@article{Haugen:261210,
      recid = {261210},
      author = {Haugen, Ronald},
      title = {Results of the North Dakota Land Valuation Model for the  2017 Agricultural Real Estate Assessment},
      address = {2017-04-28},
      number = {1187-2017-3212},
      series = {Agribusiness & Applied Economics 770},
      year = {2017},
      abstract = {This report summarizes the 2017 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 2017 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 0.81 percent  from 2016 to 2017 based on the value of production. The  formula cost of production index value used in the 2017  analysis was 197.18. The formula capitalization rate was  4.78 percent. Cropland value increased, on average, 0.74  percent. Across individual counties, the cropland valuation  ranged from a decrease of 2.06 percent to an increase of  4.54 percent. County values had small increases and  decreases depending on crop mix and cropland to  non-cropland percentages. Non-cropland values increased  1.57 percent. This was due to the price received for calves  and cull cows. Generally, counties with more livestock  increased, while counties with more cropland decreased.  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.},
      url = {http://ageconsearch.umn.edu/record/261210},
      doi = {https://doi.org/10.22004/ag.econ.261210},
}