ND HB1116

Changes disabled veterans property tax credit calculation from $120,000 to $5,400 of taxable valuation for homestead property owned and occupied by disabled veterans with 50% or greater service-connected disability.

Limits combined credits for married disabled veterans to 100% of $5,400 of taxable valuation and caps co-owned homestead credits based on the disabled veteran's percentage interest multiplied by their disability rating.

Requires tax commissioner to audit disabled veterans certifications and certify payment amounts to counties on or before June 1 each year, calculating credits by multiplying allowed credit by tax mill rates exclusive of state mill rates.

Changes property assessment language for destroyed or damaged property from "injured" to "damaged" when building, structure, improvement, or personal property is destroyed by fire, flood, tornado, or other natural disaster between February 1 and April 1.

Amends transmission line property tax exemption calculation to reduce "property taxes" to "taxable valuation" as the basis for computing the 75%, 50%, and 25% reduction percentages in years two through four of operation.

Effective for taxable years beginning after December 31, 2010.