Dickinson officials discuss property tax valuations and proposed 15% cap on increases

During the Dickinson City Board of Equalization meeting on April 9, 2025, city officials discussed significant developments regarding property valuations and tax implications for residents. A key highlight was the announcement that the city's budget would remain at $5.7 million, which has contributed to a decrease in property taxes for homeowners, despite rising property values.

The meeting revealed that the median sales price of homes in Dickinson has surged dramatically, increasing from $145,000 in March 2010 to $300,000 in March 2025—a staggering 207% rise. This trend has raised concerns about property tax assessments, prompting discussions on how to manage valuation increases effectively.

City officials introduced a new six-year revaluation plan aimed at systematically assessing properties across the city. This initiative is designed to prevent large spikes in property taxes by ensuring that assessments are updated regularly and fairly. Approximately 1,059 properties have been identified for inspection this year, with the goal of completing evaluations in a timely manner.

Commissioner Oterman proposed a cap on valuation increases, suggesting a 15% limit to help residents manage their tax burdens over the next six years. This proposal aims to provide a more gradual adjustment to property values, reducing the potential for "sticker shock" when assessments are updated.

The meeting also touched on the performance of commercial properties, noting that hotels and apartments have seen significant increases in assessed values, aligning them more closely with market trends. This adjustment is expected to provide a reprieve for other commercial properties from further increases this year.

As the city moves forward with its revaluation strategy, officials emphasized the importance of transparency and communication with residents. The ongoing efforts aim to balance fair taxation with the realities of a rapidly changing real estate market, ensuring that Dickinson remains a desirable place to live while addressing the financial concerns of its residents.