Official Newspaper of Eddy County since 1883
Official Newspaper of Eddy County since 1883
Source: 2024 Eddy County Tax Equalization Report. Graphic by Nathan Price.
At the Eddy County commission meeting on Tuesday, June 4, Director of Tax Equalization Kristy O'Connor reviewed the county's 2024 equalization report with commissioners.
For O'Connor, Tuesday's meeting was the last in a series of meetings regarding tax equalization, having previously met with the cities of Sheyenne and New Rockford, as well as each individual township in the county.
The last step was to present the final report for the entire county.
According to O'Connor's report, 25 residential properties were sold in the City of New Rockford in 2023, along with six commercial properties and a single vacant lot.
The City of Sheyenne, meanwhile, had just two residential sales, and no commercial or vacant lots were sold.
Regarding agricultural land, a total of 5,194.65 acres were sold in Eddy County last year, at an average sale price of $1,636 per acre. That's down from the $1,882 average price per acre in 2022.
O'Connor then presented the agricultural average value per acre, as well as the overall agricultural land valuation for 2024:
• All agricultural land in Eddy County for 2024 is valued at $598.24, which is down from $628.41 in 2023.
• Non-cropland in Eddy County for 2024 is valued at $186.34, which is down from $191.27 in 2023.
• Cropland in Eddy County for 2024 is valued at $793.52, down from $835.61 in 2023.
The total agricultural land valuation in Eddy County for 2024 is $217,836,710, accounting for 69.02 percent of the county's total valuation, which is up very slightly from the previous year's valuation of $217,742,220 – a difference of less than $100,000 or just four-tenths of one percent.
Meanwhile, the 2024 commercial property valuation totaled $37,529,990, and the residential property valuation came in at $60,241,460, an increase of 8 percent and 9 percent over the previous year, respectively.
With all of those numbers crunched, O'Connor could then predict the net value of all property in the county subject to property taxes.
"This amount is determined by applying an assessment ratio of 50 percent to the appraised value of all taxable property, then a factor of 9 percent is applied to residential and 10 percent to all other property classes," states the report. "The taxable valuation multiplied by the mill levy will determine the total revenue to be received from property taxes."
All totaled, the taxable valuation for 2024 is $17,112,057 – a mere 1.41 percent increase over the previous year.
The report notes, however, that the 2024 taxable valuation will vary from the final amount, as changes will occur between now and when the mill levy is determined in November, such as exemptions not previously filed, utilities and state-offered credits.
The commission's next regular meeting is scheduled for Tuesday, July 2 at 8 a.m. in the basement of the Eddy County Courthouse.
