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Form 1125-A online Fargo North Dakota: What You Should Know

Qualifications—Taxpayers who reside in the City of Fargo and who have less than 50,000 of net real and personal property wealth is eligible for a rebate of up to 2,250 per taxpayer. Property qualified as taxable real property for homestead tax purposes is either a home owned for less than 10 years under an installment contract (with an option to purchase) with the City and County or a vehicle owned or driven by the taxpayer for a period of 90 consecutive days prior to the purchase date. Eligible property includes the following: Household goods, appliances, or supplies, including, but not limited to, bedding, clothing, cooking apparatus, cleaning supplies, furniture, rugs, other mattresses or comforters, decorative rugs and carpets, mirrors, and windows, provided the value of such taxable goods is 3,000 or less. The homestead tax credit is available for taxpayers who have been residents of the Cities of Fargo and Muirhead for at least four out of the previous six months, and who reside in the City of Fargo. Nonrefundable interest on debt incurred to acquire taxable real property, including refinancing and acquisition, but only if the cost of the property is 3,000 or less. The value of the property is not refundable for any period of time after it is acquired and no other income tax has been paid. The Homestead Tax Credit, established under section 24(b) of the Income Tax Act of 1961, 42 U.S.C. § 6251(b), is available to taxpayers at the same tax rate on a homestead tax credit property. If a taxpayer meets the property requirements in section 24(b) of the Income Tax Act of 1961 for a home, then it is considered eligible to apply the homestead credit on eligible homestead property. Eligible homestead property for these purposes is a home, trailer and building (all together). If a homestead property is eligible for the Homestead Tax Credit, then there is no interest to be paid on that value of the homestead. Interest on debt incurred to acquire eligible homestead property may be claimed as a reduction against the amount of home property taxes actually paid by the taxpayer. In order to claim interest on the total assessed tax owed for the purpose of the Homestead/Vacation Credit, the cost of the homestead was included in the taxable income of the taxpayer.

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