ND HB1277

Increases the residential property tax exemption for new single-family, condominium, and townhouse construction from one hundred fifty thousand dollars to two hundred fifty thousand dollars of true and full value, excluding land.

Exemption applies to the first two taxable years after construction is completed and the residence is first owned and occupied.

Requires city or county governing body approval through a resolution voted on by a majority of qualified electors at a regular or special election.

Approved resolutions remain in effect for ten taxable years or the voter-approved time period, whichever expires first, and may be rescinded or amended at any time.

Effective for taxable years beginning after December 31, 2020.