Vote Smart's Synopsis:

Vote to adopt a conference report that amends residential property tax rates as well as agricultural and commercial land taxes for North Dakota.

Highlights:

• Amends residential property tax rates as well as agricultural and commercial land taxes for North Dakota (Sec. 1-12).

• Reduces residential property taxes for school districts by 16 percent (Sec. 1-12).

• Authorizes year-over-year tax caps and requires increases to property tax levels be limited to 3 percent for all local tax districts except school districts (Sec. 1-12).

• Authorizes tax districts to bank any unused tax increases but limits these funds to be kept for only one additional year (Sec. 1-12).

• Establishes a voter referendum to permit tax districts to exceed the cap for no more than 5 years at a time (Sec. 1-12).

• Specifies that the provisions of this bill shall take effect for taxable years beginning December 31, 2024 (Sec. 13).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that amends residential property tax rates as well as agricultural and commercial land taxes for North Dakota.

Highlights:

• Amends residential property tax rates as well as agricultural and commercial land taxes for North Dakota (Sec. 1-12).

• Reduces residential property taxes for school districts by 16 percent (Sec. 1-12).

• Authorizes year-over-year tax caps and requires increases to property tax levels be limited to 3 percent for all local tax districts except school districts (Sec. 1-12).

• Authorizes tax districts to bank any unused tax increases but limits these funds to be kept for only one additional year (Sec. 1-12).

• Establishes a voter referendum to permit tax districts to exceed the cap for no more than 5 years at a time (Sec. 1-12).

• Specifies that the provisions of this bill shall take effect for taxable years beginning December 31, 2024 (Sec. 13).

Full Bill Text