City Assessor Lazar reveals Grand Forks property valuation trends and upcoming projects

The Grand Forks City Council convened on April 10, 2025, to discuss various topics, primarily focusing on property assessment and valuation processes. The meeting began with a reminder that property owners bear the responsibility of proving any discrepancies in the valuations set by the city assessor.

City Assessor Ms. Lazar provided a detailed overview of the assessing department's activities, highlighting their role in identifying real property and determining its value. She noted that the department is currently in the fifth year of a six-year reappraisal cycle, having reappraised 2,009 properties this year. This process aims to ensure that property characteristics are accurately reflected and consistent.

Ms. Lazar presented statistics indicating that the median assessment ratios for commercial properties stood at 90%, while residential properties were slightly higher at 90.55%. After market adjustments, these ratios improved to 94.98% for commercial and 94.33% for residential properties. The department's performance metrics, including the Coefficient of Dispersion (COD) and Price-Related Differential (PRD), fell within the professional standards set by the International Association of Assessing Officers.

Looking ahead, Ms. Lazar expressed concerns regarding the residential market, particularly the impact of inventory levels and interest rates on property sales. She also mentioned the potential effects of construction tariffs on future assessments. Upcoming projects, such as the Agristo facility, Cirrus aircraft expansion, and several educational and recreational developments, were highlighted as significant contributors to the local economy.

The meeting concluded with an update on the Homestead Credit Program, which has seen a substantial increase in funding over the past two years, now assisting approximately 1,150 property owners aged 65 and older with incomes below $70,000. This program has grown from $2.1 million to $6.8 million, reflecting its expanded reach and importance in supporting the community.

Overall, the meeting underscored the city's commitment to maintaining accurate property assessments while addressing the challenges posed by market fluctuations and economic factors. The council plans to continue monitoring these developments closely in the coming year.