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ND HB1575
Bill
Status
2/25/2025
Primary Sponsor
Robin Weisz
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AI Summary
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Creates a legacy earnings fund that receives 7% of the five-year average legacy fund balance each odd-numbered year, with allocations prioritized to debt service ($102.6 million cap), highway distribution ($100 million), and property tax relief (remainder)
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Establishes state-reimbursed taxable valuation reductions of 2.75% for residential property and 1.5% for agricultural and commercial property, with the state reimbursing local taxing districts for the lost revenue
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Caps annual taxable valuation increases at 3% per parcel regardless of sale or ownership change, with exceptions only for new improvements not previously assessed
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Increases homestead tax credit income thresholds from $40,000/$70,000 to $50,000/$80,000 and raises the maximum renters refund from $400 to $600
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Appropriates $483.4 million for property tax relief for the 2025-2027 biennium, funded by $85 million from the general fund and $398.4 million from legacy fund earnings
Legislative Description
Legacy fund definitions, the legacy earnings fund, and the primary residence credit; to provide an appropriation; to provide for a transfer; to provide an effective date; and to provide an expiration date.
Last Action
Second reading, failed to pass, yeas 0 nays 46
5/2/2025