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Fargo assessor says market broadly stable but cuts large-office values after reappraisal
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Summary
City assessor told the Board of Equalization the 2026 reappraisal kept Fargo within state sales-ratio targets, reported a $24 billion total appraised value and applied an ~8% downward adjustment to large office properties after evidence of softening.
At a morning session of the City of Fargo Board of Equalization, the assessor’s office delivered a detailed review of the 2026 reappraisal process and the local real estate market, saying the city’s sales ratios remain within the State Board of Equalization’s 90–100% target.
The assessor told commissioners the commercial sales ratio improved from about 94% to 95.1% after the local reappraisal and residential ratios moved from roughly 92% to 95%. "Right now, the real estate market is pretty stable," the assessor said, noting the office made targeted, class-level adjustments where market data showed divergence.
Why it matters: the reappraisal sets the taxable base used to compute tax bills and determines which homes and businesses may pursue appeals. The assessor reported the total appraised value for 2026 at about $24,000,000,000 — roughly 4.5% higher than the prior year — and a projected taxable value of about $914,000,000. He said new growth accounted for about 2.77% of that figure.
Details from the presentation included counts and price metrics: the assessor said about 140 commercial sales occurred in 2025, a 14% decline from the prior year, while there were about 1,862 residential sales (up ~6%). The median single-family sales price was reported at $367,700, a 4% year-over-year increase. Because some property types sold materially below their assessed values, the assessor said the office made a roughly 8% downward adjustment for office properties larger than 5,000 square feet.
The assessor also reviewed statutory constraints and recent legislative changes. He cited North Dakota Century Code 57-11-03 as authority for the board’s equalization power and explained that recent law requires the office to send a value notice to every parcel; property tax caps apply to levy increases rather than assessed-value changes.
What happens next: the assessor described the appeals process (an appraiser visit and market analysis for appealed parcels) and said staff will follow up with property owners. He told the board recommendations on the pending in-person appeals will be presented when the board reconvenes on May 12. "We do make adjustments downward about 40 to 50% of the time," he said, urging owners to allow appraisers access during review.
