000288513 001__ 288513
000288513 005__ 20210122082107.0
000288513 0247_ $$2doi$$a10.22004/ag.econ.288513
000288513 037__ $$a1187-2019-1848
000288513 041__ $$aeng
000288513 245__ $$aResults of the North Dakota Land Valuation Model for the 2019 Agricultural Real Estate Assessment
000288513 260__ $$c2019-05-16
000288513 269__ $$a2019-05-16
000288513 300__ $$a22
000288513 336__ $$aReport
000288513 490__ $$aAgribusiness and Applied Economics Report No. 789
000288513 520__ $$aThis report summarizes the 2019 results of the North Dakota Land Valuation Model. The model is used annually to estimate average land values by county, based on the value of production from cropland and non-cropland. The county land values developed from this procedure form the basis for the 2019 valuation of agricultural land for real estate tax assessment. The average value for all agricultural land in a county from this analysis is multiplied by the total acres of agricultural land on the county abstract to determine each county’s total agricultural land value for taxation purposes. The State Board of Equalization compares this value with the total value assessed to agricultural property in each county. The average value per acre of all agricultural land in North Dakota increased by 2.72 percent from 2018 to 2019 based on the value of production. The formula cost of production index value used in the 2019 analysis was 209.56. The formula capitalization rate was 4.51 percent. The capitalization rate had a larger effect on higher valuations compared to recent years. Cropland value increased, on average, 2.64 percent. Across individual counties, the cropland valuation ranged from a decrease of 4.29 percent to an increase of 6.99 percent. County values had small increases and decreases depending on crop mix and cropland to non-cropland percentages. Non-cropland values increased 5.52 percent. Generally, valuations for counties with a higher percentage of livestock increased partly due to increased calf prices for the current year replacing the lower oldest year in the data set. Changes in market value are included for comparison. Market value data are from the annual County Rents and Prices survey conducted by the North Dakota Department of Trust Lands.
000288513 546__ $$aEnglish
000288513 650__ $$aAgricultural Finance
000288513 650__ $$aFarm Management
000288513 6531_ $$aLand valuation, real estate assessment, agricultural land
000288513 700__ $$aHaugen, Ronald
000288513 8560_ $$fedie.nelson@ndsu.edu
000288513 8564_ $$94298545a-79b7-46cd-9fdf-c1a2df06b6c1$$s972539$$uhttps://ageconsearch.umn.edu/record/288513/files/AAE789.pdf
000288513 909CO $$ooai:ageconsearch.umn.edu:288513$$pGLOBAL_SET
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000288513 980__ $$a1187