ND HB1559

Caps taxable valuation of residential property at the "base year valuation," defined as the average taxable value over the three most recent taxable years

Requires reassessment to current true and full value upon sale, transfer, or change in ownership of the property

Triggers reassessment when property becomes newly taxable or when owners make improvements (new structures or structural changes that increase value)

Excludes ordinary maintenance and replacement structures for casualty/weather-damaged homes from the definition of "improvement," unless the replacement is larger or higher quality

Prohibits cities and counties from overriding these provisions using home rule authority; effective for taxable years beginning after December 31, 2024