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ND HB1396
Bill
Status
1/21/2013
Primary Sponsor
Kim Koppelman
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 the lower sales price.
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The reassessment provision does not apply to property that has changed classifications or been divided or partitioned since its previous assessment.
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The sales price must be reduced by special assessments, mortgage points, and other costs traditionally paid by the purchaser that were instead paid by the seller in the transaction.
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The purchaser is responsible for providing the assessor with documentation necessary to determine the sales price for reassessment purposes.
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The Act is effective for taxable years beginning after December 31, 2012.
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 5 nays 84
2/12/2013