The principle of anticipation is the basis of the income approach and affirms that value is created by the expectation of financial benefits to be derived from the possession, operation, and/or capital gain from selling a property.
Usually, a comparison grid is used to make adjustments to comparable sales for differences from the subject property for things like location, building size, lot size, condition, construction quality, number or baths, fireplaces, garage stalls, etc.
In the market approach, the appraiser attempts to measure and reflect the reactions that typical potential purchasers would have to the property being appraised.
The principle of substitution is the basis of the cost approach. The theory of this principle is that no rational person will pay more for a property than the amount for which they can obtain, by purchase of a site and construction of a building, a property of similar desirability and utility.
These statements, or descriptions, may be in several different formats. Some may refer to systems using benchmark locations that reference points by latitude and longitude, some may describe a parcel of land by reference to courses (or bearings) and distances to established landmarks, and some may use several forms of mapping systems.
For most of Valley City, neighborhoods have been platted, or mapped, into individual blocks and lots. The legal descriptions, therefore, refer to the ownership boundaries as they relate to the established lines defining the breakdown of each lot and block.
It would be a transaction which is freely arrived at in the open market and unaffected by abnormal pressure or by the absence of normal competitive negotiation.
Sales that could possibly not qualify as arms length transactions would be sales between family members or business partners, foreclosure sales, or an expansion sale where an adjoining property is purchased based solely on location regardless of price.
A comparable sale is a property that is similar to the subject property in most respects, is located in a similar neighborhood, and has sold recently in an arms length transaction.
The selection of comparable sales, in most residential appraisals, is probably the most important factor in establishing value. It, quite simply, is what other properties like the subject are actually selling for.
It is the appraisers responsibility to adequately research the local market and determine which comparable sales best represent the value determining characteristics of the property being appraised.
Any time your opinion of the value on your property differs from ours, you may appeal your assessment. There are several options available for you to do that.
Once a year the City, County, & State Boards of Equalization meet to hear individual property tax valuation appeals. The City meets the 2nd Tuesday in April, the County meets within the first 10 days in June, and the State meets the 2nd Tuesday in August. You should give prior notice beforehand that you intend to appear. Then you may appear before these boards and present whatever evidence you have to support the value you feel should be placed on the property.
The annual Board of Equalization meetings are not your only opportunity to appeal a value for tax purposes. At any time, you may file what is called an abatement which will automatically set up meetings before the city and county commissions to hear your appeal. Through the abatement process, you can actually appeal an assessment up to 2 years old. An abatement must be filed by November 1st of the year following the year the tax would become delinquent. For instance, the 2013 property tax would become delinquent in 2014, so you would have until November 1, 2014 to file for the 2015 assessment.
The most simple method of appealing your assessment is to call the Barnes County Tax Equalization office at (701) 845-8515 and request to do an abatement.
If you have any questions about your value or appealing your assessment, please call the City Assessor at (701) 845-8123.
A piece of land, regardless of size, under one ownership, is generally described as a parcel.
In maintaining land ownership records, the Assessor defines the boundaries of land according to ownership and assigns a unique identifying number to each parcel. This is referred to as the parcel number, parcel identifier, or parcel identification number (PIN).
This numbering becomes the universal tie for other agencies needing access to information relating to properties like taxes, special assessments, zoning, realtor listing information, water utility ties, mortgages, liens, etc.
You can obtain your parcel number or legal description if needed for any of these purposes, by calling (701) 845-8123.
When that opinion is formed by a trained and qualified appraiser, it is based on a systematic process of defining and planning a solution to the appraisal problem, gathering and analyzing all necessary information, applying the approaches to value, and reconciling all of that analysis and data into that opinion of value. This opinion can be stated in the form of a single value or a value range.
In arriving at a value opinion, an appraiser will consider several methods of appraisal application that approach the concept of property value from different perspectives.
These are referred to as the “approaches to value” and are the cost approach, market approach, and income approach.
Then, the assessed value is multiplied by 9% for residential and 10% for all other property classes to get taxable value.Therefore, the taxable value of residential property is 4.5% of the Assessor’s estimate of value and 5% of the Assessor’s value for commercial and agricultural property.To calculate annual taxes for a property, the taxable value is multiplied by the mill levy.