North Dakota may soon become a pioneer in eliminating property taxes on homes, under a proposal by Republican Governor Kelly Armstrong. His plan, utilizing $483 million from the state's general fund and part of the earnings on the state's $11.5 billion oil tax savings, aims to gradually eradicate primary residential property taxes. Describing the initiative as "aggressive, durable, and responsible," Armstrong hopes to ease financial burdens for residents like retirees Pat and Julie O'Dell, who face annual property tax bills of over $3,000.

Armstrong's strategy builds on a primary-residence tax credit, initially offering up to $1,550 in relief per year, with potential increases every two years. The plan would also cap future local property tax budget increases at 3%, focusing heavily on earnings from the state's Legacy Fund, which is fueled by oil revenues. As Armstrong stated, this approach could "eliminate property taxes for an entire class of homeowners who need that relief the most"—a reference to income-eligible seniors and people with disabilities, who could receive an expanded property tax credit as well—"and it would put the bulk of primary residences on a path to zero within the next decade."

The proposal has sparked debates over its sustainability and economic impact. While Fargo Mayor Tim Mahoney supports the goal, he voices concerns about its long-term feasibility. Critics, like Jared Walczak from the Tax Foundation, argue that there might be more economically efficient ways to provide tax relief, such as reducing or getting rid of income tax. (This story was generated byNewser's AI chatbot. Source: theAP)

•  

  Curling Controversy Now Hits Canadian Women, Too
  1
• 

  Curling Controversy Now Hits Canadian Women, Too
  1
• 

  You'll Have to Look Harder for a Frosty Now
  2
• 

  11-Year-Old's Fossil Find 'Blew All of Our Minds'
  3