Jill Schramm/MDN A house in southeast Minot is listed for sale. Selling prices have been pushing property assessments higher on average in the past year, with residential valuations increasing 4.59%.

Valuations of residential and commercial property in Minot will be going up based on selling prices last year, according to the annual report of the Minot City Assessor’s Office.

Overall, residential assessments were 9.8% below selling prices last year, and commercial property assessments were 9.9% below selling prices, the report stated. To stay in compliance with assessment levels accepted by the State Board of Equalization, assessments must fall between 90-100% of market values.

Total commercial valuations increased 4.15% on average, and the total residential valuation increased 4.59% on average. However, that does not mean all properties will change for the next tax year, and numerous properties will change more or less than average based on neighborhood analyses or actual physical reviews.

The assessor’s office reviewed about 3,521 properties in 2024. Many of the reviews were in the neighborhoods around John Hoeven Elementary School and Ramstad Middle School that were built post-2010.

The 2025 true and full value of the city as of April 1 is estimated at about $5.45 billion, or about a 4.42% increase, according to the report. In addition to residential and commercial, the city also includes a small amount of agricultural land, which increased in value by 2.42% on average.

The Minot Board of Equalization met Tuesday to review and approve the 2025 assessment roll. Two appeals of assessment were considered, and the board voted to affirm the city’s assessment in each case, Tax Assessor Ryan Kamrowski said.

The board received appeals from a townhome owner in White Pine Circle and from Dakota Square Mall.

The mall’s tax consultant proposed using an income approach to determining value and asked for an assessment of $22.8 million rather than the city’s 2025 assessed value of $61.6 million.

The consultant cited factors impacting malls, such as store bankruptcies and tenant mergers, foot traffic that has stabilized at lower levels, normalization of luxury retail sales following a boom and competition from e-commerce. Dakota Square reports gross total sales per square foot declined almost 4% in 2024.

The mall also had requested an assessment adjustment last year to $20.2 million. The city board approved $60.8 million, which the Ward County Board of Equalization reduced to $56.1 million. The State Board of Equalization reached a higher valuation using its own calculations but upheld the county’s decision.

Highlights of the Minot city assessor’s annual report include:

– The median assessed residential value increased about 7.5%, from $213,000 to $229,000. The increase was 5.45% the previous year.

– The amount of new residential construction was down 12% last year, but in value, the new taxable residential construction in 2024 was about $36.74 million, which was up from $33.55 million in 2023.

– Single family homes made up 75% of residential new construction, while townhomes made up the remaining 25%.

– The median sale price on 743 home sales in 2024 was $249,000, compared to $241,000 in 2023 on 802 sales. Thirty-six homes sold for more than $500,000 last year. Of those, three sold for more than $1 million.

– The average days on the market was 28 days in 2024, with 73 days from listing to closing.

– New taxable commercial construction in 2024 was about $13.9 million, compared to $9.25 million in 2023.

– Minot has 30 hotels with 3,141 rooms and a 2025 value of $65.18 million, down .07% from 2023. Hotels and miscellaneous commercial (-1.4%) were the only categories of commercial to show valuation declines.

– Manufactured home parks saw significant increase beyond other commercial classes with a 29.3% rise. All manufactured home parks were reassessed in 2024.

– Tax exempt property is valued at $792.4 million in Minot. The bulk of the tax exemption is hospitals/clinics, followed by church/religious properties.