Valuation Process

How the Valuation Process Works

Step 1- Market Value
Because Market Value is the key indicator for home values and valuation, the city compares your home against those that are similar in value or in your neighborhood. This is done in order to reflect the general property value (and any increase/ decrease noted).

Step 2- Appraisal
The City Assessor’s office is responsible for valuating each taxable parcel of real estate within the city of Grand Forks. This involves making an appraisal of each property or re-appraising an existing one. Each year around 2500 properties are reappraised. Once an appraisal is made, it is used as the basis for real estate taxes for that year.

Step 3- Value
Whenever property sells, the sale price is compared to the assessor’s appraised value to determine how close it compares to the sale price, and also how equitable various types of property are being valued. Based on the State Board of Equalization, local assessments are to test at 100% of sales indicators (on an overall basis). The Assessor’s office then cross checks your property to similarly priced sales in your neighborhood. Due to price differences within neighborhoods, the property value is then cross-checked with similar natured properties (for example, one story, three bedroom ranch with 1800 sq. ft.) citywide to ensure equity. The value assigned to each property is based on their determination of what it would be worth if it were to be put for sale or its “current market value”.

City of Grand Forks
255 N 4th Street * Grand Forks, ND 58203 * Phone (701) 746-INFO