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Primary Residence Credit: A Path to Extra Cash for North Dakotans
Simplified Savings: Understanding North Dakota’s Primary Residence Credit
As tax season approaches, North Dakota are eager to find ways to maximize their savings, and certain tax related programs offer just that. One such program, the Primary Residence Credit, introduced as part of a tax relief package in the previous legislative session, provides an opportunity for residents to obtain extra cash. State tax commissioner Brian Kroshus explains that qualifying for this credit is straightforward all residents with a primary residence in the state can potentially receive up to $500, which will be reflected on their 2023 property tax statement.
Tax Credits for ND Property Provide Extra Cash Back Benefits – Maximize Your Savings!(PHOTO: getty images)
Homestead Property Tax Credit: Expanded Benefits for North Dakota Homeowners
A separate measure introduced during the recent legislative session, known as the Homestead Property Tax Credit, extends its benefits to homeowners. Those meeting eligibility requirements stand to receive a potential refund of up to $9,000. However, specific criteria must be met: applicants must be either 65 years or older, permanently disabled, and have an annual income below $70,000. Kroshus highlights the diverse avenues through which individuals can apply for these tax credits, including online platforms and phone submissions. He urges residents to submit their applications promptly to take advantage of these financial opportunities before the March 31 deadline.
