The City Assessor's office is responsible for valuing each parcel of real estate, which is taxable, within the City of Grand Forks. This involves making an appraisal of each property whether it is a new property or an existing one.
Existing properties are reviewed on an annual basis and re-appraised on a rotating basis. Once the value is determined, it becomes the basis for real estate taxes for the current tax year.
Whenever a property is sold, the sale price is compared to the assessor’s value to determine the level of assessment. At years end, a total sales ratio analysis (of all usable sales) to determined an overall level of assessment is calculated. The level of assessment must fall within the mandated guidelines or tolerance as established by the State Board of Equalization. For year 2016, the tolerance must fall between 90% and 100%.