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Impact of Measure 2 Abolishing Property Taxes

Impact of Measure 2 Abolishing Property Taxes. North Dakota Office of State Tax Commissioner Cory Fong, Tax Commissioner. Did you know that. North Dakota State Tax System Like a 3-Legged Stool (2010) Collections (in Millions $) Sales/Use Taxes = $776.4 35.8% (State)

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Impact of Measure 2 Abolishing Property Taxes

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  1. Impact of Measure 2Abolishing Property Taxes North Dakota Office of State Tax Commissioner Cory Fong, Tax Commissioner

  2. Did you know that.... www.nd.gov/tax 701.328.7088 North Dakota State Tax System Like a 3-Legged Stool (2010) Collections (in Millions $) Sales/Use Taxes = $776.4 35.8% (State) Income Taxes = $576.3 26.6% (State) Property Taxes = $816.2 37.6% (Local)

  3. Regional Comparison Major Taxes as a Percent of Income Family of 3 - $50,000 per year SOURCE: Tax Rates and Tax Burdens in the District of Columbia – A Nationwide Comparison 2009, Government of the District of Columbia www.nd.gov/tax 701.328.7088

  4. What Do Property TaxesCurrently Support? www.nd.gov/tax 701.328.7088

  5. Abolishing Property Taxes =Tax Shift Schools primarily oil/gas taxes shift to Sales Income Oil/Gas Alcohol & Tobacco Lottery & Gaming Financial Institution Other State Resources Cities Counties Townships Misc Districts shift to www.nd.gov/tax 701.328.7088

  6. Impact on other Tax Rates • If property tax is abolished, • the lost revenue would need to be replaced • Sales tax rate would double Current rate New rate 5% 10% www.nd.gov/tax 701.328.7088

  7. Impact on Tax Rates • If property tax is abolished, • the lost revenue would need to be replaced • Individual Income Tax rates would increase 279% over 2011 rates • Across the board increases! 2011 rates New rates 1.51% 5.72% 2.82% 10.69% 3.13% 11.85% 3.63% 13.75% 3.99% 15.11% www.nd.gov/tax 701.328.7088

  8. Impact on Tax Rates • If property tax is abolished, • the lost revenue would need to be replaced • Corporation Income Tax rates would increase 720% over 2011 rates 2011 rates New rates 1.68% 13.9% 4.23% 34.6% 5.15% 42.2% www.nd.gov/tax 701.328.7088

  9. Questions? • Office of State Tax Commissioner • taxinfo@nd.gov • www.nd.gov/tax • 701.328.7088 or 877.328.7088 • 600 E Boulevard Ave, Dept. 127 • Bismarck ND 58505-0599 www.nd.gov/tax 701.328.7088

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