§ 57-02-27 — Property to be valued at a percentage of assessed value - Classification of property - Limitation on valuation of annexed agricultural lands

North Dakota § 57-02-27

• Jurisdiction: North Dakota
• Title 57: Taxation
• Ch. 57-02: General Property Assessment

Text

property - Limitation on valuation of annexed agricultural lands.
1. All property subject to taxation based on the value thereof must be valued as follows:
a. All primary residential property and nonprimary residential property to be valued
at nine percent of assessed value. If any property is used for both residential and
nonresidential purposes, the valuation must be prorated accordingly.
b. All agricultural property to be valued at ten percent of assessed value as
determined pursuant to section 57-02-27.2.
c. All commercial property to be valued at ten percent of assessed value.
d. All centrally assessed property to be valued at ten percent of assessed value
except as provided in section 57-06-14.1.
2. The amounts resulting from the calculation under subsection 1 are the taxable
valuation.
3. In determining the assessed value of real and personal property, except agricultural
property, the assessor may not adopt a lower or different standard of value because
the same is to serve as a basis of taxation, nor may the assessor adopt as a criterion
of value the price at which said property would sell at auction, or at forced sale, or in
the aggregate with all the property in the town or district, but the assessor shall value
each article or description by itself, and at such sum or price as the assessor believes
the same to be fairly worth in money. In assessing any tract or lot of real property,
there must be determined the value of the land, exclusive of improvements, and the
value of all taxable improvements and structures thereon, and the aggregate value of
the property, including all taxable structures and other improvements, excluding the
value of crops growing upon cultivated lands. In valuing any real property upon which
there is a coal or other mine, or stone or other quarry, the same must be valued at
such a price as such property, including the mine or quarry, would sell for at a fair
voluntary sale for cash. Agricultural lands within the corporate limits of a city which are
not platted constitute agricultural property and must be so classified and valued for
ad valorem property tax purposes until such lands are put to another use. Agricultural
lands, whether within the corporate limits of a city or not, which were platted and
assessed as agricultural property prior to March 30, 1981, must be assessed as
agricultural property for ad valorem property tax purposes until put to another use.
Such valuation must be uniform with the valuation of adjoining unannexed agricultural
land.