@article{Haugen:288513,
      recid = {288513},
      author = {Haugen, Ronald},
      title = {Results of the North Dakota Land Valuation Model for the  2019 Agricultural Real Estate Assessment},
      address = {2019-05-16},
      number = {1187-2019-1848},
      series = {Agribusiness and Applied Economics Report No. 789},
      pages = {22},
      month = {May},
      year = {2019},
      abstract = {This report summarizes the 2019 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 2019 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 2.72 percent  from 2018 to 2019 based on the value of production. The  formula cost of production index value used in the 2019  analysis was 209.56. The formula capitalization rate was  4.51 percent. The capitalization rate had a larger effect  on higher valuations compared to recent years. Cropland  value increased, on average, 2.64 percent. Across  individual counties, the cropland valuation ranged from a  decrease of 4.29 percent to an increase of 6.99 percent.  County values had small increases and decreases depending  on crop mix and cropland to non-cropland percentages.  Non-cropland values increased 5.52 percent. Generally,  valuations for counties with a higher percentage of  livestock increased partly due to increased calf prices for  the current year replacing the lower oldest year in the  data set. Changes in market value are included for  comparison. Market value data are from the annual County  Rents and Prices survey conducted by the North Dakota  Department of Trust Lands.},
      url = {http://ageconsearch.umn.edu/record/288513},
      doi = {https://doi.org/10.22004/ag.econ.288513},
}