Property values are based on market values which fluctuate with general economic conditions such as interest rates, inflation rates, and supply and demand. By North Dakota state law, as property values change in the market place, those changes must be reflected in the assessor’s estimated market values.
It is based on an assessment date of February 1st of each year. The City of Jamestown Assessor’s office uses a mass appraisal process for estimating market values. This system involves the comparison of properties with actual market sales from similar type properties. Cost analysis is used to determine square foot values which are applied to similar type properties. To support these values, the comparables sales approach is also used. Different types of property may show different value changes.
No, it does not. There are differences between individual properties and between neighborhoods. In one area the sales may indicate a large increase in value in a given year. In another neighborhood there may be very little or no change in value. Different types of property within the same neighborhood may show different value changes. There are numerous factors to be considered in each property, which will cause value changes to differ.
Yes. The assessor keeps records on the physical characteristics of each property in the City. Even though the assessor may have been unable to go through your property, the estimated market value will still be reviewed based on existing records and sales of similar property.
Good maintenance will help retain the market value of your property. Generally, your estimated market value will not be increased for individual minor repairs such as those that follow. However, a combination of several of these items could result in an increase in your estimated market value.
You have the right to appeal the estimated market value. Contact the assessor.