EXPANSION OF THE HOMESTEAD TAX CREDIT FOR 2023
Posted 5/15/23 (Mon)
2023 Homestead Property Tax Credit Program Changes -
Expansion of the Homestead Tax Credit for 2023
On April 27, 2023, Governor Doug Burgum signed House Bill 1158 into law. This legislation broadens the eligibility requirements and maximum reduction amounts for those applying for the North Dakota Homestead Property Tax Credit program. This program is aimed at homeowners 65 years of age and older or those who are permanently and totally disabled.
Income changes to the Homestead Credit for Tax Year 2023:
If your income is $0 – $40,000, your taxable value is reduced by 100% with a maximum reduction of taxable value equal to $9,000 and a maximum reduction of true & full value amounting to $200,000. If your income is $40,001 – $70,000, your taxable value is reduced by 50% with a maximum reduction of taxable value equal to $4,500 and a maximum reduction of true & full value amounting to $100,000. The credit does not reduce the liability of any person for special assessments levied upon any property.
With this new legislation, the asset limit of $500,000 has been removed. Applications must be submitted yearly for approval.
If an individual has already applied for the credit this year, the application will be adjusted to reflect the new percentages.
If an individual qualifies for the program and would like to apply, contact the McLean County Tax Director Todd Schreiner at (701) 462-8541 Ext 804.