ND SB2362

Creates a legislative property tax relief credit equal to 40 percent of 2012 property taxes for residential, agricultural, commercial, and centrally assessed property, applicable to all property owners in North Dakota.

Establishes a property tax levy limitation restricting taxing districts from levying more than 10 percent above the previous year's amount, with exceptions for new improvements, exemption changes, and voter-approved increases.

Repeals Chapter 57-64 (school district mill levy reduction grant program) and replaces it with the new legislative property tax relief credit system.

Appropriates $800,000,000 from the general fund to the state treasurer for the biennium beginning July 1, 2013, through June 30, 2015, to fund the property tax relief credits.

Modifies property tax statements to include a line item showing the legislative property tax relief credit amount and adjusts payment priority rules so state-paid credits apply to the specific year granted.