This bill proposes the creation of a new subsection to section 57-02-08 of the North Dakota Century Code, which establishes a property tax exemption for properties owned by charitable organizations that are primarily used for equine events not conducted for profit. The new legal language specifies that all such properties will qualify for this exemption, thereby encouraging charitable activities related to equine events.

The bill also includes an effective date, stating that the provisions will apply to taxable years beginning after December 31, 2024. This timeline allows for the implementation of the new exemption while providing time for affected organizations to prepare for the changes.