This report summarizes the 2007 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 2007 valuation of agricultural land for real estate tax assessment. The average "all land value" 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. Each county is required by state statute to assess a total value of agricultural property within 5 percent of this value. The average value per acre of all agricultural land in North Dakota increased by 0.79 percent, from 2006 to 2007, based on the value of production. Cropland value increased by 0.36 percent and non-cropland value increased by 5.17 percent. The formula capitalization rate was below the minimum set by the State Legislature, therefore the minimum rate of 8.3 percent was used. 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.