This report summarizes the 2015 results of the North Dakota Land Valuation Model. The model is used annually to estimate average land values by county, based on the value of production from cropland and non-cropland. The county land values developed from this procedure form the basis for the 2015 valuation of agricultural land for real estate tax assessment. The average value for all agricultural land in a county from this analysis is multiplied by the total acres of agricultural land on the county abstract to determine each county’s total agricultural land value for taxation purposes. The State Board of Equalization compares this value with the total value assessed to agricultural property in each county. The average value per acre of all agricultural land in North Dakota increased by 7.22 percent from 2014 to 2015 based on the value of production. Cropland value increased 7.69 percent, and non-cropland value increased by 4.1 percent. The formula capitalization rate was 4.95 percent. The legislation setting a minimum capitalization rate expired after the 2011 tax year. The increase in the values for cropland and all agricultural land was primarily due to increased value of crop production. The value of production for most counties has been considerably higher since 2007 than prior years. This increase in value of production is a combination of increased yields, higher prices and a change in cropping mix. The capitalization rate change increased land valuations by 4.85 percent in all counties; while the cost of production index decreased land values in all counties by 6.17 percent. The value of production increased cropland valuation between 4.48 percent up to 16.33 percent across individual counties. Non-cropland values increased by 4.1 percent, all due to an increase in the price received for calves and cull cows. Changes in market value are included for comparison. Market value data are from the annual County Rents and Values survey conducted by North Dakota Agricultural Statistics Service.