This bill proposes the creation of a new section in chapter 57-02 of the North Dakota Century Code that establishes limitations on increases in taxable property valuations without voter approval. Specifically, it stipulates that the taxable valuation of any property cannot exceed the previous year's valuation by more than three percent, unless improvements have been made that were not included in the prior valuation. This limitation applies regardless of any changes in ownership of the property.

Additionally, the bill allows for taxable valuations to exceed this three percent limit if a majority of qualified electors in the taxing district approve a ballot measure during a statewide general or primary election. Such approvals can be granted for a maximum of four taxable years at a time. Importantly, the bill also clarifies that local governments cannot override or alter these limitations through home rule authority. The provisions of this bill will take effect for taxable years beginning after December 31, 2024.