Tax Changes You Should Know About

Most of us aren't thinking about paying the taxman in October, but some recent changes to the Nor...  More »

Most of us aren't thinking about paying the taxman in October, but some recent changes to the North Dakota tax code may mean significant savings for many taxpayers come April 15th. Tax Commissioner Cory Fong met with Magic City CPAs this afternoon to discuss tax code changes that could mean lower income and property taxes. Fong says this tax relief is partly because North Dakota hasn't been as negatively affected by the downtrodden national economy as other parts of the country, and the legislature is passing that savings onto the every day citizen. These discounts apply directly to your tax return, meaning the savings is immediate, and you won't have to make any claims and wait for a reimbursement. (Cory Fong / Tax Commissioner) "Property tax relief for the average tax payer in the state, on average, is going to be about 15-19% of their property tax statement. For the average family, for example, living in a $200,000 home, that's going to be about $675 to them next year. The income tax relief, let's take a family, for example, that earns between $60,000 and $80,000, that's going to be some savings to the tune of $100 to $140." Fong says it's important to note that that 15 to 19% decrease in property tax decrease is dependant upon which school district the house is located in, but most home owners will experience an overall decrease in property taxes owed.  « Less