ND SB2326

Allows sellers of property sold in arm's-length transactions for less than the assessed "true and full value" to claim a reduction against future property tax liability.

The tax reduction equals the tax imposed on the difference between the property's assessed value and its actual sale price.

Sellers must provide documentation of the sale price to the assessor and file a reduction certificate by August first of the year the reduction is claimed.

Unused reduction certificates that exceed a taxpayer's annual liability are carried forward as new certificates for future years.

The tax commissioner shall design and provide all necessary forms to implement this section, effective for taxable years beginning after December 31, 2020.