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SB 2320

A BILL for an Act to amend and reenact section 57-06-17.1 of the North Dakota Century Code, relating to the carbon dioxide pipeline tax exemption; and to provide an effective date.

69th Legislative Assembly (2025-26) Introduced by Jeff Magrum and 1 co-sponsor

SB 2320 would extend the preferential wooded acreage assessment to 12/31/2029, delaying full fair‑cash valuation for qualifying parcels.

Second reading, failed to pass, yeas 10 nays 36
0
WeVote Research Nonpartisan
Bill Summary · SB 2320

Summary — SB 2320 (2025)

  • Bill number: SB 2320
  • Short title/subject: Amendment to Property Tax Code — assessment of wooded acreage (35 ILCS 200/10‑510)
  • Introduced: February 7, 2025 (filed with Secretary of the Senate on 3/11/2025 per docket)
  • Status: Died in Committee

Purpose / Intent

SB 2320 would extend the existing preferential assessment treatment for certain wooded acreage by continuing the statutory assessment rules under Section 10‑510 of the Property Tax Code through December 31, 2029. The effect is to delay conversion of qualifying wooded acreage to a full fair‑cash‑value assessment for a limited period.

Key provisions

  • Amends 35 ILCS 200/10‑510 (assessment of wooded acreage).
  • Reaffirms the transition formula for qualifying wooded acreage: the property’s assessed value is computed by multiplying current fair cash value by a "transition percentage" determined from 2006 values (2006 equalized assessed value as farmland ÷ 2006 fair cash value).
  • Specifies that the wooded acreage shall continue to be assessed under the Section’s provisions through December 31, 2029.
  • Provides that after that date, when the property is transferred or no longer qualifies under Section 10‑505, beginning the following assessment year the property will be assessed as otherwise permitted by law.
  • Clarifies that a transfer between spouses does not disqualify the property from preferential assessment treatment.

Who would be affected

  • Owners of wooded acreage that was classified as farmland during the 2006 assessment year and who currently receive the preferential/transition assessment under Section 10‑510.
  • County chief assessment officers, who must calculate and apply the transition percentage for affected parcels.
  • Local taxing districts (school districts, municipalities, counties) — potential short‑term property tax revenue impacts where qualifying acreage remains on the lower transition assessment instead of full market value.

Fiscal and policy implications

  • Extending the transition provision through 12/31/2029 preserves lower assessed values for qualifying landowners, reducing their near‑term property tax liabilities compared with immediate full revaluation.
  • Corresponding reductions in taxable assessed value could reduce revenue to taxing districts relative to full fair‑cash valuation, with the magnitude depending on how many parcels qualify and market value changes.

Procedural / timeline notes

  • The bill’s text references continuation through December 31, 2029; assessment changes take effect for the relevant assessment year following transfer or disqualification after that date.
  • According to the provided status, SB 2320 did not advance to enactment and died in committee.

Compiled from official sources — confirm details with the bill’s official record.

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