State Senate Votes on Property Tax Bills | VideoJessica Roose | 2/22/2013
"Over the past several years there`s been one particular tax that has dominated the discussions around coffee tables, town meetings and the legislature, and it`s property tax," said Senator George Sinner (D) from Fargo.
This afternoon`s floor session was no different, with much of the time devoted to bills on the topic. One of the bills that passed would continue the mill levy buy down program and offer a $25,000 tax credit off the true and full value of a home. No one would be able to earn more than 50 percent of a reduction on their property taxes with this credit.
"Dollar-wise if you want to know what it means, if you`re in a particular subdivision that has 400 mills, this credit will be worth $450," said Senator Dwight Cook (R) from Mandan.
Another bill that also received unanimous support was Senate Bill 2171, which would add $15 million to the existing homestead tax credit program, making it total $25 million. It would also increase the income level requirements so more people could qualify for the credit.
"People can qualify for both credits. We just talked about a new homestead tax credit that`s available to everybody on their primary residence. Low income, elderly, disabled can apply for that credit first and for this credit second. They can get both of them. So it`s substantial tax relief for these folks," Cook said.
These bills will now go to the House for consideration after crossover next week. The Senate will then begin looking at what the House has proposed for relief.
One of the bills that failed would have eliminated a property tax exemption given to residential property on a farm. Supporters of the bill say the exemption is not fair tax policy and opponents claimed the property is part of the farm business and should not be taxed.