§ 40-57.1-04.3 — Property tax exemption on speculative industrial buildings and properties owned by a local development organization

North Dakota § 40-57.1-04.3

• Jurisdiction: North Dakota
• Title 40: Municipal Government
• Ch. 40-57.1: Tax Exemptions for New and Expanding Businesses

Text

properties owned by a local development organization.
A municipality may, in its discretion, grant partial or complete exemption from ad valorem
taxation on buildings, structures, and improvements constructed and owned by a local
development organization for the express purpose of attracting new industry to this state. This
exemption from ad valorem taxation is only available on new buildings, structures, and
improvements while they remain unoccupied. Once the building, structure, or improvement is
occupied, the exemption continues until the next annual assessment date following the first
occupancy. This section does not affect the eligibility for property tax exemption of a business
available under other provisions of this chapter, provided application for the tax exemption is
granted prior to occupancy. A written request for the exemption is to be filed by the local
development organization with the municipality. The request will be reviewed at an official
meeting of the governing body and will be placed on the agenda for final action at the next

official meeting. The governing body of the municipality shall notify the county director of tax
equalization with respect to any exemption granted under this section.