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 how co-ownership impacts the reduction. It also specifies the application process, deadlines, and the roles of the tax commissioner and county auditors in administering the program. Applications for the reduction must be submitted by August 1, 2025, for the 2025 taxable year, with annual applications required thereafter.

Additionally, the bill introduces provisions for mobile homes, allowing for valuation reductions for the taxable year 2026, 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, ensuring timely distribution of funds to local governments. The legislation aims to provide financial relief to long-term homeowners in North Dakota by reducing their property tax burden while also streamlining the process for tax reductions and ensuring prompt payments to counties and taxing districts. The effective date of this Act is set for taxable years beginning after December 31, 2024.