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ND HB1325
Bill
Status
1/13/2015
Primary Sponsor
Andrew Maragos
Click for details
AI Summary
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Reduces minimum age for homestead credit exemption from 65 to 65 years old while adding a new subsection 3 providing a broader exemption based on age for individuals 65 and older.
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New subsection 3 allows individuals age 65+ to receive a reduction in total property taxes on up to $350,000 of true and full value of homestead, with reduction percentages increasing by age (5% at age 65, scaling to 100% at age 75 or older).
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Existing subsection 1 exemptions based on income thresholds ($22,000-$42,000) remain in place but become secondary; individuals receive whichever exemption is greater between subsection 1 and new subsection 3.
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New exemption applies regardless of family status and continues if individual is confined to nursing home or care facility, provided homestead is not rented to another person.
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Effective for taxable years beginning after December 31, 2015; multiple conforming changes update "person" language to "individual" throughout statute.
Legislative Description
The expansion of the homestead credit exemption for individuals age sixty-five or older; and to provide an effective date.
Last Action
Second reading, failed to pass, yeas 13 nays 80
2/19/2015