ND SB2309

Creates a primary residence property tax relief fund and provides a property tax credit up to $5,625 in taxable valuation reduction for individuals with primary residences, including estates, trusts, and farming operations.

Requires county auditors to report state reimbursement amounts for the primary residence property tax credit to the superintendent of public instruction for school aid calculations.

Limits increases in true and full valuation of primary residences to 3 percent per year unless improvements were made, except when voters approve higher increases by ballot measure.

Allocates up to $50 million from legacy earnings fund oil and gas revenues to fund the primary residence property tax relief credit, with any additional revenues beyond other designated uses going to the relief fund.

Requires property tax statements to include a line item showing "legislative tax relief" savings under the new primary residence property tax credit for taxable years after 2022.

Effective for taxable years beginning after December 31, 2022.