You North Dakota homeowners need to know about an important change today. This subject is important for anyone who wants to know about the latest changes to tax aid programs and how they can help you.
The Primary Residence Tax Credit was created by the North Dakota legislature in 2023 as part of a large $500 million tax relief plan. The goal of this plan is to give people across the state big tax breaks on their property taxes. You can only apply if you own and live in your home, which must be your main home.
Overwhelming response to this Tax Credit in North Dakota
Brian Kroshus, who is North Dakota’s Tax Commissioner, has been closely watching how this credit is used. Residents could apply for the first time this year, and there were a lot of applications. Kroshus said that an amazing over 90% of people who applied filled out the survey, and his office got a crazy 137,000 applications.
Kroshus said, “Given the current values of homes and tax obligations, most applicants will get the full $500 credit.” “This will be made very clear on their December property tax bills.”
This tax credit could make a big difference in how you plan your finances if you own a home in North Dakota. Remember these important things:
- Eligibility: Own and occupy your home as your primary residence.
- Application Rate: Over 90% of eligible homeowners participated.
- Credit Amount: Up to $500 will be reflected on your December property tax statement.
The recent process that Kroshus was in charge of was seen as a huge success. He said it was well received by the people and that feedback consistently pointed out how simple it was.
Positive Feedback from Citizens
“Not difficult to understand and took only a few minutes to fill out the application. Citizens were very pleased with the experience,” said Kroshus.
Addressing Issues and Future Improvements
Kroshus agreed that there was one important problem this year that will be a big deal in the next legislative session. In particular, they want to deal with two important issues:
- Homes in trust that didn’t qualify
- The possibility of expanding the amount of the Primary Residence Credit
Potential Increase in Primary Residence Credit
“From $500 to $1,000 is a pretty common thought, and it could potentially be even more,” said Kroshus.
Looking Forward to Next Year
Do not worry if you were not able to use the Primary Residence Credit this year. Kroshus promised that you would have another chance next year.