Associated Press, Published May 29 2012
North Dakota lawmakers take up property tax exemption ideaBISMARCK — North Dakota lawmakers are reviewing a proposal that would give residential homeowners a partial property tax exemption.
The Legislature's interim Taxation Committee is meeting Tuesday in Bismarck to consider the idea.
It's seen as a possible alternative to a ballot measure that would abolish property taxes. It would exempt part of the value of North Dakota homes from property taxes.
North Dakota already has a similar property tax exemption for low-income homeowners. The proposed tax break would benefit every homeowner who pays property taxes.
The Legislature already sets aside money to finance local property tax breaks. The new proposal would cut taxes for homeowners and wouldn't affect commercial and farm property.
Taxation Committee chairman Sen. David Hogue of Minot says the Legislature's property tax focus has always been on homeowners.
Copyright 2012 The Associated Press.