VALLEY CITY, N.D. (NewsDakota.com) – A landmark property tax relief and reform package was signed into law by Governor Kelly Armstrong last week.
The measure raises the primary residence property tax credit from $500 per year to $1,600 per year using Legacy Fund earnings.
North Dakota lawmakers adopted the governor’s proposed 3% cap on future increase in local property tax budgets. The cap will limit property tax increases across residential, commercial and agricultural property. The new law encourages cities, counties, schools, and park districts to plan ahead and budget accordingly.
Valley City Finance Director Brenda Klein said adjustments will have to be made as they head into their summer budget hearings.
Valley City Commissioner Dick Gulmon had this reaction to the property tax relief package.
Earlier this year, the North Dakota League of Cities and the North Dakota Association of Counties opposed Governor Armstrong’s 3% cap to limit property tax increases across the board. If the entire 3% isn’t used, the remainder can be carried over for up to five years.
