Watford City Passes Two-Year Property Tax Exemption

In an effort to bolster the supply of newly constructed homes, Watford City has passed the Homeowner’s Two-year Property Tax Exemption, approved by the City Council on April 1.

This new program, in compliance with N.D.C.C. § 57-02-08(35), allows a property tax exemption for a maximum of $150,000 in dwelling value; exclusive of the land on which the home is situated or any special assessments.

Rita Olson, City assessor for the City of Watford City, said, “The exemption is only available to new single-family homes that have not started construction until after March 1, 2024.

Once the home is completed and sold to the first homeowner, the new homeowner can apply for the exemption by contacting my office.

Once the application is approved, the exemption goes into effect for the first tax-year the home is valued as a completed structure.”

The exemption takes $150,000 in true and full value off the dwelling for property tax purposes. All real estate is valued as of Feb. 1, of each year. For the first two years, the home buyer pays roughly $1,300 less (depending on mils levied) in property taxes, if the full $150,000 in true and full value of the dwelling is exempted.

Single-family, condominium, or townhouse residential properties are all eligible for the program.

Property located within an active TIF (Tax Increment Financing) district are not eligible.

Olson added, “This means their (homeowners’) payments to their mortgage holder would be less for those two years because the escrow would be smaller. Of course, they would need to plan for those payments to go up after the two-year exemption period.”

Interested applicants can access the application online, or by visiting the City Assessor tab on http://www.cityofwatfordcity.com.

For more information, contact: Rita Olson, City Assessor, City of Watford City 701-444-8401/[email protected]; Brock White, Marketing & Communications Coordinator, City of Watford City, 701.690.3451/[email protected].


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