Determination of state school aid, information displayed on property tax statements, transfer of legacy fund earnings, and deposit of oil and gas tax revenues; and to provide an effective date.
Impact
Additionally, SB2309 imposes limitations on the valuation of a primary residence, ensuring that the true and full valuation of such properties does not increase by more than 3% compared to the previous year, with allowances for improvements. This is intended to afford predictable and manageable property tax burdens for homeowners and to avoid sudden spikes in tax liabilities. If a taxing district seeks to exceed this limit, it must obtain majority approval from local voters through a ballot measure, thereby ensuring community involvement in significant tax decisions.
Summary
SB2309 establishes the Primary Residence Property Tax Relief Fund and introduces a property tax credit aimed at providing financial support to homeowners for their primary residences in North Dakota. This bill sets forth provisions that allow an individual to receive a credit of up to $5,625 on the taxable valuation of their primary residence, thereby reducing their property tax burden. This credit is available regardless of family headship, allowing various claimants, including estates and corporations under certain conditions, to benefit similarly.
Contention
However, the bill has garnered mixed feelings among stakeholders. Proponents argue it promotes homeownership and protects residents from steep tax increases, while critics highlight concerns over potential revenue loss for local governments, which may find themselves constrained in funding essential services as property tax revenues are capped. The mechanisms for tax credits and relief embedded in SB2309 have also been debated, particularly the allocation of funds and the implications for public services that rely on stable tax revenue.
The determination of state aid payments, state aid minimum local effort, the protection of taxpayers and taxing districts, voter approval of excess levies in school districts, school district levies, and contents of the property tax statement; and to provide an effective date.
Legacy fund definitions, the legacy earnings fund, and the primary residence credit; to provide an appropriation; to provide for a transfer; to provide an effective date; and to provide an expiration date.
Legacy fund definitions and the legacy earnings fund; to provide a statement of legislative intent; to provide for a legislative management study, to provide an appropriation; to provide an effective date; to provide an expiration date; and to declare an emergency.
Legacy fund definitions, a legacy earnings fund, the legacy earnings highway distribution fund, and legacy earnings township highway aid fund; to provide for a legislative management report; to provide for application; to provide an effective date; and to provide an exemption.
Baseline funding and the determination of state school aid, loans from the coal development trust fund, and evidences of indebtedness; to provide an appropriation; to provide for retroactive application; and to provide an effective date.
Legacy fund definitions and the legacy earnings fund; to provide for a legislative management study; to provide for a legislative management report; to provide an appropriation; to provide an exemption; to provide an effective date; to provide an expiration date; and to declare an emergency.
Adjustments to state aid payments, isolated school district transition payments, and taxable valuation impact on state aid; and to provide an effective date.