ND SB2197

Eliminates the farm residence property tax exemption effective for taxable years beginning after December 31, 2014, requiring farm residences (including mobile homes permanently attached to foundations) to be valued and assessed as real property.

Clarifies that farm buildings and improvements remain exempt from taxation, but dwellings, commercial property, mobile homes, industrial plants, and structures not used as part of a farm plant are not exempt.

Requires county assessors to complete inventories and valuations of all farm residences by February 28, 2015, with interim progress reports due at 25 percent (December 31, 2013), 50 percent (April 30, 2014), and 75 percent (August 31, 2014) completion milestones.

Directs the legislative management committee to study implementation of the exemption elimination and report findings and recommendations to the 64th legislative assembly.

Effective for taxable years beginning after December 31, 2014, with the valuation reporting requirements section expiring June 30, 2015.