ND HB1372

Creates optional property valuation freeze for primary residences of individuals who are permanently and totally disabled, eligible for disabled veteran credit, or age 65 or older with income not exceeding $42,000.

Freeze locks the most recently assessed true and full valuation and remains in effect until the first full taxable year after the owner no longer owns and occupies the residence.

Freeze is irrevocable once claimed and applies to entire residence if claimed by one co-owner, regardless of age or disability status of other co-owners.

Income definition includes all sources plus public assistance, social security, and retirement benefits, but excludes federal rent subsidies and medical expenses not covered by insurance.

Effective for taxable years beginning after December 31, 2020, with forms prescribed and distributed by the state tax commissioner and county directors of tax equalization.