What is Market Value, Assessed Value, and Taxable Value?

Finding the Market Value or True and Full Value of residential property involves determining the price most people would pay for it in its present condition. The City Assessing Division reviews sales of homes in Bismarck to determine market valuation. Each year every property value is reviewed and adjusted to reflect market changes. In addition to market changes, values also change as a result of remodeling, additions, or changes in condition. On site inspections of properties that have sold and properties that have undergone changes assist our appraisers in determining values for each taxable parcel in Bismarck. This is an ongoing process of gathering and reviewing information, measuring and listing new construction, and analyzing sales to provide accurate and current values annually. All valuations are determined as of February 1st of each year; this is called the Assessment Date. The Assessed Value refers to a percentage of the assessor's market value, according to a state prescribed formula. In North Dakota, the assessed value is 50% of the market value. The Taxable Value is determined by multiplying the assessed value by 9% for residential and 10% for all other property classes.

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1. What is Market Value, Assessed Value, and Taxable Value?
2. Who performs the appraisals?
3. Why do my property taxes sometimes change?
4. When do any changes take effect?
5. How do I calculate property taxes?
6. What is the mill levy?