ND HB1481

Allows property owners to substitute an appraiser's valuation for the assessor's or board of equalization's valuation if the appraisal was completed within three years before the taxable year being determined.

Prohibits appraisal substitution if the property has undergone improvements since the appraisal date or if the appraised valuation is more than ten percent outside the tolerance level adopted by the state board of equalization.

Requires the board of county commissioners to conduct a spot check on any property with an appraised valuation that exceeds tolerance levels by more than ten percent, with spot checks not permitted to use mass appraisal systems.

Allows city and township governing bodies to establish valuations that account for the supply of vacant lots available for sale.

Takes effect for taxable years beginning after December 31, 2018.