ND HCR3038

Proposes constitutional amendments to prohibit the levy of property tax by the state and political subdivisions, except for payment of bonded indebtedness incurred before the amendment's approval date.

Requires the state to provide annual property tax revenue replacement payments to political subdivisions equal to at least the amount of property tax they previously levied, excluding taxes for bonded debt.

Reduces debt limits for political subdivisions from 5 percent to 2.5 percent of assessed property value, with limited exceptions for cities and school districts to increase indebtedness through majority or two-thirds votes.

Prohibits political subdivisions from issuing new general obligation bonds secured by property tax on or after the amendment's effective date.

Amends state bonding authority provisions to clarify language and requires voter approval at the 2022 general election, with implementation effective January 1, 2024.