ND property tax plan surfaces
June 28, 2012
A legislative proposal would give North Dakota homeowners a partial exemption on their property taxes.
The Legislature's interim Taxation Committee reviewed the bill Tuesday in Bismarck. The committee didn't take action on it.
Under the bill, a North Dakota homeowner who used the home as his or her primary residence wouldn't have to pay property tax on the first $75,000 of the home's value.
The exemption would rise to $125,000 if the homeowner was at least 65 years old.
A homeowner would have to apply for the tax break every year.
The exemption would be in addition to a separate state program that lowers property tax rates. It provides almost $400 million to North Dakota schools every two years to pay for property tax rate cuts.