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State Sen. George Sinner Proposes Potential Property Assessment Solution
State Senator George Sinner says he’s working on a solution to issues he sees with the current state evaluation system.
He says the way it currently works is homes are assessed at nearly actual market value.
Due to a lack of resources in growing cities like Fargo, each home can’t be assessed every year.
This can lead to rapid increases in values.
Sinner says to fix this, the state could possibly put limitations on how much a home assessment can increase at one time.
“When they do come around to reevaluating that property, and let’s say it is every five years they get to your neighborhood, then you put some sort of limitations on what they can do. And then when the property sells, it goes to true full value at that point,” says Sinner.
Sinner says the next homeowner would pay taxes on the value they paid and each year the value would increase based on the consumer price index.
The same limitations would be placed on how much their property value could increase annually.