The overall function of the Jamestown Assessment Department is to maintain a record of property ownership boundaries and to appraise all property in Jamestown. This encompasses many varied tasks and responsibilities but all serve that overall objective.
This is accomplished by analysis of the various instruments by which property rights may be acquired, transferred, or disposed of. This department collects all such instruments that have been legally recorded. The status of property ownership is reflected in the city on a real time basis.
Therefore, each year’s tax bill for a property reflects the ownership according to the most recently recorded property transfers. Tax bills normally are sent by the Stutsman County Treasurer in mid-December.
Extensive analysis of the factors affecting the value of all classes of property is conducted by this department. Once the forces that affect property value are quantified, new and existing properties are appraised on an individual basis. This is done by appraising all new properties as they are constructed and periodically reappraising existing properties by type or location.
Market forces that affect the value of real estate over broad subclasses of property are dealt with by the Assessment Department through a process called value trending. This involves applying value changes uniformly across various classes of property based upon careful statistical analysis.
Property taxes are determined by each local political body (city, county, school, etc.) by setting their budget. This determines how much revenue must come from property taxes. That amount is then levied against the total taxable value of property in Jamestown. The work of the Assessment Department results in determining the distribution of each property’s share of that tax burden. In order to calculate gross taxes on a property, the following formula is used:
Assessor’s Value X Assm’t Ratio X Assm’t Factor X Mill Levy = Gross Tax
The Assessment Ratio is 50% for all properties. The Assessment Factor is 9% for residential and 10% for all other classes of property. The mill levy changes every year but was 449.35 mills for Jamestown in 2009.