This bill proposes significant amendments to the North Dakota Century Code, focusing on the establishment of a legacy earnings fund and a legacy property tax relief fund. It introduces a new legacy earnings fund that will receive distributions from the legacy fund, with allocations designated for debt service payments, highway distribution, and property tax relief. The legislation also outlines a property valuation reduction for residential, agricultural, and commercial properties, providing a percentage reduction based on assessed values. Key amendments include the repeal of the legacy earnings fund definition and the introduction of a limitation on taxable valuation increases, capping them at three percent from the previous year unless property improvements are made. Additionally, the bill modifies income thresholds for property tax exemptions and refunds to enhance accessibility for qualifying individuals.

Moreover, the bill allows taxing districts to increase their maximum mill levy authority above existing limitations for up to six taxable years, contingent upon majority approval from qualified electors in a statewide election. It mandates that ballots detail the proposed number of mills, intended purpose, and duration of the excess levy. The bill also establishes that mill levy limitations remain in effect regardless of property ownership changes and prohibits alterations under home rule authority. It appropriates $568,401,793 for property tax relief funding from the general fund and the legacy property tax relief fund, aimed at reimbursing taxable valuation reductions. Certain outdated sections of the North Dakota Century Code will be repealed, with the effective date for the relevant provisions set for taxable years beginning after December 31, 2024.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