The homestead credit certification and disabled veterans' credit; to provide for retroactive application; to provide an effective date; and to provide an expiration date.
Impact
The passage of SB 2298 is poised to significantly impact state laws related to property taxation and assistance programs available for homeowners. By reclassifying and adjusting the valuation reduction parameters, the bill facilitates greater accessibility to tax relief for individuals qualifying as primary residents. This change is beneficial for state residents, encompassing various demographics, including the elderly and those facing financial hardships, thereby fostering a supportive tax environment.
Summary
Senate Bill 2298 addresses various aspects of property tax legislation in North Dakota, particularly focusing on the valuation reduction for primary residences. Specifically, the bill enacts provisions that allow for a substantial adjustment in the taxable valuation of properties classified as primary residences, offering a reduction of up to nine thousand dollars in taxable valuation. This initiative is seen as a move to support homeowners, especially those who may struggle with the financial burden of property taxes in the state.
Contention
Despite its seemingly beneficial nature, SB 2298 has faced some contention regarding its implementation and the potential financial implications for local governments. Critics argue that the reduction in taxable value could strain local resources, impacting funding for essential services derived from property taxes. Additionally, the removal of certain existing credits, as outlined in the bill, raises concerns regarding the future support available for vulnerable populations, including disabled veterans and low-income homeowners.
The homestead tax credit and income tax rates for individuals, estates, and trusts; to provide for a legislative management study; to provide for a legislative management report; to provide an appropriation; to provide an effective date; and to provide an expiration date.
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.
A transfer of Bank of North Dakota profits to a water infrastructure revolving loan fund; to provide for a transfer; to provide an exemption; to provide for a legislative management study; to provide a report; to provide a penalty; to provide for application; to provide a retroactive effective date; to provide a contingent effective date; to provide an effective date; and to declare an emergency.
The salary of the superintendent of public instruction, baseline funding, high-cost students, and regional library cooperative definitions; to provide for a transfer; to provide for reports; to provide an exemption; to provide an effective date; and to declare an emergency.
School district enrollment, the definition of "probationary teacher", a school district's policy governing possession of a weapon, the definition of "dangerous weapon", modification of weighting factors, transition maximums and an increase in per student payments, and the school construction revolving loan fund; to provide for a legislative management study; to provide a legislative management report; to provide an appropriation; to provide for an exemption; to provide for a transfer; and to provide an effective 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 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.
The homestead tax credit and income tax rates for individuals, estates, and trusts; to provide for a legislative management study; to provide for a legislative management report; to provide an appropriation; to provide an effective date; and to provide an expiration date.