by the Mill Levy.
Market Value 100,000
Assessed Value (50% of Market Value) 50,000
Taxable Value (Assessed Value Multiplied by 9% residential tax rate) 4,500
Annual Tax (Taxable Value multiplied by the *Mill Levy) 1,025
*Note: 2019 Mill Levy - .23659 (236.59 divided by 1,000)
The mill levy is subject to change annually.
The tax rates are 9% for residential property and 10% for commercial property.
The mill levy is the tax rate that is applied to the taxable value of your property. A mill is 1/10 of $.01 or $.001 (one thousandth). A mill levy is the number of dollars a taxpayer must pay for every $1,000 of taxable value. The Burleigh County Auditor determines the mill levy annually based on city, county, school district, and park district budgets. Mill levy changes are determined annually in November.
Info on how taxes and mill levies are established