To ensure that the present method of assessment does not detract property owners from investing private capital into improvements to commercial and residential buildings and structures, city or county governing bodies may elect to give short-term property tax improvement exemptions to qualifying properties.
The governing body of the city, for property within city limits, and the governing body of the county, for property outside of city limits, must pass a resolution to allow for said exemption.
Qualifications
The exemption applies only to the value added by the new improvements, not to the building’s assessed value from before the work started.
Exemption Cap
Exemption cap for the improvements to commercial and residential Buildings is five years.
Application Process
Any person, corporation, limited liability company, association, or organization owning real property and seeking an exemption under this chapter shall file their Application For Property Tax Exemption For Improvements To Commercial And Residential Buildings with the assessor setting out the facts upon which the claim for exemption is based. The assessor shall determine whether the improvements qualify for the exemption based on the resolution of the governing body of the city or county.
How to Claim
If the assessor determines that the exemption should apply, upon approval of the governing body, the exemption is valid for the prescribed period and shall not terminate upon the sale or exchange of the property but shall be transferable to subsequent owners.
Additional Property Tax Credits and Exemptions
Those applying for the credit may be eligible to apply for more than one type of property tax credit. Additional information on other credits and exemptions can be found here:
Property Tax Credits & Exemptions
Have Questions? Contact us at:
Phone: 701-328-3127
Toll Free: 1-877-649-0112
Email: propertytax@nd.gov