Residential New Construction Exemption
Newly constructed single family, duplex, townhome, or condominium properties may be eligible for an exemption on part of their valuation for up to two taxable years following the taxable year that construction began. The taxable year is from February 1 to January 31.
This exemption is available to the first owner (after the builder) who resides on the property. In the case of single-family properties (not duplexes, townhomes or condominiums), the builder who still owns the property is also eligible for the exemption. On homes started after Feb. 1, 2008, the builder will no longer be eligible for the exemption.
All properties eligible for this exemption will receive the maximum exemption allowed under the law. The maximum allowable is the building value up to $75,000.
Beginning with homes started after 2008, there are two possible exemptions available; each for up to $150,000 of building value. One is for builders on up to five vacant homes for the year construction began and one additional year. The other exemption is for the first owner/occupant for the two years after completion and occupancy.
To get an application or to learn more about this exemption, contact the City of Fargo Assessment Department via e-mail at assessor@cityoffargo.com or by calling 701-241-1340.