The proposed bill seeks to amend the North Dakota Century Code by establishing a legacy earnings fund and a legacy property tax relief fund, while also making significant changes to property tax definitions and credits. It repeals the previous definition of the legacy earnings fund and introduces a new fund that will allocate resources for debt service payments, highway distribution, and property tax relief. The bill also outlines a new certification process for primary residences, adjusts income thresholds for property tax credits, and sets limitations on property tax levies that require voter approval. Additionally, it emphasizes the importance of public budget hearings and modifies municipal budget statement requirements to enhance transparency.

Key amendments include the establishment of a property tax credit for primary residences, with specific eligibility criteria and new deadlines for applications. The bill clarifies definitions related to property ownership and primary residences, ensuring that various forms of ownership, including trusts, are recognized. It mandates that property owners receive written notifications of significant assessment increases and streamlines the process for boards of equalization. Furthermore, the bill introduces limitations on property tax levies, requiring voter approval for increases beyond a specified threshold, and appropriates funds for the primary residence credit from the legacy property tax relief fund. Overall, the legislation aims to improve property tax relief mechanisms and ensure effective administration of tax credits.

Statutes affected:
INTRODUCED: 21-10-06, 57-02-01, 57-02-08.1, 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, 57-20-07.1
Adopted by the House Finance and Taxation Committee: 6-09.4-10.1, 21-10-06, 40-40-06, 54-27-19.3, 57-02-01, 57-02-08.1, 57-02-08.9, 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, 57-20-07.1, 57-38-30.3
25.1003.01011 : 6-09.4-10.1, 21-10-06, 40-40-06, 54-27-19.3, 57-02-01, 57-02-08.1, 57-02-08.9, 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, 57-20-07.1
FIRST ENGROSSMENT: 6-09.4-10.1, 21-10-06, 40-40-06, 54-27-19.3, 57-02-01, 57-02-08.1, 57-02-08.9, 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, 57-20-07.1, 57-38-30.3
Prepared by the Legislative Council staff for House Appropriations Committee: 6-09.4-10.1, 21-10-06, 40-40-06, 54-27-19.3, 57-02-01, 57-02-08.1, 57-02-08.9, 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, 57-20-07.1
SECOND ENGROSSMENT: 6-09.4-10.1, 21-10-06, 40-40-06, 54-27-19.3, 57-02-01, 57-02-08.1, 57-02-08.9, 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, 57-20-07.1
Prepared by the Legislative Council staff for Senate Appropriations Committee: 6-09.4-10.1, 21-10-06, 40-40-06, 54-27-19.3, 57-02-01, 57-02-08.1, 57-02-08.9, 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, 57-20-07.1