This bill proposes the establishment of a legacy earnings fund and a legacy property tax relief fund within the North Dakota Century Code. It allocates seven percent of the five-year average value of the legacy fund balance to the legacy earnings fund, which will subsequently provide funding to the legacy property tax relief fund. The bill also amends existing laws related to property tax credits and exemptions, adjusting income thresholds for tax relief and creating a state reimbursement process for property valuation reductions. Additionally, it limits taxable valuation increases on properties to a maximum of three percent from the previous year, with exceptions for property improvements, and repeals certain outdated sections related to legacy fund definitions.

Moreover, the bill allows taxing districts to increase their maximum mill levy authority beyond current limitations for up to six taxable years, contingent upon majority approval from qualified electors in a statewide election. It mandates that ballots specify the proposed number of mills, the purpose of the excess levy, and its duration. The bill also appropriates $568,401,793 for the biennium starting July 1, 2025, to support property tax relief funding for residential, agricultural, and commercial properties, sourced from the general fund and the legacy earnings fund. The effective date for the relevant sections is set for taxable years beginning after December 31, 2024.

Statutes affected:
INTRODUCED: 57-02-01, 57-02-08.10, 57-02-27, 57-02-27.1, 57-02-08.9
Prepared by the Legislative Council staff for House Finance and Taxation Committee: 6-09.4-10.1, 21-10-06, 54-27-19.3, 57-02-08.1, 57-02-08.10, 57-02-08.9
FIRST ENGROSSMENT: 6-09.4-10.1, 21-10-06, 54-27-19.3, 57-02-08.1, 57-02-08.10, 57-02-08.9
Prepared by the Legislative Council staff for Representative Weisz: 6-09.4-10.1, 21-10-06, 54-27-19.3, 57-02-08.1, 57-02-08.10, 57-02-08.9
SECOND ENGROSSMENT: 6-09.4-10.1, 21-10-06, 54-27-19.3, 57-02-08.1, 57-02-08.10, 57-02-08.9