Walsh County's farmland valuation for this year will increase 20-percent.
That's what County Tax Director Mary Wild told Walsh County Commissioners at
their regular meeting Tuesday morning.
The value of one mill will generate more tax dollars for farmland in Walsh
County this year.
Now, Wild tells KXPO the North Dakota Tax Department will allow Walsh
County commissioners to decide if they want to cut that increased rate by up to
ten-percent. Wild says the Walsh County Commission will decide whether to do
that at their next regular meeting, January 22nd.
Wild also tells KXPO the reason for the 20-percent increase in this year's
farmland valuation is the capitalization rate continues to drop. Last year it was
approximately five-point-nine-percent (5.864). This year it's about
five-point-five-percent(5.488). She says as that capitalization rate continues to
drop, the farmland valuation continues to increase.