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ND SB2196
Bill
Status
1/12/2015
Primary Sponsor
Dwight Cook
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AI Summary
SB2196 Summary
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Excludes intangible personal property (capital stock, bonds, deposits, goodwill, patents, trademarks, copyrights, franchises, licenses, etc.) from real property assessments and prohibits using intangible property to impute additional value to real property.
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Requires assessors to provide written notice to property owners of increased assessments through mail, email, or in-person delivery at least 15 days before equalization board meetings, including current and prior year valuations.
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Eliminates collection of property taxes on parcels with total tax obligations of five dollars or less, though special assessments must still be issued.
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Clarifies that interest on tax refunds is allowable only when overpayment was inadvertent or tax obligations were reduced through abatement, calculated at 12% per annum prorated to the nearest full month.
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Effective for taxable years beginning after December 31, 2015.
Legislative Description
Exclusion of intangible personal property from assessments of real property, notice of assessments to property owners, exclusion of de minimus property tax from collection, and refunds on overpayment of property taxes; and to provide an effective date.
Last Action
Second reading, failed to pass, yeas 1 nays 46
2/25/2015