BISMARCK, N.D. (AP) — A proposal to revamp North Dakota property tax subsidies would give tax breaks only to a North Dakota resident's primary home.
The Legislature's Taxation Committee is considering the idea. It may be introduced in the Legislature next year.
Now the Legislature gives $340 million every two years for school districts to cut their property taxes.
Minot Sen. David Hogue is the Taxation Committee's chairman. He says the proposed change would apply only to homes. Now the tax breaks go to farm and commercial property, as well as homes.
Farm homes would lose their longstanding property tax exemption. But Hogue says they would benefit from the new property tax breaks. The new system would give every home a reduction in its market value before the property tax is applied.