North Dakota city sees decrease in property values
Property values are on the decline in North Dakota’s fourth-largest city.
The Minot Daily News (http://bit.ly/2oFf6Nh ) reports that the greatest drop in valuations is occurring with Minot’s apartment and hotel properties due to the decline in the oil industry.
An annual report of the Minot City Assessor’s Office says the median residential assessment dropped 4 percent with about $182,000 compared to $190,000 in 2016. Apartment buildings dropped 15 percent in assesment values last year and are expected to drop another 20 to 30 percent for 2017. Minot’s 33 hotels fell 20 percent in 2016 and are also expected to drop at least 30 percent this year.
Apartments account for about 26 percent of the city’s occupancy, and hotels make up about 6 percent.