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State budget director explains how House Bill 1176 affects local property levies and homeowner credits
Summary
Joe Morrissette of the State Office of Management and Budget told the Bismarck City Commission HB1176 raises the primary-residence credit to $1,600 (funded from the legacy fund) and imposes a 3% cap on increases in property tax levies for political subdivisions, while leaving many revenue streams and new property outside the cap.
Joe Morrissette, director of the State Office of Management and Budget, told the Bismarck City Commission on Aug. 26 that House Bill 1176 will increase the state's primary-residence property tax credit from $500 to $1,600 and dedicate the funding to the legacy fund rather than the general fund.
"The main thing it does is it increases that primary residence credit ... to $1,600," Morrissette said, and he described how the change is paid from legacy earnings rather than general revenues. Morrissette said the legislative package also imposes a 3% cap on…
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