Weekly Real Estate News
A ballot measure in North Dakota that would have ended most local property taxes based on assessed value was rejected by voters.
According to combined media reports, Measure 4 would have required the state government to reimburse local governments to cover the gap by the erasure of the property tax – a legislative panel estimated this would require $3.15 billion in replacement revenue during each two-year budget. However, supporters of the measure claimed the cost would have been about $2.32 billion per two-year budget cycle.
Measure 4 failed to pass by 63.3% to 36.7%.
Rick Becker, chairman of the sponsoring committee for Measure 4, blamed the voter rejection on “fear of the unknown” and added, “My main hope now is that the legislature will finally once and for all take up true reform and true property tax relief.”
Photo: Larry Syverson / Flickr Creative Commons
