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 valuation reduction for properties used as primary residences and amends existing provisions related to state school aid, the homestead credit, and the homestead renter refund. The bill also repeals sections concerning homestead credit certification and disabled veterans' credit, while establishing a new "rental homestead" category and clarifying definitions for terms such as "dependent," "homestead," and "income." Key changes include setting the maximum income for certain exemptions at seventy thousand dollars and providing a refund mechanism for individuals aged sixty-five or older or permanently disabled based on a portion of their rent.

Additionally, the bill outlines the responsibilities of county auditors and the state tax commissioner in certifying and distributing credits, as well as procedures for applying for these credits. It mandates that by October 1 of each year after 2025, the tax commissioner must review applications for tax reductions and provide county directors of tax equalization with copies of approved or rejected applications. The bill also specifies that the reduction is valid for the entire taxable year, regardless of ownership changes, and includes provisions for handling fraudulent claims. Notably, it removes the term "homestead" from certain contexts and clarifies that exemptions for mobile homes apply to specific individuals, while repealing previous provisions related to disabled veterans. The effective date for most provisions is set for taxable years beginning after December 31, 2024.

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