Assessments Being Sent Out | Video

Amy Fox | 3/5/2013

The Minot City Assessor’s Office will start sending out real estate assessments this week. If you own a property that`s increased at least 10 percent in value, you`ll be getting a notice.

About 9,500 notices will be sent out to owners of single family homes in Minot, which are about three-fourths of the total homes in the city. With all of the economic development in the area, the city is trying to keep up with the growing property value.

Last year, homes sold for 18-19 percent more than what they were assessed at.

"When we`re that far below market, we have to make some adjustments according to the state statute,” said City Assessor Kevin Ternes. “We`re actually supposed to be assessing at market value, so that`s why and adjustments are being made to bring things up closer to what homes should be selling for."

Ternes said an increased assessment does not always mean increased property taxes. If you have questions about your assessment, contact the Minot City Assessor’s Office at 701-857-4160.

COMMENT ON THIS STORY