North Dakota legislators are considering a bill that would expand the age and income eligibility for the state’s homestead property tax credit.
The homestead property tax credit program allocates state funds to local governments to compensate for the property tax revenue lost due to the credit. According to North Dakota Monitor, House Bill 1335 would widen the homestead property tax credit that reduces or eliminates property taxes on primary residences for residents who are at least 65 years old or who are permanently and totally disabled. The new bill lowers the qualifying age for the credit from 65 to 62 while raising the annual income threshold for qualifying from $40,000 to $70,000. The bill also raises the maximum qualifying income from $70,000 to $100,000.
Furthermore, the bill eliminates property taxes on the first $200,000 of market value for the primary residence of a homeowner with an annual income of $70,000 or less. If the homeowner earns between $70,000 and $100,000 in annual income, no property tax on the first $100,000 of a home’s market value.
Rep. Nels Christianson (R-Grand Forks), the bill’s sponsor, said his legislation provides property tax relief to residents who need it the most.
“After a lifetime of paying property and income taxes, retirees should not be forced to work additional years to pay a significant property tax burden,” Christianson said.
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