This bill proposes significant changes to the North Dakota Century Code, focusing on property tax relief and the management of legacy funds. It establishes a new "legacy earnings fund" that will receive distributions calculated as seven percent of the five-year average value of the legacy fund balance. The bill prioritizes allocations for debt service payments, general fund support for tax relief initiatives, and the creation of a "legacy property tax relief fund." It also aims to enhance property tax relief for eligible taxpayers by increasing the primary residence credit biennially, utilizing funds from the legacy earnings fund. Additionally, the bill introduces new definitions for "primary residential property" and "nonprimary residential property," while deleting references to the "legacy earnings fund" from the investment board's responsibilities.

Moreover, the bill amends existing laws regarding the primary residence credit, clarifying eligibility criteria and establishing a streamlined application process. It removes the requirement for individuals to reside in the state to qualify for the credit and sets specific deadlines for filing applications for the taxable years 2025 and 2026. The bill also modifies property valuation for taxation, ensuring that primary and nonprimary residential properties are valued at nine percent of assessed value. It introduces limitations on property tax levies by taxing districts without voter approval, enhancing transparency in property tax assessments and providing taxpayers with more control over tax increases. Overall, the bill aims to improve the effectiveness of property tax relief measures and streamline the administration of property taxes in North Dakota.

Statutes affected:
INTRODUCED: 21-10-06, 57-02-01, 57-02-08.1, 57-02-08.9, 57-02-08.10, 57-02-27, 57-02-27.1, 57-02-53, 57-09-04, 57-11-03, 57-12-06, 57-20-07.1