Homestead Credit

State

North Dakota

Year

2015

Variations in Receipt of Benefit

Benefit Varies with Income

Benefit Type

Circuit Breaker

Benefit

Residents are eligible for an exemption of taxable value that varies by income. There are 6 income brackets ranging from 100% exemption for those with income below $22,000, not to exceed a maximum reduction of $4,500, to an exemption of 10% for an income not to exceed $42,000 not to exceed a maximum reduction of $450. Renters are also eligible for a credit conditional that 20% of the annual rent exceeds 4% of income, not to exceed $400 credit.

How is Benefit Disbursed

Exemption from assessed value

Eligible Property Type

Residential

Characteristics of Eligible Property

Only residential property is eligible for this program.

Eligibility Criteria

Age

Disability

Homeowner

Income Ceiling

Principal Residence

Renter

Wealth Limit

Description of Eligibility Criteria

Applicants must live in the residency, and be 65 years or older, or be totally disabled. Income cannot exceed $42,000. If they are not living in the residency because of illness the property cannot be rented to another person. Spouses are also eligible. Applicants cannot possess assets in excess of $500,000, including the market value of their homestead and the value of any assets gifted or otherwise divested within the last 3 years.

Local Option in Adoption of Program

Local government is unable to exercise an option

Local Option Regarding Program Features

No local option regarding program features

State Funding for Local Tax Loss

State reimburses all of the local government tax loss

Description of State Funding for Tax Loss

The county treasurer receives payment from the state treasurer, and then distributes the money to the local taxing districts of the county. Refunds for renters is paid from the state general fund.

Record ID

ND101_RR15

Footnotes

Rent is exclusive of any federal rent subsidy and of charges for any utilities, services, furniture, furnishings, or personal property appliances furnished by the landlord. Mobile homes are also eligible for the benefit.

Sources

N.D. Cent. Code § 57-02-08.1 ~ 57-02-08.2 (in effect for 2015)
Homestead Tax Credit for Senior Citizens or Disabled Persons Brochure (2013) North Dakota Office of State Tax Commissioner [ http://www.nd.gov/tax/property/pubs/homesteadcredit-brochure.pdf?20130822083313 Accessed on 07/15/2015] View Archived Source

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