The proposed bill seeks to amend and enact new sections within the North Dakota Century Code, primarily focusing on the establishment of a legacy earnings fund and a legacy property tax relief fund. It introduces provisions for the certification of primary residences and imposes limitations on property tax levies by taxing districts, excluding school districts, without voter approval. Key amendments include the creation of a legacy sinking and interest fund, adjustments to the state school aid funding formula, and the repeal of certain sections related to legacy fund definitions. The bill also outlines a legislative management study to improve transparency in real estate tax statements and appropriates $398,398,207 from the legacy property tax relief fund for state reimbursement under the primary residence credit for the upcoming biennium.

Additionally, the bill modifies existing laws regarding property tax credits for primary residences, clarifying eligibility criteria and establishing a streamlined application process. It specifies that property taxes levied cannot exceed a certain threshold based on previous years' levies, with exceptions for new taxable properties. The bill also introduces new definitions for property classifications and adjusts income thresholds for property tax exemptions, particularly for disabled veterans. Overall, the legislation aims to enhance property tax relief mechanisms, clarify existing laws, and ensure fair funding allocation based on the financial circumstances of each school district while emphasizing the need for voter approval for significant tax increases.

Statutes affected:
INTRODUCED: 15.1-27-02, 15.1-27-04.1, 15.1-27-04.2, 57-15-01.1, 57-15-14, 57-15-14.2, 57-20-07.1
Adopted by the House Finance and Taxation Committee: 15.1-27-04.1, 15.1-27-04.2, 57-15-01.1, 57-15-14, 57-15-14.2, 57-20-07.1
FIRST ENGROSSMENT: 15.1-27-04.1, 15.1-27-04.2, 57-15-01.1, 57-15-14, 57-15-14.2, 57-20-07.1
Prepared by the Legislative Council staff for Representative Wagner: 6-09.4-10.1, 15.1-27-04.1, 15.1-27-04.2, 21-10-06, 54-27-19.3, 57-15-01.1, 57-15-14, 57-15-14.2, 57-20-07.1
SECOND ENGROSSMENT: 6-09.4-10.1, 15.1-27-04.1, 15.1-27-04.2, 21-10-06, 54-27-19.3, 57-15-01.1, 57-15-14, 57-15-14.2, 57-20-07.1
Prepared by the Legislative Council staff for Senator Weber: 6-09.4-10.1, 21-10-06, 40-40-06, 54-27-19.3, 57-02-01, 57-02-08.1, 57-02-08.8, 57-02-08.9, 57-02-08.10, 57-02-27, 57-02-27.1, 57-02-53, 57-09-04, 57-11-03, 57-12-06, 57-15-02.2, 57-15-14.2, 57-20-07.1