This bill amends subsection 1 of section 57-02-08.1 of the North Dakota Century Code, which pertains to the homestead tax credit for individuals aged sixty-two or older or those who are permanently and totally disabled. The bill updates the age requirement from sixty-five to sixty-two and modifies the income thresholds for eligibility. Specifically, it raises the income limit for a full exemption from $40,000 to $70,000 and adjusts the income range for a partial exemption from $70,000 to $100,000. The maximum reduction for the full exemption is set at $9,000, while the partial exemption allows for a maximum reduction of $4,500.

Additionally, the bill clarifies that the exemption remains valid even if the individual is temporarily absent from their homestead due to confinement in a care facility, provided the property is not rented out. It also stipulates that only one exemption can be claimed by individuals residing together as spouses or dependents, while co-owners who are not related can claim a percentage of the exemption based on their ownership interest. The bill includes provisions for confidentiality regarding income information and specifies that the exemption will terminate at the end of the taxable year in which the applicant passes away. The effective date for these changes is set for taxable years beginning after December 31, 2024.

Statutes affected:
INTRODUCED: 57-02-08.1