This bill aims to enhance property tax relief in North Dakota by creating new funds and amending existing laws within the North Dakota Century Code. It establishes a "legacy earnings fund" and a "legacy property tax relief fund," which will receive allocations based on a percentage of the legacy fund's five-year average value. The legislation introduces a state reimbursement program for reductions in taxable valuations for residential, agricultural, and commercial properties, with specific percentages for each type. It also imposes limitations on taxable valuation increases without voter approval, capping increases at three percent from the previous year unless property improvements are made.

Key amendments include the repeal of the "legacy earnings fund" from the state investment board's management and adjustments to income thresholds for property tax exemptions. The bill modifies the certification process for primary residence credits and outlines qualifications for property valuation reductions. It also specifies that taxable valuations from the previous year will be included in the current year's calculations, regardless of property ownership changes, and allows for exceeding valuation limitations with voter approval. Additionally, the bill allocates significant funds for property tax relief and establishes an effective date for certain provisions to apply to 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