This bill proposes significant amendments to the North Dakota Century Code, focusing on property valuation reductions for primary residences and adjustments to tax credits and exemptions. It introduces a new section to chapter 57-02 that allows for a reduction of up to $9,000 in taxable valuation for primary residences, including mobile homes, under specific conditions. The bill also raises the income threshold for homestead exemptions to $70,000 and clarifies definitions related to "dependent," "homestead," and "income." Additionally, it establishes a $500 credit against property taxes for first-time applicants on their primary residence for the taxable year 2024, while detailing the application process and eligibility requirements.

Moreover, the bill repeals certain sections concerning homestead credit certification and disabled veterans' credit, while ensuring that the changes will take effect for taxable years beginning after December 31, 2024. It mandates that the tax commissioner review applications for tax reductions annually and provides procedures for handling fraudulent claims. The bill also clarifies that mobile homes used temporarily for recreational purposes or qualifying as farm residences are not subject to taxation, while removing previous exemptions for mobile homes owned by disabled veterans or unremarried surviving spouses. Overall, the bill aims to enhance property tax relief for qualifying residents and streamline the associated processes.

Statutes affected:
INTRODUCED: 15.1-27-04.1, 57-02-08, 57-02-08.1, 57-02-08.3, 57-02-08.9, 57-02-08.10, 57-02-11.1, 57-23-06, 57-55-10