Jill Schramm/MDN A house is for sale in northwest Minot. Selling prices rose last year, according to data from the City of Minot.

The taxable value of residential and commercial property is going up, on average, this year.

The Minot City Assessor’s Office’s review found the city’s residential assessments were 12.3% below selling price last year, and commercial properties were 5.3% below selling price. Based on the findings and the requirement in state law to keep assessments above 90% of market value, the average residential valuation was increased by about 5.4% and commercial valuations by about 2.3%.

There were numerous properties that were individually changed, however, based on a neighborhood analysis or an actual physical review of the property. The assessor’s office reviewed about 2,875 properties last year, according to the assessor’s annual report to the City of Minot Board of Equalization, which accepted the report’s recommendations in April.

The full valuation of taxable property in the city is estimated at about $4.8 billion, or a 6.4% increase from last year. About $313.86 million in property is tax exempt.

Details in the assessor’s annual report included:

– The median residential assessment increased about 8%, from $187,000 to $202,000, as compared to the 2.75% increase from $182,000 to $187,000 from 2020 to 2021.

– The median assessments for four-plex apartments increased 8.24%.

– The median assessed value of apartment complexes increased 10.4%.

– Other classes of commercial building assessments trended upwards about 5.7% from a median of $473,000 to $500,000, which compares to a 1.3% increase last year.

– New taxable residential construction in 2021 was about $28.9 million, which compares to about $33 million in 2020.

– New taxable commercial construction in 2021 was about $89.2 million, compared to about $71.8 million in 2020.

– There was no significant annexation into the city last year.

The report listed other interesting facts concerning the residential market in Minot, such as:

– Assessor records show the average sale price in 2021 was $233,000 on 1,162 sales, which is up from $223,000 for 2020 on 756 sales, or an estimated 4.48% increase.

– Minot Multiple Listing records (property sold with a Realtor) indicate a median sale price in 2021 that was up 9%, to $239,000 from $219,000 in 2020, which excludes any financing points or seller concessions that are included in assessor records.

– Average days on the market for a home was 83 days in 2021, down from 100 days in 2020.

– Twenty-four homes in Minot sold for more than $500,000, excluding homes purchased directly from a contractor or built in 2021.