News

ND property tax plan surfaces

Jun 28, 2012 at 2:23 pm

   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.

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