Vote Smart's Synopsis:

Vote to pass a bill that amends property tax relief by reducing the taxable value of all categories in North Dakota.

Highlights:

• Amends property tax relief by reducing the taxable value of all categories in North Dakota (Sec. 1-14).

• Reduces the tax rate applied to residential properties to 2.75 percent (Sec. 1-14).

• Reduces the tax rate applied to agriculture and commercial property to 1.5 percent (Sec. 1-14).

• Requires increases to all annual property taxes be capped at 3 percent (Sec. 1-14).

• Authorizes a voter referendum to approve proposals to exceed this cap on the local level for a maximum of 6 years at a time (Sec. 1-14).

• Increases the homestead credit and renter refund program (Sec. 1-14).

• Specifies that the provisions of this bill shall take effect for taxable years beginning December 31, 2024 (Sec. 15).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that amends property tax relief by reducing the taxable value of all categories in North Dakota.

Highlights:

• Amends property tax relief by reducing the taxable value of all categories in North Dakota (Sec. 1-14).

• Reduces the tax rate applied to residential properties to 2.75 percent (Sec. 1-14).

• Reduces the tax rate applied to agriculture and commercial property to 1.5 percent (Sec. 1-14).

• Requires increases to all annual property taxes be capped at 3 percent (Sec. 1-14).

• Authorizes a voter referendum to approve proposals to exceed this cap on the local level for a maximum of 6 years at a time (Sec. 1-14).

• Increases the homestead credit and renter refund program (Sec. 1-14).

• Specifies that the provisions of this bill shall take effect for taxable years beginning December 31, 2024 (Sec. 15).

Full Bill Text