North Dakota lawmakers want property tax breaks continuedBISMARCK, N.D. (AP) — North Dakota lawmakers are supporting two options for cutting local property taxes.
BISMARCK, N.D. (AP) — North Dakota lawmakers are supporting two options for cutting local property taxes.
One proposal will continue giving subsidies to local schools to pay for property tax cuts. The program has cut the property tax bills of North Dakota homeowners by about 15 percent. Keeping it going will cost about $400 million over two years.
A second idea would give property tax credits to homeowners. The proposal knocks $75,000 off the property tax value of a home. If the homeowner is at least 65 years old, the credit rises to $125,000.
The Legislature's interim Taxation Committee voted Tuesday to support the two options. They'll both be introduced in the Legislature next year.
Mandan Sen. Dwight Cook says he favors keeping the existing school subsidy program. He says it's worked well.