ND SB2041

Amends North Dakota Century Code to establish that farm residence property tax exemptions apply only to residences occupied by farmers, with strict construction and interpretation required.

Defines "farm" as a single tract or contiguous tracts with a minimum of ten acres where the farmer receives at least 66% of annual gross income from farming activities during any of the two preceding calendar years.

Defines "farmer" as an individual who devotes the major portion of time to producing unmanufactured agricultural products and receives at least 66% of annual gross income from farming activities, including beginning farmers, retired farmers, and surviving spouses of farmers.

Clarifies that "gross income" excludes gains from the sale or exchange of farm machinery and requires farmers to provide written statements and income information to assessors to demonstrate eligibility for the exemption.

Directs the legislative management to study providing property tax exemptions for privately owned elevators, warehouses, and farm structures used to store agricultural products, with findings due to the 68th legislative assembly.

Effective for taxable years beginning after December 31, 2021.