1 / 9

2013 Legislature at a Glance

2013 Legislature at a Glance. Property Tax Relief. HB 1013 (DPI Budget). Education Funding Overhaul & Property Tax Savings Overhaul of North Dakota K-12 funding formula Integrates funding for MLRG program into the school funding formula

job
Download Presentation

2013 Legislature at a Glance

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. 2013 Legislature at a Glance

  2. Property Tax Relief

  3. HB 1013 (DPI Budget) • Education Funding Overhaul & Property Tax Savings • Overhaul of North Dakota K-12 funding formula • Integrates funding for MLRG program into the school funding formula • Restructures local school districts funding level • New local school district general fund cap of 70 mills • Reduces local property tax support for school funding • Reorganizes 19 separate miscellaneous school mill levies

  4. HB 1013 (DPI Budget) • Education Funding Overhaul & Property Tax Savings • Estimated cost to state = $657M

  5. SB 2036 (Interim Bill) • Property Tax Credit • Based on percentage of property taxes • Companion to HB 1013 • $200M • 12% credit against remainder of property tax bills

  6. Property Tax Reform & Misc. Changes

  7. Property Tax Reform SB 2036 • Notices of increased assessments of 10% and $3,000 or more to be prescribed by Tax Commissioner and: • State that assessment increases do not mean tax increases; • State that each taxing district must base its tax rate on the number of dollars required to raise the same amount from property taxes in the prior year; and • Not show an estimate of the tax based on the assessment increase. • New notice required if the taxing jurisdiction intends to impose a tax levy greater than what the taxing district would have to levy in order to raise the same dollars raised from property taxes in the prior year. • Legislative tax relief shown on property tax statements • Property tax statements to be prescribed by the Tax Commissioner and required to show legislative tax relief from HB 1013 & SB 2036

  8. Property Tax Reform • HB 1046 – Allows governing bodies to revoke or reduce new and expanding property tax exemptions or PILOTs if project is not meeting requirements. • SB 2314 - Puts restrictions on property tax exemptions for non primary sector businesses.

  9. Questions? Contact us: Office of State Tax Commissioner Cory Fong, Tax Commissioner • www.nd.gov/tax • www.nd.gov/tax/property • E-mail: taxinfo@nd.gov • Office of State Tax Commissioner 600 E. Boulevard Avenue, Dept 127 Bismarck ND 58505-0554 • Phone: 701.328.3127 • Fax: 701.328.3700

More Related