North Dakotans could soon see property tax break valued at $340M

(Fargo, ND) -- North Dakota State Representative Mike Nathe is talking about his plan aimed at reducing property taxes. 

"The education piece on a property tax bill is roughly half your property tax. So, by doing what we're doing today it will equate as I said earlier to about 25 percent property reduction to everybody, property owner across the state," said Nathe. 

The plan co-sponsored by Nathe and Senator Don Schaible, would have the state buy down mills from 60 mills to 30 mills. Nathe says It's the same approach as when the state "re-did" the K through 12 formula in 2013, which resulted in lower property taxes. If approved, the plan would take effect during the 2023 to 25 biennium. The state would assume the cost, estimated at around $340 million. The money would come from the Legacy Fund. 

The proposal is expected to be considered during the legislative session which begins January 3, 2023.