North Dakota Property Tax Information
Like most states, North Dakota tends to favor homesteads over businesses when it comes to property taxes. Whereas the tax on residential property in North Dakota is 4.5 percent, the property tax on agricultural and commercial property is 5 percent. The collected property taxes in North Dakota are generally divided out to several public tax entities, such as school districts, counties, cities, townships, park districts, water districts and other similar entities.
Property Tax Legislation
In 2012, a proposal was made to abolish property taxes altogether in the state of North Dakota. If Measure 2 (the proposal) had been ratified, it would have made North Dakota the only state in the entire nation to not have any property taxes. More than 76 percent of voters voted against the measure, though, so property taxes continue in the state. Those in opposition of the proposal stated that although North Dakota boasts the lowest unemployment rate and is the nation’s second-biggest oil producer, 23 percent of the state and local revenue it receives come from property taxes. Still, just because property taxes have continued to exist in North Dakota doesn’t mean that business owners have to pay more than their fair share of property taxes.
Assessing Property Taxes
Property is assessed at its true and fair market value for property tax purposes. While county property assessors might assess some commercial and industrial equipment at certain values, that doesn’t necessarily mean that the figure they assessed the equipment at is the actual true and fair market value of the equipment. Assessing equipment used in manufacturing, agricultural and for other industrial purposes oftentimes requires special knowledge of such equipment, such as its life expectancy, production output and so on. The net income that the equipment generates as well as the current net profit must be taken into consideration as well as the market value of similar equipment in the same area.
Business owners who believe that their commercial and industrial property was assessed at higher values than they should have been, resulting in higher property taxes for them, can contest their assessments. Assessment Technologies experts can help business owners by assessing their properties for them using their unique valuation methods that take all contributing factors into account when valuing industrial and commercial equipment. If Assessment Technologies finds that equipment has been overassessed, then they can take an aggressive and method approach to filing an appeal on the business owner’s high property taxes. Assessment Technologies experts have access to all the resources and technology needed to provide proper documentation and evidence to back up their claims that property has unfairly been assessed at a higher rate than it should have been.
In some cases, Assessment Technologies may be able to procure business owners a refund on taxes that they’ve overpaid on. In other cases, they can reduce the amount of their current and future property tax liabilities by proving the true and fair market value of their industrial and commercial equipment. Don’t settle for paying higher taxes than needed when there are experts like those at Assessment Technologies here to help.
North Dakota Property Tax Resource: website