ND SB2298

Creates a new primary residence valuation reduction of 100% of taxable valuation up to $9,000 maximum reduction for all owner-occupied primary residences, including mobile homes, with applications due by August 1, 2025 for taxable year 2025

Eliminates the existing income-based homestead credit for seniors/disabled (which provided up to $9,000 taxable valuation reduction for those with income under $40,000, or $4,500 for income $40,000-$70,000) and replaces it with a renter refund program only

Retains the homestead renter refund for individuals 65+ or permanently disabled with income not exceeding $70,000, providing refunds up to $400 when 20% of annual rent exceeds 4% of income

Repeals sections 57-02-08.2 (homestead credit certification) and 57-02-08.8 (disabled veterans' credit), with the disabled veteran exemption income threshold changed to a flat $70,000

Limits the 2024 primary residence credit ($500) to taxpayers who have not previously received it, with retroactive application allowed through abatement claims; state reimburses counties for revenue lost from valuation reductions