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Posted on: April 4, 2017

City of Minot Housing Assessment: Lower valuations lead to more selection in 2017

Citizens in Minot now have more housing options under the $200,000 level than last year, according to information from Minot City Assessor Kevin Ternes.

In March 2017, there were 136 properties with assessed values under $200,000 within the city limits, up from 94 properties last March, according to the City Assessor’s 2017 Annual Report.

Ternes said most Minot property owners will see a decrease in their property valuations in 2017, with total overall valuation for 2017 dropping approximately 8 percent from 2016.

This year, residential valuation in Minot declined roughly 5 percent from the previous year, according to an annual report prepared by the City Assessor’s Office.

“This is the first time in recent years that there has been a significant decrease in overall property valuation from the prior year,” Ternes said. “We saw a slight reduction in the residential and commercial market selling prices in 2016, and that has contributed to the decline in property valuations.”

Minot’s typical 2017 commercial valuation decreased approximately 6 percent from last year. The valuation of motels and apartments has decreased between 20 percent and 30 percent, according to figures prepared by the assessor’s office.

The annual report from the Assessor’s Office will be presented at the Board of Equalization meeting on Tuesday, April 11, at 6:30 p.m. at City Council Chambers in City Hall.

Read the full report