This bill proposes the establishment of a new section in the North Dakota Century Code that provides a long-term property valuation reduction for homeowners who have owned their primary residence for 30 years or more. Eligible homeowners can receive a reduction of up to 100% of the taxable valuation, capped at $18,000. The bill outlines specific eligibility criteria, including provisions for those temporarily residing in care facilities, and details the application process that must be completed by deadlines set by the tax commissioner. It also clarifies the roles of county auditors and the tax commissioner in administering the reduction, ensuring that the process is efficient and transparent.

Additionally, the bill introduces new provisions for mobile homes, specifying that the valuation reduction for these properties will be calculated based on the total tax mill rates from all relevant taxing districts. The tax commissioner is tasked with certifying these amounts for deposit into the state medical center fund, with annual calculations required for both real estate and mobile homes. The legislation is set to take effect for taxable years beginning after December 31, 2024, allowing long-term homeowners to benefit from reduced property tax burdens in the near future.