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 thirty 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 confined to care facilities and details on how co-ownership impacts the reduction. It also sets forth the application process, deadlines, and the roles of the tax commissioner and county auditors in administering the program, with applications required to be filed by August 1, 2025, for the 2025 taxable year.

Additionally, the bill introduces provisions for mobile homes taxed under chapter 57-55, allowing for similar valuation reductions for the taxable year 2026. The reduction for qualifying primary residences will be multiplied by the total tax mill rates from all relevant taxing districts. The tax commissioner is tasked with certifying the computed amounts for deposit into the state medical center fund, based on reductions for both real estate and mobile homes. The county treasurer is required to distribute payments from the state treasurer to the county and taxing districts promptly. A new subdivision is added to section 57-55-10, ensuring that individuals qualifying for the long-term homeowner property valuation reduction can benefit from it. The bill is set to take effect for taxable years beginning after December 31, 2024.