ND HB1285

Increases the minimum age requirement for homestead property tax credit eligibility from sixty-five to sixty-five years of age (no change to age requirement).

Raises income thresholds for the homestead credit across all brackets, increasing from $18,000 to $19,000 for the lowest tier and adjusting subsequent brackets accordingly (e.g., from $20,000 to $22,000, from $22,000 to $24,000, from $24,000 to $26,000, and from $26,000 to $28,000).

Increases the homestead asset limit from $75,000 to $125,000 for determining eligibility, while maintaining the three-year lookback period for divested assets.

Increases the maximum taxable valuation reduction for homeowners in the lowest income bracket from $4,000 to $4,500.

Act is effective for taxable years beginning after December 31, 2010 for ad valorem property taxes and after December 31, 2011 for mobile home taxes.