This bill proposes the creation of a new section in chapter 57-02 of the North Dakota Century Code, establishing a property tax credit specifically for agricultural property owned by individuals or entities engaged in farming or ranching operations. The credit amounts to $1,550 against the property tax due on qualifying farmland or ranchland, with provisions for co-owners to receive a percentage of the credit based on their ownership interests. To qualify, property owners must submit an application to the tax commissioner by August 1 each year, and the tax commissioner will review applications and notify county directors of tax equalization of approved or rejected claims by October 1.

Additionally, the bill outlines the process for certifying and distributing the credits, including annual certifications by county auditors and the tax commissioner, and specifies that the credit remains valid for the entire taxable year regardless of any changes in property ownership. The effective date for this tax credit is set for taxable years beginning after December 31, 2024. The bill also includes definitions for key terms such as "farming or ranching," "owned," and "qualifying farmland or ranchland" to clarify eligibility criteria.