ND HB1291

Creates new section in North Dakota Century Code Chapter 57-02 requiring properties sold in arm's-length transactions below their most recent assessed value to be reassessed at the first assessment date following sale, with valuation not exceeding the sales price.

Excludes properties that have changed property classifications or been divided or partitioned since their previous assessment from this reassessment requirement.

Requires the sales price to be reduced by any special assessments, mortgage points, or other costs traditionally borne by the purchaser that were paid by the seller as part of the transaction.

Makes the purchaser responsible for providing the assessor with documentation necessary to determine the sales price for reassessment purposes.

Effective for taxable years beginning after December 31, 2020.