This bill proposes the creation of a new section in chapter 57-02 of the North Dakota Century Code that establishes limitations on the taxable valuation increases of residential property. The bill stipulates that the taxable valuation of residential property cannot exceed the base year valuation, which is defined as the average taxable value over the three most recent taxable years. However, reassessments can occur under specific circumstances, such as when property is newly taxable, sold, transferred, or improved. The bill also clarifies what constitutes an "improvement" and excludes ordinary maintenance and certain replacement structures from being classified as improvements that would trigger a reassessment.

Additionally, the bill asserts that local governments cannot override these provisions through home rule authority, ensuring uniformity in the application of these valuation limitations. The effective date for this legislation is set for taxable years beginning after December 31, 2024.