What is a notice of value?

A notice of value is a document issued by a county in North Dakota that states the value of a property for tax assessment purposes. A notice of value is prepared each year by the county assessor, who is responsible for determining the fair market value of real estate for taxation purposes. This value is then used to calculate the amount of property taxes an owner or lessee must pay. The notice of value includes the estimated value of the property for taxation purposes, the property’s legal description, the ownership details, and the tax assessment rate. The notice of value is also important for determining the classification of a property for assessment purposes. A notice of value is typically sent to property owners in March and September each year and is followed by a notice of assessment that details the amount of property tax each owner or lessee must pay. If the assessed value of a property is disputed by the owner, then they can file an appeal with the North Dakota Tax Equalization & Review Commission. In North Dakota, it is important that property owners keep track of their notices of value and take action if they disagree with the assessment value. Knowing your rights as a property owner can help you save money by appealing excessively high assessments.

Related FAQs

What is the impact of property taxes on my home’s value?
What are the common exemptions to property tax?
How are new property taxes calculated?
What is the difference between a tax rate and an effective tax rate?
How can I find out what my property tax liability is?
How can I appeal my property taxes?
How is a property tax assessment appeal decided?
How can I get an exemption from property taxes?
What is the difference between the assessed value and the actual value?
What is property tax law?

What is a notice of value?

Related FAQs

Related Blog Posts