1.1 billion dollar package includes more than 850 million dollars in property tax relief for North DaktoaFargo, ND (WDAY TV)-- And more good news, people living in North Dakota will be able to save even more money. Part of the 1.1 billion dollar package includes more than 850 million dollars in property tax relief.
By: Kay Cooley, WDAY
Fargo, ND (WDAY TV)-- And more good news, people living in North Dakota will be able to save even more money. Part of the 1.1 billion dollar package includes more than 850 million dollars in property tax relief.
The Governor's landmark property tax plan will save the average homeowner roughly 1-thousand dollars, or maybe much more depending on the value of your property.
In the midst of rapid growth all over North Dakota, comes groundbreaking tax relief, putting money back into the hands of the people.
GOV, Jack Dalrymple- (R) North Dakota: "It's a huge amount of money"
More than 850 million dollars in property tax relief, 200 million in savings coming from a state-paid tax credit.
Dalrymple: "Probably a reduction of about 35 percent"
That's 35 percent less people will have to pay. For example, someone owning a 100-thousand dollar home in Fargo or West Fargo will save about 600 dollars. Double the home value, and you double your savings, reaching up to that 12-hundred dollar mark.
Craig Whitney- FMWF Chamber President CEO: "Whenever there's cuts, we're pleased with it, and we're going to continue to work with the legislature to try to work for more."
Homeowners will begin saving as soon as their statements arrive later this year.
Dalrymple: "It will be very noticeable, and it is significant."
That's if city and county officials don't jack up their rates to make up for the difference.
Dalrymple: "They have not been formally capped, but people are watching them carefully. It's not going to be acceptable to simply pick up the extra mils."
Whitney: "I think our elected officials have and are doing a good job managing our tax dollars."
The tax relief package also includes more than 650 million dollars going to revamp our state's K-12 education funding formula, shifting the majority of costs to the state, rather than the district.