- Associated Press - Saturday, April 29, 2017

MINOT, N.D. (AP) - Property values are on the decline in North Dakota’s fourth-largest city.

The greatest drop in valuations is occurring with Minot’s apartment and hotel properties due to the decline in the oil industry, the Minot Daily News (https://bit.ly/2oFf6Nh ) reported.

“This would be the first time in recent record keeping or memory where we have seen a significant drop in market value from the prior year,” said City Assessor Kevin Terne.

An annual report of the Minot City Assessor’s Office said the median residential assessment dropped 4 percent with about $182,000 compared to $190,000 in 2016. Apartment buildings dropped 15 percent in assessment values last year and are expected to drop another 20 to 30 percent for 2017. Minot’s 33 hotels fell 20 percent in 2016 and are also expected to drop at least 30 percent this year.

Apartments account for about 26 percent of the city’s occupancy, and hotels make up about 6 percent. Minot’s citywide property valuation of $4.5 billion has also dropped 7 percent from last year.

The report showed more housing options were below the $200,000 level than last year, a benefit for homebuyers.

The report also said that in 2016 homes lasted on the market for 113, about 15 more day than 2015; the city appropriated about $1 million in property tax value, 30 percent less than 2015; and new taxable residential construction was 50 percent less than in 2015.

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Information from: Minot Daily News, https://www.minotdailynews.com


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