Governor Kelly Armstrong proposes a plan to eliminate property taxes for primary residences in North Dakota, utilizing the state's oil revenue and a gradual increase in tax credits.
North Dakota Governor Kelly Armstrong has proposed a bold plan to eliminate property taxes for primary residences, a move that could make the state the first in the nation to achieve this goal. Armstrong's proposal leverages the state's substantial oil revenue, channeled through the Legacy Fund , to offset the lost revenue from property taxes .
The plan includes an initial investment of $483 million from both the general fund and Legacy Fund earnings, providing homeowners with a tax credit of up to $1,550 annually. This credit would gradually increase over time, aiming to phase out property taxes entirely for most primary residences within the next decade. In addition to the tax credits, the proposal also implements a 3% cap on future increases in local property tax budgets. This measure aims to limit the growth of tax burdens while the state assumes a larger share of the funding responsibility. North Dakota's unique position, with billions in oil tax revenue and over $600 million in Legacy Fund earnings during the current budget cycle, makes this ambitious plan feasible. While the proposal has been welcomed by many homeowners, particularly retirees on fixed incomes, some experts and local officials have expressed concerns about its long-term sustainability. They argue that property taxes are a crucial funding source for local governments, supporting essential services such as schools, public safety, and infrastructure
PROPERTY TAXES NORTH DAKOTA GOVERNOR KELLY ARMSTRONG LEGACY FUND TAX RELIEF
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North Dakota Governor Proposes Plan to Eliminate Primary Residential Property TaxesNorth Dakota Gov. Kelly Armstrong unveiled a plan to gradually eliminate primary residential property taxes, relying on the state's oil tax savings and a 3% cap on local tax budget increases. The plan would provide relief for homeowners, particularly those on fixed incomes, while addressing concerns about the reliance on property taxes for essential services.
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