North Dakotans may soon see expanded eligibility for the homestead property tax credit if House Bill 1335 is passed. The bill, currently being considered by the House Finance and Taxation Committee, would lower the qualifying age for the credit from 65 to 62, increase the income threshold, and eliminate property taxes on a portion of a homeowner’s primary residence based on income levels. Rep. Craig Headland, the Chair of the Committee, and Vice Chair Rep. Jared Hagert discussed the bill during a public hearing on property tax reform.
Supporters of the bill argue that it would provide much-needed property tax relief to retirees who have been paying taxes for a lifetime. The bill could result in $85.3 million in state reimbursements to local governments over two years, as the homestead property tax credit program funnels state funds to make up for the property tax revenue lost to the credit.
Rep. Christianson, who campaigned on expanding the credit, believes that many residents in Grand Forks would benefit from the changes proposed in the bill. By increasing the eligibility criteria and income thresholds, more individuals could qualify for the program and receive the relief they need.
Overall, the bill aims to ease the property tax burden on retirees and individuals with lower incomes, allowing them to stay in their homes without the fear of being taxed out. The House Finance and Taxation Committee will continue to consider the bill and its potential impact on North Dakotans.
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