Revised Revenue Forecast Supports Meaningful Property Tax Relief

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(North Dakota Monitor) – A revised state revenue forecast released today supports significant investments in property tax relief and other priorities despite a downward adjustment in oil tax revenue, Gov. Kelly Armstrong said.

“North Dakota homeowners being squeezed by high property taxes are demanding property tax relief and reform, and this revenue forecast confirms that we can afford to deliver the meaningful relief they deserve,” Armstrong said. “Thanks to our conservative approach to budgeting, even with a projected dip in oil tax revenues, we can still fund tax relief and other priorities such as workforce, housing, education, health care and infrastructure to continue making our state the best place to live, work and raise a family.”

Today’s revised forecast projects the 2025-27 biennium will bring in general fund revenues of $5.07 billion – a reduction of $105 million, or 2%, from the January 2025 executive forecast used to prepare Armstrong’s executive budget recommendation to the Legislature. Even with the change, the Armstrong executive budget would be projected to end the biennium with a $125 million positive ending fund balance.

The revised forecast continues to reflect a growing, diversified economy in North Dakota. General fund revenues in the 2025-27 biennium are expected to exceed the current 2023-25 biennium by $71.9 million, or 1.4%.