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ND HB1253
Bill
Status
1/10/2011
Primary Sponsor
Dan Ruby
Click for details
AI Summary
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Property sold in an arm's-length transaction for less than its most recent assessed value must be reassessed by the first assessment date following the sale at a value not exceeding the sales price.
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The provision does not apply to property that has changed property classifications or been divided or partitioned since its previous assessment.
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Sales price must be reduced by any special assessments, mortgage points, or other costs traditionally borne by the purchaser that were paid by the seller.
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The purchaser is responsible for providing the assessor with documentation necessary to determine the sales price.
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The Act is effective for taxable years beginning after December 31, 2010.
Legislative Description
Reassessment of property that has been sold for less than its most recently assessed true and full value; and to provide an effective date.
Last Action
Second reading, failed to pass, yeas 23 nays 69
2/1/2011